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Foreign Exchange Market
Shortage of forex in the economy caused the naira to fall below the official rate of by 3.5 per cent to N380/$1 from N360/$1 according to the Central Bank of Nigeria.
The severe pressure on Nigeria’s foreign exchange market has led to significant depreciation of the Naira across all the market segments, with JP Morgan predicting a further depreciation of the Naira before June.
The Central Bank of Nigeria (CBN) on Friday, February 21, 2020, continued its intervention in the inter-bank foreign exchange market by injecting the sum of $292.34million into the retail Secondary Market Intervention Sales (SMIS).
The foreign exchange (forex) market will witness stability in 2020, while the Central Bank of Nigeria (CBN) will continue to sustain its Open Market Operation (OMO) sales at high interest to continue to attract foreign investors.
The Central Bank of Nigeria (CBN) has injected 323.5million dollars into the Retail Secondary Market Intervention Sales (SMIS) for its last intervention for November.
The Central Bank of Nigeria injected about $25.68bn to stabilise the nation’s currency in the foreign exchange market between January and August this year.
The Central Bank of Nigeria (CBN) has injected 210 million U.S. dollars into interbank segment of the Foreign Exchange Market following sales concluded on Tuesday.
The Central Bank of Nigeria (CBN) on Friday said it made another intervention in the Retail Secondary Market Intervention Sales (SMIS) with the injection of about $321 million.
The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the foreign exchange market rose sharply by 38 percent, month-on-month, to $4.12 billion in July from $2.9 billion in June, 2019.
The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the inter-bank Foreign Exchange Market after the transactions on Tuesday, July 30.
The Central Bank of Nigeria (CBN) has injected 284.2 million dollars in the retail Secondary Market Intervention Sales (SMIS).
Former Education Minister and Vice-President of the World Bank’s Africa division, Oby Ezekwesili, and other Nigerians expressed concerns about the addition of milk to planned to list of items banned from accessing the official foreign exchange market.
The Central Bank of Nigeria (CBN) says it has made another intervention of 298.71million dollars in the retail Secondary Market Intervention Sales (SMIS).
In continuation of its intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday injected about $242.04 million into the retail Secondary Market Intervention Sales (SMIS).
The Naira on Tuesday closed at N359.5 to a dollar at the parallel market in Lagos, newsmen reports.
The Nigeria Centre for Disease Control has ruled out elderly patients and those with severe symptoms from home care treatment for COVID-19.
Anambra State Commissioner of Police, Mr John Abang, has ordered the arrest of illegal task force teams claiming to be enforcing COVID-19 measures including wearing of face masks in the state.
Gov. Muhammad Badaru of Jigawa says the 96 megawatts capacity Gagarawa power transmission substation is set for inauguration in three weeks time.
The Presidency on Saturday said those who hold the belief that the ongoing investigation of the suspended acting chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, is an indication of the administration’s failing anti-corruption fight have missed the point.
Lola Cater for the Needy Foundation, an Abuja-based non-governmental organisation, has distributed some palliative materials to the People Living With Disabiluties (PLWDs) in Karamajiji, Abuja.
The lawmaker representing Kosofe Counstituency II at the Lagos State House of Assembly, Mr Tunde Braimoh, is dead.
The National Association of Government General Medical and Dental Practitioners (NAGGMDP) in Ondo State has directed its members to withdraw their services from the state’s Infectious Disease Centre with immediate effect.
Oil prices fell on Tuesday, erasing earlier gains, on concerns that the surge in coronavirus cases in the United States, the world’s biggest oil user, will limit a recovery in fuel demand.
Vice-President Yemi Osinbajo has written a petition to the Inspector-General of Police, Mohammed Adamu, demanding the probe of a blogger, Jackson Ude, who is also the publisher of an online medium, Point Blank News.
A former Secretary to Enugu State Government and former Rector Nigerian Defence Academy (NDA), Kaduna Prof Samson Ukpabi is dead.