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Topic

Nigeria's GDP

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 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's parliament could pass oil reform bill in April

Nigeria's parliament could pass oil reform bill in April

Published 25 Mar, 2021 07:36pm
  • "The National Assembly has expressed the intent to pass the PIB bill in April 2021," said Timipre Sylva, speaking to reporters in the capital Abuja.
  • The bill would change the structure of state oil company NNPC, amend oil and gas taxes and revenue-sharing and create new regulatory bodies, among other things, to make Nigeria's oil sector more dynamic and efficient.
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