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Topic

Nigeria's central bank

Nigerian FX volumes rose 0.72pc to $1.25bn week ago

Nigerian FX volumes rose 0.72pc to $1.25bn week ago

Updated 31 May, 2021 08:27pm
  • Dollar shortages have plagued Nigeria and put pressure on the naira as providers of foreign exchange, such as offshore investors, exited after the COVID-19 pandemic triggered a fall in global oil prices.
  • Nigeria's central bank weakened its official quote two weeks ago in a move to unify the currency's spot rate with the traded market rate, traders said, effectively letting the naira weaken by 7.7%.
Nigeria's central bank holds interest rates to support growth

Nigeria's central bank holds interest rates to support growth

Published 25 May, 2021 09:42pm
  • Emefiele said Nigeria faces stagflation - a situation where inflation is rising and growth is weak - but the government is confronted by low revenues that hamper its ability to stimulate the economy.
  • He said the bank was no longer dealing in the 380 naira official rate, which it had held since July last year.
Nigeria's annual inflation rate dips slightly in April, naira in focus

Nigeria's annual inflation rate dips slightly in April, naira in focus

Published 17 May, 2021 09:06pm
  • It reached a more than four-year high of 18.17% last month and analysts say a weaker naira currency could yet stoke a further rise in prices. The central bank targets an inflation band of 6% to 9%.
  • Africa's biggest economy let its currency to weaken against the dollar on the official market from Friday, in a possible move by the central bank to unify its numerous exchange rates.
Nigeria extends naira incentive offer to boost Diaspora inflow

Nigeria extends naira incentive offer to boost Diaspora inflow

Published 06 May, 2021 05:26pm
  • Rising dollar demand has been putting pressure on the naira. Nigeria is hoping it can attract remittances from its Diaspora as providers of foreign exchange, such as offshore investors, have exited after COVID-19 triggered a fall in oil prices.
  • The bank said the scheme, which was meant to end on May 8, would continue until further notice.
Nigeria naira falls to record intra-day low after FX sale to offshore funds

Nigeria naira falls to record intra-day low after FX sale to offshore funds

Published 14 Apr, 2021 05:12pm
  • The bank sold dollars on the 150-day forward markets at 435.81 naira, traders said, near the low on the over-the-counter spot market. It offered the dollar at 410 naira for spot.
  • The non-deliverable forwards market quoted the naira at 434 to the US dollar in six months' time.
Nigeria extends forbearance on loans impacted by COVID-19 pandemic

Nigeria extends forbearance on loans impacted by COVID-19 pandemic

Published 04 Mar, 2021 07:12pm
  • The bank last year launched several intervention programs to try to help stimulate the economy battered by the pandemic. It is also setting up a new company to tackle infrastructure shortages in Nigeria.
  • Nigeria emerged from recession in the fourth quarter of 2020, despite a contraction in the year as a whole.
Nigeria seeks asset managers for $2.6bn new infrastructure firm

Nigeria seeks asset managers for $2.6bn new infrastructure firm

Updated 27 Feb, 2021 09:09pm
  • The asset managers will originate and manage infrastructure projects, generating return from investments, the bank said on Saturday. The deadline for submission of proposals is March 16.
  • Initial capital will come from the central bank, the Nigerian Sovereign Investment Authority (NSIA), and the Africa Finance Corporation, the central bank has said.
Nigeria needs to regulate cryptocurrencies, not ban them: vice president

Nigeria needs to regulate cryptocurrencies, not ban them: vice president

Published 26 Feb, 2021 08:56pm
  • The Securities and Exchange Commission (SEC) has meanwhile sought to regulate cryptocurrency investments on the grounds that they qualify as securities transactions.
  • The central bank has argued that cryptocurrencies, which are unregulated and not legal tender, are risky for the user.
Nigeria's central bank weakens naira on futures market, spot market eases

Nigeria's central bank weakens naira on futures market, spot market eases

Published 03 Feb, 2021 09:35pm
  • The currency has been losing ground on the derivatives market, mirroring weaknesses on the spot and black markets.
  • The currency eased on the non-deliverable forwards market, with the one-month contract quoted at 406.50 naira on Wednesday after it opened at 399 naira.
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