Dollar at 16-month high as strong U.S. data supports
By Saqib Iqbal Ahmed
NEW YORK (Reuters) - The dollar rose to a 16-month high against a basket of major currencies on Tuesday, amid growing signs the United States economy is outperforming its peers.
The dollar index, which measures the greenback against six major curren....
Sterling weakens as Brexit unease overshadows budget
LONDON (Reuters) - Sterling sank against the dollar and euro on Tuesday as concern about Britain’s departure from the European Union led investors to largely ignore hopes of an end to austerity raised by Chancellor Philip Hammond.
The pound has weakened 4 percent in October as traders fret over the lack of progress in divorce talks on issues including the I....
Asian Stocks Recover from Weak Start to Close Broadly Higher
By Dipo Olowookere
Asian stocks recovered from a weak start to close broadly higher on Tuesday as hopes for Chinese stimulus helped offset fresh worries over the trade war between the U.S. and China.
U.S. President Donald Trump said he thinks there will be....
Nigeria Sells N88b Bonds to Finance 2018 Budget
By Dipo Olowookere
The Nigerian government on Wednesday raised the sum of N88.08 billion from the local bond market to fund part of the 2018 budget, which was signed into law in June this year.
The bond sale was carried out by the Debt Management Office (DMO) on behalf ....
Dollar slides from 2-month high as stock prices fall
By Kate Duguid
NEW YORK (Reuters) - The U.S. dollar slid alongside Wall Street on Wednesday after having risen to a two-month high in morning trade after U.S. headline third-quarter gross domestic product data exceeded estimates.
The three major U.S. stock index....
Russian rouble shrugs off central bank rate decision to hold rates
MOSCOW (Reuters) - The Russian rouble eased on Friday under pressure from lower oil prices, having largely ignored the central bank’s decision to keep rates unchanged.
The central bank held its key rate at 7.5 percent and said it would study whether rate rises are needed to address risks to its inflation....
U.S. dollar rises on weak euro zone data
By Kate Duguid
NEW YORK (Reuters) - The U.S. dollar strengthened as much as 0.8 percent against the euro on Wednesday to its strongest since Aug. 20 after European data signalled that economic growth could be flagging across the euro zone.
Euro zone business growth slow....
Sterling falls to seven-week low before PM May addresses lawmakers
By Tom Finn
LONDON (Reuters) - The pound fell to a seven-week low on Wednesday before British Prime Minister Theresa May was due to meet Conservative Party lawmakers, some of whom have discussed toppling her in anger at her Brexit negotiations.
May is seeking to win ove....
Russian rouble strengthens briefly on incorrect U.S. sanctions report
MOSCOW (Reuters) - Russia’s rouble strengthened briefly against the dollar on Wednesday after U.S. National Security Advisor John Bolton was incorrectly quoted as saying that Washington was not considering imposing additional sanctions on Russia.
The rouble strengthened 0.4 percent against the dollar aft....
Naira to Decline at Most Market Segments as Demand for Dollar Persists
By Modupe Gbadeyanka
The continued demand for greenback at the local foreign exchange (forex) markets by foreign portfolio investors will sink the Nigerian Naira deeper this week, analysts at Lagos-based Cowry Asset have predicted.
In its weekly market report, the firm ....
Balance of payment vulnerable to shocks as CBN spends $4.2bn in 6 months on FX marketof
By ADESOLA AFOLABI
The $4.2 billion of the country’s foreign exchange (FX) reserves spent by the Central Bank of Nigeria (CBN) on the foreign exchange market as interventions to stabilising the economy may have negative effects on the nation’s balance of payments, accordin....
Euro rallies as Italian borrowing costs enjoy big drop
By Tommy Wilkes
LONDON (Reuters) - The euro rallied on Monday as a fall in Italian government borrowing costs after their recent surge introduced some calm into the market, while the promise of more Chinese stimulus helped offset broader political worries.
Rating agency....
When the almighty dollar ruled
By Asiwaju Deji Fasuan
It appears the Nigeria political landscape will never fall short of innovation and surprise. In the current nationwide exercise at arriving at 2019, new innovations have emerged which constantly enlivens the political process. In the past, the naira was t....
Euro, sterling gain on report that UK may drop key Brexit demand
By Karen Brettell
NEW YORK (Reuters) - The euro and British pound rallied against the U.S. dollar on Friday after Bloomberg News reported that British Prime Minister Theresa May is ready to drop a key Brexit demand in order to make a deal for Britain to leave the European Union (EU).<....
Dollar gains on euro as EC criticizes Italian budget
By Karen Brettell
NEW YORK (Reuters) - The U.S. dollar rose to one-week highs against the euro on Thursday after the European Commission said Italy’s 2019 budget draft is in serious breach of EU budget rules.
The step prepares the ground for what would be an unpre....
Saudi currency at weakest in two years on Khashoggi case
By Andrew Torchia
DUBAI (Reuters) - Saudi Arabia’s currency fell to its lowest level in two years and its international bond prices slipped on Monday over fears that foreign investment inflows could shrink as Riyadh faces pressure over the disappearance of journalist Jamal Khash....
Sterling pinned near one-week lows as Brexit talks stall
LONDON (Reuters) - Sterling held near a one-week low on Monday as Brexit negotiations appeared to have hit an impasse before a crucial European Union summit later this week.
Negotiators from both sides have been locked in talks this week to overcome differences on the biggest outstanding hurdle to a deal - how....
Forex: Wholesale Segment, Others Get $210m Boost
Authorized dealers in the wholesale segment of the inter-bank foreign exchange market received the sum of $100million from the Central Bank of Nigeria (CBN) on Tuesday, October 9, 2018 to meet the needs of customers.
The CBN also on Tuesday allocated the sum of $55million each to the Small and Medium Ent....
Euro, sterling rise on hopes for Brexit deal
By Richard Leong
NEW YORK (Reuters) - The euro and sterling rose on Wednesday, underpinned by optimism for a Brexit deal, while the dollar lost ground against a basket of currencies even as U.S. bond yields hovered at multiyear peaks.
The common currency’s....
Pound hits 3-1/2 month high vs euro on fresh Brexit deal hopes
LONDON (Reuters) - Sterling GBP=D3 hit a new 3-1/2 month high versus the euro and added to gains against the dollar on Wednesday on optimism that Britain and the European Union can agree a Brexit deal soon.
Britain’s ITV News reported late on Tuesday that the two sides had made progress in negotiations o....
Euro posts biggest drop in four weeks as Italian yields spike
By Saikat Chatterjee
LONDON (Reuters) - The euro fell across the board on Monday, posting its biggest drop against the Swiss franc since early September as a spat between Rome and the European Union over Italy’s budget plans forced a spike in Italian bond yields.
....
Dollar weakens after data shows U.S. wage gains were modest
By Karen Brettell
NEW YORK (Reuters) - The U.S. dollar weakened on Friday after data for September showed jobs gains that fell short of expectations while wages increases slowed on an annualized basis during the month, easing concerns about a large run-up in inflation.
....
Sterling drops as dollar gains, caution sets in after Brexit deal optimism
LONDON (Reuters) - The British pound fell on Monday as the dollar rallied and traders re-assessed the chances of a breakthrough in Brexit negotiations after the encouraging headlines seen in recent days.
European Union negotiators said on Friday an agreement with Britain was “very close” and Europe....
Forex stability boosts export revenue as unemployment weighs
By TELIAT SULE
The foreign exchange stabilisation policy of the Central Bank of Nigeria (CBN) may have started to yield positive results following the resurgence in export activities of listed firms on the Nigerian Stock Exchange (NSE) at half year 2018. The combined export revenues o....
Hopes for Brexit deal lift euro, sterling
By Richard Leong
NEW YORK (Reuters) - The euro and sterling rose against the dollar on Monday after the European Union’s top negotiator said an agreement for Britain to leave the economic bloc might be reached in the coming weeks.
The pound in particular had been ....
Dollar rises on solid U.S. August jobs report, but trade tensions persist
By Saqib Iqbal Ahmed
NEW YORK (Reuters) - The U.S. dollar rose broadly on Friday as U.S. job growth surged in August, but investors remained jittery about a possible escalation of the U.S.-Chinese trade conflict as U.S. President Donald Trump threatened China with more tariffs.
....
Sterling jumps to 1-week high on EU Barnier comments
By Saikat Chatterjee
LONDON (Reuters) - Sterling jumped to a one-week high against the dollar on Friday after European Union negotiator Michel Barnier said the EU was open to discussing other “backstops” on the Brexit issue.
The EU has made the so-called Iri....
Travelex, CBN, EFCC to improve BDCs’ operations
By Nike Popoola
Travelex Nigeria Limited, a subsidiary of Travelex UK, in collaboration with the Central Bank of Nigeria and the Economic and Financial Crimes Commission has concluded plans to engage the Bureau De Change in international best practices.
As part of effor....
As lira tumbles, Turkey requires exporters to convert revenue to lira
By Ceyda Caglayan
ISTANBUL (Reuters) - Turkey has required exporters to convert the bulk of their overseas revenue into lira, a surprise move designed to support the tumbling currency, but one that industry officials say could lead to losses for manufacturers.
T....
Sterling extends gains on dollar weakness; Brexit concerns weigh
By Saikat Chatterjee
LONDON (Reuters) - Sterling extended gains on Thursday on the back of a weak dollar but remained well below highs hit in the previous session due to uncertainty over the progress of the Brexit negotiations, while broader concerns over trade wars kept a lid on risk....
Indian rupee to languish around 70 per dollar a year from now - Reuters Pol
By Shrutee Sarkar
BENGALURU (Reuters) - India’s battered rupee, which has lost more than 12 percent this year, will hover near record lows on a worsening trade balance and at best only pare some of those losses in the coming 12 months, a Reuters poll found.
Extend....
Sterling jumps to a three-day high on Brexit breakthrough hopes
By Saikat Chatterjee
LONDON (Reuters) - Sterling jumped on Wednesday, rebounding off a two-week low, after a Bloomberg report that the United Kingdom and Germany were prepared to drop a key sticking point on Brexit negotiations fuelled hopes of a breakthrough in talks.
....
Rand slumps as South Africa enters recession
JOHANNESBURG (Reuters) - South Africa’s rand fell further against the dollar on Wednesday, extending a steep fall from the previous session, as the economy entered recession.
At 0710 GMT, the rand traded at 15.5400 versus the dollar, 1.2 percent weaker than its close on Tuesday.
Naira appreciates to N362.11/$ in I&E window
By Elizabeth Adegbesan
THE naira yesterday appreciated to N362.11 per dollar in the Investors and Exporters (I&E) window.
foreign policy Data from FMDQ showed that the indicative exchange rate for the window dropped to N362.11 per dollar yesterday from N....
WorldRemit Launches Digital Money Transfer Services
An international money transfer company WorldRemit has launched a new digital service within Africa, making it easier to send and receive money across the continent.
The new digital service would reduce the cost of sending money across borders.
The charges that individuals and businesses pay to ....
Dollar rises across the board as trade tensions support
By Saqib Iqbal Ahmed
NEW YORK (Reuters) - The dollar rose broadly on Tuesday as concerns about a possible escalation in trade conflict between the United States and China boosted safe-haven demand for the greenback and as investors dumped emerging market currencies.
Sterling pares losses after Carney says ready to stay longer at BoE
LONDON (Reuters) - The pound recouped some losses on Tuesday after Bank of England Governor Mark Carney said he was ready to stay in his job beyond his planned leaving date, but concerns over Brexit kept a lid on the currency’s gains.
Sterling has been hit recently by weak economic data, doubts over Prim....
European Shares Falls on Brexit Fears
By Dipo Olowookere
European stocks have fallen on Thursday, as renewed concerns that Chinese growth is slowing and Brexit fears overshadowed signs of progress in NAFTA talks.
The U.S. is considering imposing tariffs on another $200 billion worth of Chinese goods a....
Iranian rial hits record low at 128,000 to the dollar - Bonbast website
(Reuters) - The Iranian rial hit a record low against the U.S. dollar on the unofficial market on Monday amid a deterioration in the economic situation and the reimposition of sanctions by the United States.
The dollar was being offered for as much as 128,000 rials, according to foreign exchange website Bonbas....
Sterling plunges vs euro as Brexit fears take centre-stage
By Saikat Chatterjee
LONDON (Reuters) - The British pound was set on Monday for its biggest daily drop against the euro in more than three months as concerns grew about the progress of Brexit negotiations.
Sentiment was also further sapped by manufacturing data that und....
Citigroup (C) Faces Fine in Nigeria Over Forex Violations
By Zacks Equity Research, Zacks.com
The Central Bank of Nigeria has imposed fine of about N1.2 billion on Citigroup 's C Nigerian unit over forex regulations violations. Also, it has asked three other banks along with MTN Group Limited MTN to refund nearly $8 billion that ....
Nigeria central bank asks MTN to return illegally repatriated $8bn, slams 4 banks for aiding, abetting
The Central Bank of Nigeria (CBN) Wednesday asked telecoms major, MTN Nigeria to return $8 billion it illegally repatriated and imposed heavy sanctions totaling N5.87 billion on four banks under its regulatory purview for what it described as ‘flagrant violation of extant laws and regulations of the Federal Republic of....
T-Bills Market Bullish as Money Market Rate Adds 6.04%
By Dipo Olowookere
The treasury bills market was bullish on Monday as investors prepare for the sale of the government’s debt instrument via primary market tomorrow.
Business Post reports that market players are of high hopes that treasury bills yields will increa....
Sterling slips to one-year low vs euro on no-deal Brexit angst
By Tom Finn
LONDON (Reuters) - Sterling fell to a near one-year low against the euro on Tuesday after British Prime Minister Theresa May played down the consequences of Britain leaving the European Union next year without securing a deal with the bloc.
Failing to reach ....
Turkish lira weakens against dollar, minister warns on sanctions
ISTANBUL (Reuters) - The Turkish lira weakened on Tuesday as investors weighed up Turkey’s efforts to manage its rift with the United States after Finance Minister Berat Albayrak warned U.S. trade sanctions against Ankara could destabilise the Middle East.
The row with Washington over an American evangel....
Turkish lira slides 3 percent as markets reopen, eyes on U.S. stand-off
By Daren Butler, Behiye Selin Taner
ISTANBUL (Reuters) - The Turkish lira weakened 3 percent against the dollar on Monday after a week-long holiday, hit by persisting concern about a diplomatic rift with Washington over a detained U.S. pastor.
The slide as local....
CBN moves to stabilize naira, pumps $543m, ¥63m into forex market
- Retail segment receives $323m boost
- Wholesale segment gets $100m
- SMEs, Invisibles ....
Yuan hits four-week high as China signals support, revives X-factor for fixing
SHANGHAI (Reuters) - China’s yuan finished Monday afternoon trade at a near 4-week high to the dollar after the central bank revived a “counter-cyclical factor” in its daily fixing to support the currency, halting a record 10-week slide that rattled global markets and irritated Washington.
Th....
Sterling falls as Britain steps up planning for no-deal Brexit
LONDON (Reuters) - Sterling fell on Thursday as the government stepped up planning for a no-deal Brexit, reviving concern among investors about what would happen to the currency if Britain left the European Union without having agreed new trade arrangements.
With less than eight months until the March ....
Turkish lira firms against dollar as U.S. standoff drags on
By Daren Butler
ISTANBUL (Reuters) - The Turkish lira firmed against the dollar on Friday after weakening in thin holiday trade this week, as a bitter standoff dragged on between Ankara and Washington over the fate of an American pastor being tried in Turkey.
Th....
Sterling stuck near 11-month lows vs euro
LONDON (Reuters) - The pound slipped against the euro to within a whisker of its weakest since September 2017, hurt by a rally in the single currency and concerns about whether Britain can secure a post-Brexit trading deal with the European Union.
Sterling traded down to as low as 90.27 pence per euro,....
CBN set for second sale of Chinese yuan
Central Bank of Nigeria (CBN) Friday asked banks to submit bids for the second Chinese yuan auction, according to foreign exchange dealers.
In May, the CBN signed a $2.5 billion three-year currency swap deal with Beijing to facilitate trade between the two countries and cut reliance on the dollar.
Naira Stability Buoys Nigeria’s Consumer Confidence Index in Q2—Report
By Dipo Olowookere
A new report released by South Africa-based Nielsen Africa has revealed Nigeria’s Consumer Confidence Index (CCI) for the second quarter of 2018 recorded a very healthy increase of nine points to 122, while Ghana’s CCI for the same quarter dropped 12 poi....
US Stocks Open Higher
By Dipo Olowookere
The major U.S. index futures are pointing to a higher opening on Monday, with stocks likely to move to the upside following the mixed performance seen last week.
The upward momentum on Wall Street comes as traders seem to be expressing optimism ....
Pound steadies but Brexit talks dim outlook
LONDON (Reuters) - Sterling steadied on Monday but was still near 14-month lows reached last week on concerns about forthcoming talks that may decide whether Britain gets a trade deal with the EU before it quits the bloc.
The pound has suffered six straight weeks of losses against the dollar, its worst run sin....
Pound holds above $1.27, buoyed by dollar weakness
LONDON (Reuters) - The British pound rose on Friday as the dollar fell across the board and some traders saw an opportunity to buy sterling after data this week pointed to an UK economy holding up relatively well.
Ongoing worries about whether Britain can agree a trade deal with the European Union over the com....
China offers Turkey moral support, says can overcome difficulties
BEIJING (Reuters) - China offered moral support to Turkey on Friday as Ankara reeled from a currency crisis and U.S. sanctions, saying it believed the country could overcome its “temporary” economic difficulties, in Beijing’s first comment on the issue.
The Turkish lira TRYTOM=D3 has ....
Nigeria’s central bank reports 33% decline in net income for FY2017
By Adesola Afolabi
The Central Bank of Nigeria (CBN) has released its audited financial statements for the year ended 31st December 2017 showing net income for the bank depreciated 33 percent from N104.9 billion recorded in the same period of 2016 to N70.2 billion.
Alth....
Euro zone banks see rising loan demand, easing credit standards, says ECB
By Agency Report
Euro zone banks expect demand for corporate and household loans to increase further in the third quarter with credit standards also easing, the European Central Bank said in a quarterly survey of the bloc’s top banks.
Buying 2.5 trillion euros wor....
Sterling suffers longest losing streak since 2008 as dollar surges
LONDON (Reuters) - Sterling fell on Wednesday for the twelfth consecutive day as the U.S. dollar strengthened, leaving the pound at its weakest since June 2017 and facing its longest losing streak since the depths of the financial crisis in 2008.
Sterling has weakened sharply in August as traders grow ....
Currency Most Exposed to the Lira Meltdown Goes From Hero to Zero
By Natasha Doff
The week Georgia marked a decade since its war with Russia, it found its currency under assault from the neighbor to the south.
Market turmoil in Turkey helped wipe out gains for Georgia’s lari, which until early August was this year’s best performer globally. Within days, it was swept up in Turkey’s currency crisis as....
From Nigeria to Iran, nations begin ditching dollar
The number of countries switching to national currencies to settle bilateral trade deals is growing in the face of the US weaponization of the dollar.
When US President Donald Trump re-imposed sanctions on Iran last week, he warned that any company doing deals with the Iranians in dollars would also be subject....
ALERT: Turkish lira crisis may put the naira at risk
By Oluseyi Awojulugbe
The naira may be affected by the ongoing financial turmoil which has seen the Turkish lira lose 40% of its value.
The lira has been in turmoil over worries about the country’s high debt levels, rising inflation, President Tayyip Erdogan&rsquo....
Euro edges up, but threat from Turkey remains
By Tom Finn
LONDON (Reuters) - The euro recovered on Tuesday from earlier losses linked to the collapse of the Turkish lira, but investors said the exposure of European banks to Turkey would continue to trouble the single currency.
The lira TRYTOM=D3 has lost more than ....
Sterling nears $1.28 after surprise UK unemployment drop
LONDON (Reuters) - Sterling briefly rose above $1.28 on Tuesday on a weaker dollar and after an unexpected fall in Britain’s unemployment rate helped a struggling pound move away from 13-month lows plumbed last week.
Britain’s unemployment rate fell to its lowest since 1975 during the second quarte....
Sterling stuck near 2018 low on dollar strength, Brexit woes
LONDON (Reuters) - The pound languished near 13-month lows on Monday, as investors bet on continued dollar strength and uncertainty over whether Britain would secure a trade deal with the European Union before it exits the bloc.
Sterling lost 2 percent of its value last week because of growing unease among inv....
Euro wilts as Turkey rout sends investors into yen, francs
By Tommy Wilkes
LONDON (Reuters) - The euro slid to a fresh 13-month low and emerging market currencies slumped further on Monday, while the yen surged to a six-week high as the fallout from the Turkish lira’s crash pushed more investors into safe-haven currencies.
....
Dollar-Yuan interventions and naira’s stability
By COLLINS NWEZE
The measures introduced by the the Central Bank of Nigeria (CBN) to curb foreign exchange (forex) volatility have helped the naira to regain its stability. COLLINS NWEZE writes that the introduction of the Investors’ & Exporters’ (I&E) Forex ....
Naira Loses 0.03% at I&E FX Window to Trade at N362.19/$
By Modupe Gbadeyanka
The local currency suffered a marginal loss of 0.03 percent at the Investors and Exporters (I&E) foreign exchange segment on Thursday.
The Nigerian Naira, at the close of transactions yesterday, depreciated by 11 kobo against the Dollar to close....
Pound pummelled by stronger dollar, mounting Brexit fears
LONDON (Reuters) - Sterling slid to its lowest level since June 2017 on Friday as a stronger dollar and continued concerns that Britain could leave the European Union without a trade deal pushed investors to sell pounds.
The British currency dropped 0.8 percent to as low as $1.2723, roughly in line with the do....
On Istanbul streets, defiant Turks see U.S. hand behind lira crisis
By Ece Toksabay
ISTANBUL (Reuters) - Serap, a 23-year-old clerk at a clothes store in central Istanbul, is sure of who to blame for the precipitous slide in Turkey’s lira currency.
“This crisis is created by America,” she said.
The lira ....
Pound May Slump 10% on No-Deal Brexit
By Anooja Debnath and Elizabeth Howcroft
- Currency at 11-month low as U.K.’s Fox warns of messy divorce
- Read More
Naira Trades Flat at Black Market, Falls at Interbank, Rises at I&E
By Modupe Gbadeyanka
At the currency market on Monday, the Nigerian Naira traded mixed at various segments of the market.
While the local currency depreciated against the Dollar at the interbank, it appreciated at the Investors and Exporters (I&E) segment, and trade....
Dollar posts biggest drop in a week as rally fades
By Saikat Chatterjee
LONDON (Reuters) - The dollar tumbled a quarter of a percent against a basket of its peers on Tuesday, its biggest drop in a week, as expectations grew that the dollar’s recent rally on the back of escalating trade tensions may be coming to an end.
Turkish lira hits record low after U.S. says reviewing duty-free access
By Ezgi Erkoyun, Can Sezer
ISTANBUL (Reuters) - The Turkish lira tumbled to a record low against the dollar on Monday, after the Trump administration said it was reviewing Turkey’s duty-free access to the U.S. market, a move that could affect some $1.66 billion (£1.28 bill....
Dollar extends two-week winning streak on trade fears; euro falters
By Saikat Chatterjee
LONDON (Reuters) - The dollar rose on Monday, building on two consecutive weeks of gains, as investors bet that trade war rhetoric and a strong U.S. economy would continue to drive the currency higher.
Against a broad basket of currencies .DXY, the ....
FX market to remain stable in the aftermath of foreign investors’ exit
The Nigerian foreign exchange market is projected to remain stable if foreign investors finally exit the market as has been projected on rising rates in the advanced economies, especially in the United States.
Currency market analysts, who spoke to business a.m. said the foreign exchange market would be unshak....
FMDQ Partners Reuters to Promote Nigerian Financial Market
By Modupe Gbadeyanka
A move has been made to deepen capacity to help drive liquidity and enhance the visibility of the Nigerian financial market to domestic and international investors.
On Friday, July 27, 2018, world’s leading source of intelligent information fo....
Naira in marginal gain as street forex market shows relative stability
The naira on Wednesday gained marginally as it traded N359 to the dollar at the parallel market in Lagos after a 10-day stable streak.
However, the Nigerian currency declined against other major world currencies as it traded N478 and N417 against the pound sterling and euro respectively from N480 and N418 prev....
Sterling hits nine-day low as markets look beyond expected BoE rate hike
By Tom Finn
LONDON (Reuters) - The pound fell on Thursday before a widely anticipated Bank of England interest rate increase, as investors bet that no further hikes were likely before Britain leaves the EU in March.
The BoE looks set to pass a post-financial crisis mile....
Naira Closes Flat at Interbank, Parallel Markets
By Modupe Gbadeyanka
The local currency traded on a flat note at both the parallel and interbank markets on Tuesday, Business Post reports.
While the Naira was exchanged at N305.90 to a Dollar at the interbank segment of the foreign exchange market, same rate it was sol....
Dollar sends yuan, Aussie lower on fears of U.S. tariff threats
By Tommy Wilkes
LONDON (Reuters) - The dollar strengthened on Wednesday, sending the Chinese yuan towards recent lows and pressuring the Australian dollar on fears of an imminent escalation in the trade dispute between the United States and China.
A source familiar with....
Sterling near one-week lows before Bank of England vote
LONDON (Reuters) - Sterling held near a one-week low on Wednesday before a Bank of England policy meeting that is widely expected to raise interest rates for the second time since the global financial crisis.
Bond markets have priced in a quarter-point increase, but any dovish comments from policymakers could ....
Nigerian Stocks Sustain Growth on Positive Corporate Earnings
By Modupe Gbadeyanka
The Nigerian Stock Exchange (NSE) sustained its growth on Tuesday as more companies continue to churn out positive results for the first half of this year.
Business Post reports that the gains recorded by consumer goods stocks lifted the market yest....
The $500 Billion Market the World Never Thought It Would See
After the financial crisis, China called for a new reserve currency to replace the U.S. dollar. Now it’s swimming in dollar-denominated bonds.
By Chris Anstey and Narae Kim
China used to rail against the outsize role of the U.S. dollar. But in a major turnar....
Sterling inches higher before expected BoE hike this week
LONDON (Reuters) - The British pound edged higher on Tuesday as investors prepared for the Bank of England’s monetary policy meeting later this week at which markets are now pricing in a near-90 percent chance of a 25 basis points rate rise.
Sterling has found its feet and traded higher in recent session....
Yuan weakens, set for fourth straight monthly loss in July
SHANGHAI (Reuters) - China’s yuan finished lower against the U.S. dollar at the domestic close on Tuesday after the central bank set a weaker midpoint, with the Chinese currency headed for its fourth straight month of weakening - the longest such streak since early 2015.
The onshore yuan opened at 6.8282....
Big week for currency markets as central banks meet
By Tommy Wilkes
LONDON (Reuters) - Major currencies stuck to familiar ranges on Monday as investors shied away from taking out big positions ahead of a flurry of crucial economic data and central bank monetary policy meetings this week.
With the Bank of Japan ending a t....
Sterling subdued as investors look ahead to rate hike decision
LONDON (Reuters) - The pound rose on Monday but its modest gains reflected concern among investors about the currency’s prospects ahead of a widely anticipated Bank of England interest rake hike this week.
The Bank of England (BoE) looks set to pass a post-financial crisis milestone on Thursday by finall....
Investors Transact 1.5 Billion Shares Worth N16.7b in One Week
By Dipo Olowookere
A total of 1.417 billion shares worth N16.739 billion in 19,832 deals were traded last week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.665 billion equities valued at N14.834 billion that exchanged hands in the previous week in 18,795 deals.
Business Post re....
Naira depreciates as financial market awaits Chinese Yuan auction result Friday
By HOPE MOSES-ASHIKE
The nation’s currency on Thursday depreciated against the U.S dollar at the investors and exporters (I&E) forex window as the financial market awaits the release of the result for the Chinese Yuan auction held last week by the Central Bank of Nig....
Sterling set for third weekly drop as Brexit concerns weigh
LONDON (Reuters) - Sterling edged lower on Friday and is poised to register its third consecutive weekly loss as concerns about the progress of Brexit negotiations trumped any optimism ahead of a likely interest rate hike next week.
European Union Brexit negotiator Michel Barnier rejected key elements ....
Euro drops most in a month as ECB stays on course
By Richard Leong
NEW YORK (Reuters) - The euro fell on Thursday, declining the most in a month, as the European Central Bank clung to its easy money policy and signaled no change in its timetable to move away from ultra low rates or end its bond purchase program.
Sterli....
Dollar is over-valued –IMF
The International Monetary Fund said on Tuesday that the US. dollar was over-valued, and that the value could add to growth risks and trade tensions.
The IMF, in its annual External Sector Report, in Washington said China’s yuan was in line with fundamentals and nearly half of global excessive curr....
Naira Trades Mixed as CBN Holds Interest Rate
By Modupe Gbadeyanka
The Nigerian Naira closed mixed at the various foreign exchange segments on Tuesday.
This occurred as the Central Bank of Nigeria (CBN) announced at the end of its two-day Monetary Policy Committee (MPC) meeting yesterday that the Monetary Policy Ra....
Sterling adds to recent gains after May says to lead Brexit talks
LONDON (Reuters) - The pound rose on Wednesday to its highest in a week as traders bet that Prime Minister Theresa May’s decision to take control of Brexit negotiations would make it easier to agree a divorce deal with Brussels.
With less than nine months before Britain is due to leave the Europe....
Euro edges up ahead of Trump-Juncker talks
By Tom Finn
LONDON (Reuters) - The euro edged higher on Wednesday ahead of a meeting between U.S. President Donald Trump and European Commission President Jean-Claude Juncker but gains were limited with investors cautious about a trade rift between the two powers.
Lack ....
Sterling falls to three-week low versus resurgent yen
LONDON (Reuters) - Sterling fell to a three-week low against a resurgent yen on Monday after the Japanese currency received a boost from reports that the central bank was contemplating scaling back its stimulus.
The British currency struggled to hold on to earlier gains against the dollar and fell 0.1 percent ....
Currency War Erupts, Threatening to Ripple Across Global Markets
By Katherine Greifeld
- Trade fight spreads to FX as president talks down dollar
- Eq....
Japanese yen stands tall on policy stimulus unwind bets
By Saikat Chatterjee
LONDON (Reuters) - The Japanese yen rallied to near two-week highs against the euro on Monday following reports the central bank was debating moves to scale back its massive monetary stimulus.
Also pushing the yen up were comments by U.S. President ....
Dollar below one-year highs on Trump comments; yuan eyed
By Saikat Chatterjee
LONDON (Reuters) - The dollar held below a one-year high on Friday after U.S. President Donald Trump expressed concern about a stronger currency, although a weakening Chinese yuan reduced risk appetite.
The dollar is poised for a second straight wee....
Sterling stuck near 10-month low after bruising week
LONDON (Reuters) - The British pound steadied around the $1.30 mark on Friday as traders took stock at the end of a bruising week in which weak economic data and more political uncertainty around the government’s Brexit position hammered sterling.
The currency dropped to as low as $1.2958 on Thursday, it....
T-Bills Reverse Gains as CBN Mops up N496b via OMO Sales
By Dipo Olowookere
The treasury bills market ended bearish on Thursday after profit taking dominated the market, leaving the yields to expand by about 0.16 percent on the average across the benchmark securities.
It was gathered that yesterday’s poor outcome revers....
Nigeria attracts $1.3bn Foreign Direct Investment from US in 2017
Lagos – The American Business Council (ABC) has disclosed that Foreign Direct Investment (FDI) of about 1.3 billion dollars flowed into the Nigerian economy from the US in 2017. This was revealed during the Launch of the 2018 US Economic Impact Survey on Wednesday in Lagos.
Darrel McGraw, Vice Pres....
Illegal deductions: CBN returns N65bn to bank customers
By Theophilus Onojeghen, Warri
The Central Bank of Nigeria says it has recovered over N65bn from commercial banks in the country for wrongful deductions and charges from customers’ deposits and other transactions in the last six years.
The Acting Director, Corpora....
Naira undervalued, expect soft year-end rally – RenCap
By Emeka Ucheaga, Sobechukwu Eze, Abdullateef Eniola-Giwa & David Ibidapo
Renaissance Capital in its recently published currency watch report (Thoughts of a Renaissance Man) stated that Naira is currently undervalued in Investors & Exporters exchange rate window. RenCap fair v....
Sterling skids to $1.30 as inflation, Brexit cast August rate rise doubt
By Tommy Wilkes
LONDON (Reuters) - Sterling slid to 10-month lows against the dollar on Wednesday after data showed British inflation failed to rise as expected, a day after Brexit-linked political turmoil had sent the currency hurtling lower.
Annual consumer price infl....
Forex Dealers Receive $210m from CBN
By Dipo Olowookere
On Tuesday, July 17, 2018, the Central Bank of Nigeria (CBN) released the sum of $210 million into the foreign exchange market.
This was done with the sole aim of sustaining liquidity at the market. It was also to ensure those who need foreign currenc....
Goldman Sachs Picks David Solomon as Next CEO
By Dipo Olowookere
A new chief executive officer has been announced by renowned Wall Street financial institution, Goldman Sachs Group Inc and he is Mr David Solomon.
Mr Solomon is expected to succeed the long-time CEO of the company, Mr Lloyd Blankfein, from October 1,....
Sterling edges higher; UK jobs data caps gains
By Saikat Chatterjee
LONDON (Reuters) - Sterling edged higher on Tuesday, lifted by broad dollar weakness, though gains were capped by data on slowing British pay growth and overnight Brexit headlines.
With overall sterling bets leaning towards a net short compared with....
Dollar slips ahead of Fed testimony
By Tom Finn
LONDON (Reuters) - The dollar edged down on Tuesday ahead of congressional testimony by Federal Reserve Chairman Jerome Powell which traders will scrutinise for clues on the pace of U.S. interest rate rises and risks emanating from trade conflicts.
Powell wi....
Nigeria’s digital economy to generate $88bn by 2021
By Prince Okafor
THERE are indications that investments in digital economy will generate $88 billion and create three million jobs for Nigerians before the end of 2021.
Consequently, the minister of Industry, Trade and Investment, Mr Okey Enelamah, w....
Forex Market gets CBN’s $210 million boost
The inter-bank Foreign Exchange Market has received the sum of $210 million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.
Specifically, the CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the small and mediu....
Euro, yuan dive as U.S.-China trade concern boosts dollar
By Tommy Wilkes
LONDON (Reuters) - The euro fell to a nine-day low on Friday after data showing a record Chinese trade surplus stirred worries about a deeper United States-China trade conflict, encouraging investors into the safety of the dollar.
The Chinese yuan, which....
Dollar gains sustained by trade war risk, rising inflation
By Kate Duguid
NEW YORK (Reuters) - The U.S. dollar held steady at a six-month high against the Japanese yen and a two-month high against the Swiss franc on Thursday, bolstered by solid inflation data and investor sentiment that the greenback stands to benefit from a trade war.
....
Nigerian Stock Market Remains Under Water, Down 0.45%
By Dipo Olowookere
Trading activities on the floor of the Nigerian Stock Exchange (NSE) further closed in the negative territory on Wednesday as profit-taking persisted.
When the market wrapped up for the day’s business, it was down by 0.45 percent, sinking the Ye....
Sterling edges up ahead of UK Brexit blueprint
LONDON (Reuters) - The pound rose on Thursday as traders bet that a Brexit white paper policy document could help restart negotiations on trade between the European Union and Britain for when it leaves the bloc next March.
British Prime Minister Theresa May will set out a blueprint on Thursday putting ....
Dollar near 1 1/2-week highs as U.S. price data eyed
By Saikat Chatterjee
LONDON (Reuters) - The dollar held at a nine-day high on Thursday, bolstered by concern U.S. inflation pressures will pick up, although worries about an escalation in trade conflict capped gains.
The conventional wisdom is that any escalation in tra....
Dollar strengthens against yen, EM rallies as trade fears wane
By Kate Duguid
NEW YORK (Reuters) - The U.S. dollar rose to near a six-month high against the safe-haven Japanese yen on Tuesday and emerging market currencies like the Mexican peso, Brazilian real and Russian rouble also rose as global economic momentum appeared so far unscathed by t....
Nigerian naira appreciates against US dollar across market windows
By Adesola Afolabi
The Nigerian naira traded 0.3 percent higher against the American dollar at N361 on the streets Tuesday in contrast to N362 it exchanged Monday while it grew by 0.02 percent to N361.91 in the investors and exporters foreign exchange window (IEW).
....
Banks stop cash withdrawal from overseas ATMs
By Collins Nweze
Banks have suspended all cash withdrawals from overseas Automated Teller Machines (ATMs), except for customers whose cards are linked to domiciliary accounts funded locally, The Nation has learnt.
Banks have been encouraging travellers to open an....
Towards unified exchange rates regime between banks, BDCs
By Chima Nwokoji
RECENTLY, the Central Bank of Nigeria (CBN) recently announced that Bureau De Change (BDC) operators and commercial banks will buy dollar at same rate and sell within same margin. Market watchers saw it as a masterstroke needed to eliminate multiple exchan....
Sterling slides after foreign minister Johnson resigns
LONDON (Reuters) - Sterling skidded lower on Monday after British foreign minister Boris Johnson resigned, with the pound falling versus the dollar and the euro.
Johnson followed former Brexit minister David Davis in resigning. Davis had resigned in opposition to Prime Minister Theresa May’s plan for life after leaving the European Union.
Nigerian naira weakens 0.24% at IEW, 0.28% on the streets
By Adesola Afolabi is Businessamlive Reporter.
Nigeria’s domestic currency, the naira, depreciated 0.24 percent to N361 against one United States dollar at the investors and exporters window (IEW) of the foreign exchange market on Thursday and dropped 0.28 percent to N362.....
Naira ‘to exchange at N356/$ by year-end’
By Collins Nweze
Naira is projected to close this year at N356 to dollar, a report by Renaissance Capital (RenCap), an investment and research firm, has shown.
The local currency exchanges at N360 to dollar at the parallel market and will gain N4 against the doll....
Pound to rally after UK leaves EU, say FX strategists - Reuters poll
By Jonathan Cable
LONDON (Reuters) - Sterling won’t move much in the run-up to Britain’s departure from the European Union in March next year but will gain ground on the U.S. dollar afterwards, a Reuters poll of foreign exchange strategists predicted.
....
Euro, Aussie gain as China signals a steady FX hand
By Saikat Chatterjee
LONDON (Reuters) - The euro and the Australian dollar led broad gains in currencies on Tuesday after the Chinese central bank moved to calm nervous foreign exchange markets following a fall in the renminbi below a key psychological level.
In....
Sterling boosted by economic recovery but Brexit meeting curbs gains
LONDON (Reuters) - The pound rose to a seven-day high on Thursday as traders strengthened bets on an interest rate hike this summer but concerns about a crucial Brexit meeting on Friday kept the currency’s gains in check.
After a feeble start to 2018, the British economy is showing early signs of....
CBN woos importers for Chinese currency
By Collins Nweze, Snr Finance Correspondent
The Central Bank of Nigeria (CBN) is wooing importers of goods from China to use the Yuan instead of the dollar. The move supports the bank’s effort to promote naira exchange rate and boost foreign reserves.
....
Euro falls, yuan rebounds as trade worries weigh
By Tommy Wilkes
LONDON (Reuters) - The euro fell on Wednesday as a weaker purchasing managers’ confidence in the bloc overshadowed better-than-expected data on business activity, while concerns about Washington’s end-of-week deadline to impose tariffs on Chinese imports cr....
Ecobank Plans 5-Year Dollar Bond to Refinance Debts
By Modupe Gbadeyanka
One of the leading lenders in Africa, Ecobank, is planning to raise fresh funds from the bond market to refinance some of its debts.
The financial institution is also planning to use some of the proceeds from the exercise to strengthen its position ....
Sterling rises as UK services data builds case for rate hike
LONDON (Reuters) - The pound rose on Wednesday after a survey showing Britain’s dominant services industry gained momentum last month fuelled expectations of a Bank of England interest rate hike this summer.
After a sluggish start to 2018, Britain’s economy is showing tentative signs of a recovery ....
European Stocks Succumb to Selling Pressure
By Modupe Gbadeyanka
European stocks succumbed to selling pressure on Monday as Germany faced a political crisis over immigration and trade worries persisted ahead of a July 6th deadline when the United States is due to impose tariffs on Chinese exports. Weak manufacturing data from C....
Low Forex Inflow Weakens Naira At I&E Window
By BUKOLA IDOWU and KEHINDE SALLAH
The value of the naira at the Nigeria Autonomus Foreign Exchange (NAFEX) market weakened last week compared to what it closed the previous week as inflow from the window dropped to $796.02 million. Penultimate week, the NAFEX also termed the Investors’ and Exporters’ Window had seen an....
Sterling falls ahead of British manufacturing data
LONDON (Reuters) - Sterling traded near eight-month lows against the dollar on Monday as investors awaited data on the manufacturing sector and a cabinet meeting later in the week in which British ministers will try to agree on a common position on Brexit.
The pound has been weighed down recently by a ....
U.S. dollar share of global currency reserves fall further - IMF
By Richard Leong
(Reuters) - The U.S. dollar’s share of currency reserves reported to the International Monetary Fund fell in first quarter of 2018 to a fresh four-year low, while euro, yuan and sterling’s shares of reserves increased, according to the latest data from the....
CBN fears rate cut will heighten monetary, fiscal challenges
By Onyinye Nwachukwu
The Central Bank of Nigeria (CBN) has ruled out an interest rate cut in near term, expressing fears that loosening its monetary policy stance at this time could exacerbate fiscal challenges in the economy and worsen inflationary pressure which it is trying....
Nigerian naira breaks 15-day trend, gains against the US dollar on the streets
By Adesola Afolabi
Nigeria’s domestic currency, the naira, strengthened 0.28 percent Thursday against the United States dollar on the streets where many Nigerians unofficially sourced their foreign exchange. The currency traded at N361 to $1 against 15 previous sessions rate of N362 to $1 at what is popularly called the parallel ma....
Euro jumps on EU migration agreement, dollar slumps
By Tom Finn
LONDON (Reuters) - The euro jumped on Friday after European Union leaders reached an agreement on migration that eased pressure on German Chancellor Angela Merkel, but traders said the gains may be short-lived because of deep divisions within the EU.
A money....
Sterling falls to eight-month low as Brexit pressures grow
By Tommy Wilkes, Tom Finn
LONDON (Reuters) - The pound fell to its lowest since early November on Thursday as investors fretted that the message to emerge from a European Union summit will be that there has been no meaningful progress for months in negotiations on a Brexit deal.
....
Global trade tensions hit Asian currencies as bears take position - Reuters poll
By Nikhil Nainan
(Reuters) - Investors raised their short positions in Asian currencies over the past month, a Reuters poll showed, with bets on the Chinese yuan turning bearish for the first time in over a year as Sino-U.S. trade tensions intensified.
An atmosp....
Dollar rally fizzles on euro bounce; German inflation in focus
By Saikat Chatterjee
LONDON (Reuters) - The dollar turned lower on Thursday, giving up early gains as rising inflation in some German regions prompted some traders to buy the euro, though rebalancing flows for the half year checked sharp losses.
With concerns about trad....
Despite US Rate Hike, CBN Says No Cause for Alarm
By Obinna Chima
Regardless of the United States Federal Reserve’s recent hike of its benchmark short-term interest rate by a quarter percentage point as well as its signalling of two more increases this year, the Central Bank of Nigeria (CBN) has said there is no cause for the a....
Euro slips as trade tensions keep FX markets on edge
By Tom Finn
LONDON (Reuters) - A rally in the euro faded on Monday as the dollar edged up with trade tensions between the United States and the European Union seen deciding the near-term direction for the currencies.
Investors steered away from risk, with Asian equities....
Rate Unification: Unleashing Stability On Forex Market
By Bamidele Ogunwusi
There is no doubt that the latest attempt by the Central Bank of Nigeria (CBN) by unifying dollar buying rates for banks and Bureau de Change (BDC) operators will go a long way at achieving its single exchange rate target.
European Markets Close Higher on Gains by Banking Stocks
By Dipo Olowookere
European stocks have moved mostly higher on Friday, with banks leading the surge after finance ministers from 19 nations finalized plans to get Greece out of its eight-year bailout program and a top lawmaker in Italy’s far-right League party reportedly s....
Euro gains on growth data, Italian assurances to stay put
By Richard Leong
NEW YORK (Reuters) - The euro climbed on Friday as traders were encouraged by improved regional economic growth data and new assurances by Italian politicians that their nation would not leave the single currency.
The euro registered a weekly gain of ne....
Bitcoin falls to four-month low in persistent bearish trend
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin dropped to a more than four-month low on Friday, continuing a downtrend after more negative headlines such as Japan’s financial regulator ordering six digital currency exchanges to make improvements on their anti-money lau....
Pound Falls as Commons Vote on Brexit Law and BOE Decision Loom
By Anooja Debnath
- Vote could impact PM May’s political future, Brexit path
- Read More
Dollar, yen gain as Trump fires off more tariff threats
By Richard Leong
NEW YORK (Reuters) - The dollar and yen rose on Tuesday as traders piled into perceived less risky currencies after U.S. President Donald Trump threatened to slap more tariffs on China, fanning a trade dispute between the world’s two biggest economies.
CBN to Auction N67b Treasury Bills Today
By Modupe Gbadeyanka
Treasury bills worth N66.68 billion would be offered to investors at the market today by the Central Bank of Nigeria (CBN).
This amount would be refinanced by apex bank via the primary market; viz: 91-day bills worth N5.39 billion, 182-day bills wor....
BDC Operators Want Yuan for Customers
The Association of Bureaux de Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria to approve disbursements of the Renminbi (Yuan) to its members to deepen the China-Nigeria swap deal.
President, ABCON, Alhaji Aminu Gwadabe, told the News Agency of Nigeria in Lagos that the approval would ....
Naira to Remain Stable at Most Market Segments This Week
By Dipo Olowookere
Last week, the local currency closed flat against the greenback at the parallel market and the Bureau
De Change segments at N362/$ and N360/$ respectively on sustained special intervention by Central Bank of Nigeria (CBN).
Also, the Nai....
CFA Franc racing to parity with naira
By EMEKA UCHEAGA
From its obscure years of trading at less than a kobo to 1 CFA Franc in 1986, the CFA Franc has risen tremendously in value and now trades at around 54 kobo to 1 CFA Franc.
In the last 5 years, the CFA Franc is up roughly 80 percent against the Naira. A similar....
2018 Interest Rate Outlook: US Dollar Strength Puts The Naira In Focus
By Our Correspondents
Nigeria offers a one-year risk-free rate of 0.72 pp over its inflation rate. In as much as the Central Bank of Nigeria (CBN) wishes to keep interest rates down, we believe that it will have to raise market interest rates by Q4 2018.
Acc....
Euro climbs ahead of ECB meeting, Fed-driven dollar rally unwinds
By Tommy Wilkes
LONDON (Reuters) - The euro climbed above $1.18 on Thursday on rising expectations the European Central Bank will signal an end date for its vast stimulus programme at its policy meeting later.
The dollar was weaker, erasing brief gains after a slightly ....
CBN Rakes N181b from Treasury Bills Sale via Primary Market as Rates Rise
By Dipo Olowookere
The Central Bank of Nigeria (CBN) on Wednesday raised a total of N180.86 billion from the sale of treasury bills via the primary market.
The exercise received fair subscriptions from investors, especially the 364-day bill, which was oversubscribed.
Money Market Rates Surge by 7.13% as T-Bills Yields Shrink to 12.77%
By Modupe Gbadeyanka
The treasury bills market remained relatively quiet yesterday with no significant volumes traded recorded.
This was as the market players anticipate increased supply of T-bills via the NTB and OMO auctions on Wednesday and Thursday respectively.
Forwards contracts lead CBN dollar sales with $11.2bn
By Babajide Komolafe
Foreign exchange, forex, sales by the Central Bank of Nigeria (CBN) was dominated in 2017 by Forwards contracts which accounted for $11.2 billion or 70 percent of total sales. Unlike spots transactions which involves immediate delivery, forwards are transact....
Naira appreciation looms as BDC contest heightens
By TONY CHUKWUNYEM
Rising competition among Bureaux De Change (BDC) operators, occasioned by the Central Bank of Nigeria (CBN)’s, approval of upward review of the trading margin for the sub-sector has bolstered prospects for a stronger naira and unification of the country’....
Naira set to appreciate as speculators eye rand, others
By Tony Chukwunyem
Naira set to appreciate as speculators eye rand, others
The naira could appreciate on the parallel market in the coming days due to recent forex measures announced by the Central Bank of Nigeria (CBN), foreign currency dealers said yesterday.
Dollar reverses gains as traders eye Fed, ECB
By Saikat Chatterjee
LONDON (Reuters) - The dollar’s early bounce fizzled on Tuesday, as markets saw few concrete measures emerging from the U.S.-North Korea summit and waited for guidance from two of the world’s top central banks later this week.
U.S. Presi....
IMF: Between global debt of $152 trillion and Africa’s $518 billion debt
By Inwalomhe Donald
The International Monetary Fund (IMF) recommendation for African economic recovery has gap and IMF is exploiting the gap for its benefits. IMF is waging economic war on Africa by keeping silent on Italy’s $2.5 trillion debt and putting pressure on Afric....
CBN and the burden of currency rackets
IT seems Nigeria is getting back to its old foreign exchange musical chair once again after the nightmarish experiences of 2015/16 crises. In the past two weeks, the foreign exchange market came under pressure as a result of many factors.
The main one was that many investors that flooded the economy with....
Euro rises despite G7 fracas as investors look to ECB, Fed
By Tom Finn
LONDON (Reuters) - The euro rose on Monday as traders turned their attention away from a crisis in Italy and a divisive G7 summit towards a European Central Bank (ECB) policy meeting that could signal the beginning of the end of the bloc’s vast economic stimulus.
Bank of Ghana sells dollars, expects local currency to recover
ACCRA, June 7 (Reuters) - Ghana’s central bank expects the local cedi currency to recover as it sells more dollars to local banks, it said on Thursday.
The cedi has declined steadily against the dollar since the end of April, partly due to broader weakness in emerging markets and to a rise in the America....
World Bank expects global growth at 3.1 per cent
By Chijioke Nelson
The World Bank has assured that the global economy would return a growth of 3.1 per cent in 2018, despite recent softening and headwinds.But it also warned in its June 2018 Global Economic Prospects, that after 2019, there would be a gradual slowdown over the next t....
Nigeria’s naira down 0.28% at parallel market as CBN mops up N215.98bn via OMO
By Adesola Afolabi
The Nigerian naira was down 0.28 percent against the United States dollar at the unofficial street currency market on Thursday trading at N362 to $1. But it appreciated marginally by less than one basis point at N360.94 to $1 at the importer and exporter (I&E) o....
Naira depreciates to N360.95/$ in I&E window
The Naira, yesterday, depreciated by 17 kobo to N360.95 per dollar in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N360.95 per dollar from N360.78 per dollar on Tuesday, translating to 17 kobo depreciation for the naira.
....
China May FX reserves fall to $3.111 trln
BEIJING, June 7 (Reuters) - China’s foreign exchange reserves fell slightly in May as the U.S. dollar rebounded strongly and regulators take small steps to increase cross-border use of the yuan.
Reserves fell $14.23 billion in May to $3.111 trillion, compared with a drop of $17.97 billion in April, centr....
Euro gains after ECB comments on ending stimulus
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - The euro rose to a nearly two-week high against the dollar on Wednesday after officials said the European Central Bank could wind down its stimulus program by the end of the year, as inflation has risen to its target.
Eur....
Why strong currency is anti-economic competition
By Odilim Enwegbara
WHENEVER I listen to some of our economists proposing a stronger naira, I wonder on what economic development theory they are basing their argument. First, any proposal for a strong currency is never done with pro-real sector investment, pro-growth, pro-jobs or ....
There’s nothing stopping the dollar now, HSBC’s chief currency strategist says
- The dollar has rallied by more than 6 percent since mid-April, and fell to a year low of 1.1659 against the euro at the end of May before picking up slightly to 1.1716 Tuesday at 9 a.m. London time.
Single Forex Market Rate Will Boost Investors’ Confidence—ABCON
By Dipo Olowookere
The Central Bank of Nigeria (CBN) has been advised to do everything possible within its power to converge the different foreign exchange market rates in the country into one.
President of the Association of Bureaux De Change Operators of Nigeria (ABCO....
Euro rallies to ten-day high after ECB says to discuss unwinding stimulus
By Tom Finn
LONDON (Reuters) - The euro rose to a ten-day high on Wednesday after European Central Bank officials said an end to the bank’s bond-buying programme by end-2018 was plausible and that inflation was rising back to its target.
ECB chief economist Peter ....
CBN Finally Lowers Dollar Rate for BDCs to N357/$
By Modupe Gbadeyanka
After several demands, the Central Bank of Nigeria (CBN) has finally reduced the rate it sells Dollar to operators of Bureau De Change (BDC) in the country.
This information was confirmed by President of Association of Bureau De Change Operators of ....
Sterling dips as Brexit concerns scupper rally
LONDON (Reuters) - Sterling fell on Monday as concerns about Brexit clouded the outlook for the currency after a brief rally encouraged by stronger-than-expected data on Britain’s construction sector.
The pound fell 3.43 percent versus the dollar in May, its biggest monthly decline since 2016, as weaknes....
Nigerian economy, naira value and revaluation
By P. O. Adetiloye
THE present poor value of the naira has become an albatross on every aspect of our economy and national life. The revaluation of the naira is therefore fundamental to any meaningful economic reform. Otherwise we are deceiving ourselves. The Nigerian gove....
Currency swap: Naira will gain strength against dollar, says economist
By Agency Report
An economist, Dr Chijioke Ekechukwu, says the naira will gain strength against the dollar when the Nigeria -China currency swap takes effect.
Ekechukwu, a former Director-General, Abuja Chamber of Commerce and Industry, expressed the view in....
UK investors admit Nigeria capital market offers huge opportunities
By Iheanyi Nwachukwu
Nigeria as the largest economy in Africa has the potential for a larger capital market that offers better returns for any prospective investor now and in future, according to government and private sector representatives at the 5th edition of the Nigerian ....
Sterling edges up against dollar ahead of construction PMI
LONDON (Reuters) - Sterling was on track for its fourth consecutive day of gains against the dollar on Monday as traders paused ahead of a survey of Britain’s construction sector.
At 0755 GMT, the pound was up by 0.2 percent at $1.3376 amid broad dollar weakness.
Sterling traded down 0.2 p....
IMF not worried about Nigeria’s debt, says Adeosun
By Ifeanyi Onuba, Abuja
The Minister of Finance, Mrs. Kemi Adeosun, has said that the International Monetary Fund is not worried about Nigeria’s debt profile.
Adeosun said that the country had enough capacity to repay its debt obligations estimated at N21.7tn.
Nigeria central bank injects $210 mln into currency market
ABUJA, May 30 (Reuters) - Nigeria’s central bank said on Wednesday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
The bank said in a statement it had released $100 million earmarked for the wholesale market, $5....
Sterling stuck near six-month low as strong UK data fails to dispel wider gloom
LONDON (Reuters) - Sterling languished near a six-month low on Friday despite data showing UK manufacturing growth picked up speed in May for the first time in six months, as worries about Italy’s political crisis and new U.S. trade tariffs dominated the market psyche.
Stronger-than-expected economic dat....
Sterling climbs on dollar weakness
LONDON (Reuters) - Sterling rose above $1.33 on Thursday as the dollar fell across the board, with traders identifying little in the way of UK-specific drivers until business surveys are published in coming days.
The pound traded up 0.4 percent at $1.3334, moving away from six-month lows of $1.3205 hit....
Naira Appreciates as CBN Sustains FX Intervention
By Obinna Chima
The naira appreciated to N362 to a dollar wednesday, stronger than the N366 to a dollar it was as at the close of business on Monday.
This is just as the Central Bank of Nigeria (CBN) once more intervened in the foreign exchange (FX) market with the sum ....
CBN braces for currency speculators
By TONY CHUKWUNYEM
With 2019 elections spending expected to lead to a surge in liquidity and foreign exchange demand, the Central Bank of Nigeria (CBN) is stepping up efforts to curb the activities of currency speculators, who could be tempted to take positions on naira. ....
Euro bounces off 10-month lows as Italy tries to end turmoil
By Tommy Wilkes
LONDON (Reuters) - The euro recovered on Wednesday from 10-month lows after reports that Italy’s biggest party would make a renewed attempt to form a coalition government and end months of political turmoil.
An attempt by two anti-establishment par....
Dollar, yen gain as investors seek safety from Italy turmoil
By Kate Duguid
NEW YORK (Reuters) - Investors piled into safe-haven bets on Tuesday as political turmoil in Italy sparked fears of another euro crisis, driving up the Japanese yen and pushing the U.S. dollar to a 10-month high against the euro.
A deepening political cri....
CBN to visit bank branches to enforce forex sales to eligible buyers
By Tosan Olajide
CBN to visit bank branches to enforce forex sales to eligible buyers – As part of its efforts to ensure that banks meet the foreign exchange (FX) demand of eligible travelers, the Central Bank of Nigeria (CBN) will from this week and periodically undertake....
CBN increases dollar supply to BDCs by 50%
By Babajide Komolafe
In a bid to address the increased demand for dollars, which led to N2 depreciation of the naira in the parallel market last week, the Central Bank of Nigeria, CBN, yesterday, increased dollar sales to bureaux de change, BDCs, by 50 per cent, saying it was compulso....
NSE market capitalisation loses N416 billion in five days
By Agency Report
Market statistics obtained by the News Agency of Nigeria (NAN) showed that the market capitalisation, which opened trading on May 21 at N14.660 trillion, shed N416 billion or 2.84 per cent to close trading on May 25 at N14.244 trillion.
Similarly, the A....
Nigerian stocks fall to lowest level in more than four months
LAGOS (Reuters) - Nigeria’s main stock index fell to its lowest level in more than four months on Friday after shares in banking and consumer goods companies declined.
The index which fell for the seventh straight session, recovered some ground but closed down 1 percent. Stocks had fallen 1.28 pe....
Euro set for sixth week of losses as concerns linger
By Saikat Chatterjee
LONDON (Reuters) - The euro slipped on Friday and is set for a sixth consecutive week of losses as concerns over Italy’s debt outlook weighed on sentiment, although losses were checked after North Korea said it was still open to resolving issues with the Uni....
Sterling falls ahead of GDP data
LONDON (Reuters) - The pound fell on Friday as investors eyed British economic growth data for signs of whether the Bank of England will raise interest rates this year.
Weak economic data, fresh Brexit concerns and a strong dollar have punished the pound, which started 2018 as one of the best-performing curren....
Naira closes stable as CBN lifts forex market with $210m
By HOPE MOSES-ASHIKE
The nation’s currency closed stable on Wednesday after the Central Bank of Nigeria (CBN) made available the sum of $210 million, to meet customers’ requests in various segments of the foreign exchange market.
In its quest to meet c....
Framework for $2.5bn China currency swap coming next week
By Emma Ujah & Babajide Komolafe
Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday said that the framework for the $2.5 billion currency swap agreement with the Peoples Bank of China (PBoC) will be released next week, stressing that the deal will ease ....
Euro up on China support as dollar surge loses momentum
By Tom Finn
LONDON (Reuters) - The euro rose off a six-month low on Thursday as China signaled its confidence in the single currency but concerns over an economic slowdown in Europe and political risks in Italy continued to act as a brake.
The euro is set to slump for a....
Coming back to life: Dollar surge raises hopes for volatile FX
By Tommy Wilkes, Saikat Chatterjee
LONDON (Reuters) - The U.S. dollar’s unexpected surge over the past month is encouraging currency traders to pray for a return of lucrative but long-dormant price volatility on the main foreign exchanges, although early signs on that are strang....
South Korea Unveils $5.6b Financial Package for Africa
By Modupe Gbadeyanka
The Republic of Korea (South Korea) has announced a total funding package of $5.6 billion for Africa, which would be delivered over two years through partnerships with various development agencies, including but not limited to the African Development Bank (AfDB) G....
Turkish lira hits record low, down 20 percent against dollar this year
By Daren Butler, Behiye Selin Taner
ISTANBUL (Reuters) - The Turkish lira tumbled more than 5 percent on Wednesday before recovering some ground, the latest drop in a sell-off that reflects growing investor alarm over the direction of monetary policy under President Tayyip Erdogan.
There’s a ‘decent probability’ bitcoin goes to zero, says Vanguard economist
By
AARON
HANKIN
REPORTER
A senior economist at the Vanguard Group, the $5 trillion investment fund, is the latest market participant to pour cold water on the No. 1 digital currency.
In an op-ed Monday, Joe Davis said bitcoin BTCUSD, -1.21% &n....
ABCON sustains call for change of exchange rate band
By Chijioke Nelson
The Association of Bureaux De Change Operators of Nigeria (ABCON) has again called on the Central Bank of Nigeria (CBN) to review the exchange rate band at which Bureaux de Change (BDCs) members buy dollars.
ABCON President, Aminu Gwadabe, who said the call w....
IMF doubts Nigeria’s capacity to repay debts
By Femi Asu
The International Monetary Fund on Monday expressed concern over Nigeria’s capacity to repay its debts and stressed the need for the Federal Government to mobilise more revenues domestically.
The Washington-based fund, at the public presentation of the....
Sterling slumps to near five-month low as dollar surges
LONDON (Reuters) - Sterling slumped to its lowest since December on Monday as the dollar surged and investors prepared for data this week that could determine whether the Bank of England raises interest rates in 2018.
A broad rally by the dollar and dwindling expectations that interest rates will rise ....
Dollar scales five-month peak as U.S.-China trade tensions ease
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - The dollar climbed to a five-month peak on Monday as news of a truce between the United States and China on trade tariffs prompted investors to pare back their short positions on the greenback.
Investors have been....
CBN lists gains of currency swap deal with China
By Rita Fredrick
SOME OF THE GAINS OF THE DEAL
- Bigger export market to China
- Read More
Currency-in-Circulation Drops to N1.668 Trillion
By Obinna Chima
The total value of currency-in-circulation in the country reduced by N269 billion year-on-year to N1.668trillion as of the end of March thisyear, down from the N1.937 trillionrecorded in February 2018, the Central Bank of Nigeria (CBN)revealed in its latest money and c....
German, UK Stocks Fall as French Shares Slightly Up
By Dipo Olowookere
European markets are modestly higher Friday morning amid concerns about a trade war and geopolitical issues. With energy stocks finding some support thanks to higher crude oil prices, major markets in the region look set to end another week on a firm note.
Sterling falls as dollar climbs, EU customs union concerns weigh
LONDON (Reuters) - The British pound fell on Friday as the U.S. dollar resumed its rally, with confusion about whether Britain would stay in the European Union’s customs union after it leaves the bloc also weighing on the currency.
Prime Minister Theresa May said on Thursday Britain would leave the EU cu....
Cryptocurrencies hit dead end
The much talk about and profitable trading in cryptocurrencies has met dead end as Reserve Bank of Zimbabwe stopped local banks from trading or processing their payments.
The apex bank Governor, Mr. John Mangudya, said on Monday in Harare that the central bank had not licensed anyone to trade in cryptocurrenci....
Pound surges on customs union report; dollar hovers at 2018 highs
By
BARBARA
KOLLMEYER
MARKETS REPORTER
The British pound climbed against the dollar Thursday after a report the U.K. government plans to stay in the customs union beyond 2021, while the greenback slightly ease against major rivals but still hovered at highs f....
Asian Stocks Fall as North Korea Stops Peace Talks with South Korea
By Modupe Gbadeyanka
Asian stocks ended broadly lower on Wednesday after U.S. government bond yields surged on expectations for further interest rate hikes from the Federal Reserve and North Korea suspended talks with South Korea scheduled for later in the day, citing joint Sout....
Argentina peso closes higher but inflation soars to 25.5 percent
By Jorge Otaola, Walter Bianchi
BUENOS AIRES (Reuters) - Argentina’s peso snapped its losing streak on Tuesday, closing 3.73 percent stronger at 24.10 per U.S. dollar after the central bank sold reserves but before the government reported 12-month inflation at a dizzying 25.5 pe....
Sterling slips back towards 2018 lows on Brexit worries
LONDON (Reuters) - Sterling fell on Wednesday back towards its lowest point of the year against the dollar amid fresh worries about Britain’s Brexit negotiations and relatively modest UK wage growth.
The British government said on Tuesday it would publish detailed plans for its future relationshi....
Between single and multiple exchange rates
By Bay Ismoyo
At the 2018 Spring Meetings of the IMF/World Bank Group, Finance Minister Kemi Adeosun repeated the quest for external loans, which was first made at the 2017 Spring Meetings. The borrowings were/are purportedly intended to provide infrastructure although the minister ha....
Tokyo stocks close down on profit-taking
By AFP
Tokyo stocks fell on Tuesday as investors cashed in profits following three straight days of gains.
The benchmark Nikkei 225 index lost 0.21 percent, or 47.84 points, to close at 22,818.02 while the broader Topix index edged down 0.04 percent, or 0.77 points, to ....
Currency swap deal with China’ll support naira — Ecobank
By Femi Asu
The $2.5bn bilateral currency swap deal between Nigeria and China is likely to reduce further the strong demand for the United States dollar and support the naira, analysts at Ecobank Capital have said.
The Central Bank of Nigeria early this month signed the....
Euro stuck near four-month low as U.S. bond yield rise supports dollar
By Tommy Wilkes
LONDON (Reuters) - The euro remained stuck near 4-month lows on Tuesday after weaker-than-expected economic growth out of Germany and a rise in U.S. Treasury yields helped the dollar recover following a pause in its rally.
The dollar’s strength als....
Naira losses to dollar as investors repatriate dividend
Nigeria’s naira eased to 362 to the dollar for investors this week as funds repatriate dividends abroad following the end of the earnings season and as forward currency contracts mature amid tight dollar liquidity, traders said.
The naira traded at 360 for over six months after the central bank in ....
Euro extends gains as dollar rally loses steam
By Tom Finn
LONDON (Reuters) - The euro headed for a third successive day of gains on Monday as a weak dollar helped the single currency recoup losses, as investors kept a wary eye on political events in Italy.
Italy’s anti-establishment 5-Star Movement and the fa....
Naira Records Marginal Depreciation on Parallel Market
The naira dropped to N363 to the dollar on the parallel market yesterday, compared to the N362 to the dollar it was previously.
This is also as the gap between banks’ bids to buy and sell the naira to investors was widening due to a tight supply of dollars in the market, suggesting the currency was comin....
Sterling headed for fourth successive weekly decline after BoE holds rates
By Reuters Staff
LONDON (Reuters) - Sterling on Friday headed for its fourth successive weekly decline versus the dollar, in what would be a first for the currency since 2015, after the Bank of England held rates and cut Beconomic growth projections.
The pound fell shar....
Bitcoin could soar as high as $64,000 next year, investment research firm Fundstrat predicts
- "We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range," Sam Doctor, head of data science research at Fundstrat, said in a report. Hash power refers to the processing power computers need to generate bitcoins.
Argentina may be headed for another currency crisis
By
ANNEKEN
TAPPE
Argentina’s reliance on U.S. dollar funding, coupled with the depreciation of its own currency is sending the country in to the all-too-familiar direction: financial turmoil.
The Argentine peso USDARS, -0.5406% sold off to a ne....
Trask: Dollar to Remain Dominant into the Summer
(Bloomberg) -- Traders are growing accustomed to a stronger greenback as the dollar reaches it’s highest level of the year, says Jake Trask, Corporate Dealer at OFX. He spoke to Daybreak Europe’s Caroline Hepker and Markus Karlsson about the FX implications after President Trump withdrew from the Iran nuclear dea....
FOREX Market Gets Additional $210m CBN Boost
The Central Bank of Nigeria (CBN), on Tuesday, May 8, 2018, boosted the inter-bank Foreign Exchange market with another sum of $210 million.
The Bank again offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment r....
CBN to cut interest rate before year-end
By Femi Asu
The Monetary Policy Committee of the Central Bank of Nigeria is expected to cut the Monetary Policy Rate, also known as the benchmark interest rate, before the end of the year.
FocusEconomics, in its latest report, FocusEconomics Consensus Forecast Sub-Sahar....
Nigeria attracts $30bn foreign investment
By Editor
The Central Bank of Nigeria has injected 210 million dollars into the Inter-Bank Foreign Exchange Market in continuation of its efforts to sustain liquidity in the market.
The bank said it had offered 100 million dollars to authorised dealers in the whol....
Nigeria naira eases as investors repatriate dividend
By Reuters Staff
LAGOS, May 8 (Reuters) - Nigeria’s naira eased to 362 to the dollar for investors on Tuesday as funds repatriate dividends abroad following the end of the earnings season and as forward currency contracts mature amid tight dollar liquidity, traders said.
....
Sterling languishes near four-month low before BoE hike decision
By Reuters Staff
LONDON (Reuters) - The British pound languished near a four-month low on Wednesday as the dollar rallied and traders sold sterling the day before a Bank of England meeting where interest rates are expected to be kept on hold.
UK economic data ha....
Euro slides to new 2018 low as dollar marches on amid Iran uncertainty
By Tommy Wilkes
LONDON (Reuters) - The euro slid to a new 2018 low on Wednesday as more investors bet on the dollar rising because of relatively higher interest rates, while concerns about the U.S. exit from an international nuclear deal with Iran also supported the greenback.
....
Currency swap deal ‘ll boost foreign reserves
By Omodele Adigun
“When funding markets in one currency deteriorate, it becomes difficult for banks outside that currency area to fund their assets tied to this currency since they have no direct access to the foreign central bank that issues the currency. But if their home cent....
Sterling slips as speculators cut positions and dollar rallies
LONDON (Reuters) - Sterling slipped on Tuesday as investors continued to trim their pound holdings before a Bank of England meeting on Thursday, when the central bank is expected to keep interest rates on hold, and as worries about Brexit negotiations resurface.
The pound, which has fallen heavily in recent we....
UBA Partners Mastercard on Digital Payment Solution
The United Bank for Africa (UBA) has introduced the Master Pass ‘Quick Response’ (QR) Bot.
The payment solution enables micro, small and medium enterprises (MSMEs) in Nigeria and across Africa to receive digital payments from their customers through scanning, using their Facebook account.
BDCs attract $30bn to economy from foreign investors
By Benjamin Umuteme
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said it had attracted over $30 billion dollars to the economy from foreign investors.
ABCON President, Alhaji Aminu Gwadabe, who disclosed this at the unveiling of its “Live En....
Dollar strengthens back towards 2018 high
By Tommy Wilkes
LONDON (Reuters) - The dollar climbed back towards its highest level in 2018 on Monday as investors continued to bet that rising interest rates in the United States would boost the greenback.
The index measuring the dollar against a basket of currencies ....
Buffett bashes bitcoin as nonproductive, thriving on mystique
By Jonathan Stempel, Jennifer Ablan
NEW YORK (Reuters) - Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as “rat poison squared,” thrive on the hope they’ll find other people who will pay more for it.
Wa....
FG appoints Settlement Banks for Naira/RMB Currency swap
By Tosan Olajide
– Deal valid for three years, renewable
FINANCIAL WATCH: FG appoints Settlement Banks for Naira/RMB Currency swap – The federal government has appointed Settlement Banks for the currency swap agreement between the Central Bank of Niger....
How Nigeria Will Benefit From Currency Swap Deal With China
BY SAHARAREPORTERS, NEW YORK
The Central Bank of Nigeria (CBN) says the bilateral currency swap agreement with the Peoples Bank of China (PBoC) will help the liquidity issues faced by Nigerian traders and Chinese manufacturers.
The apex bank said with the deal, Chinese ....
Sterling struggles near four-month low ahead of BoE decision next week
By Reuters Staff
LONDON (Reuters) - Sterling slipped back towards its lowest level since January on Friday as the dollar firmed and traders sold the pound after a week of poor economic data and Brexit worries, which are likely to persuade the central bank to keep rates on hold next we....
Sturdy dollar racks up third week of gains before jobs data
By Saikat Chatterjee
LONDON (Reuters) - The dollar consolidated above the 92.50 line on Friday against a basket of its rivals, rounding off a third week of solid gains as widening interest rate differentials supported the greenback.
With the U.S. Federal Reserve....
Nigeria central bank signs $2.5 bln FX swap deal with China
LAGOS, May 3 (Reuters) - Nigeria’s central bank said on Thursday it has signed a $2.5 billion currency swap agreement with the People’s Bank of China.
It said the move would help facilitate trade between the two countries and enhance foreign reserve management. The central bank said it had been in ....
CBN meets FX demand at wholesale, SMEs segments with $210m
By HOPE MOSES-ASHIKE
Foreign exchange demand at the wholesale, Small and Medium Scale Enterprises (SMEs) and the invisible segments was met as the Central Bank of Nigeria (CBN) on Wednesday injected a total of $210 million into the market.
Learn how to make money online. Click ....
Nigerian Stocks Rise 0.09% on Improved Investor Confidence
By Dipo Olowookere
The Nigerian Stock Exchange (NSE) recorded a marginal growth on Wednesday.
This was the second growth achieved on the floor of the NSE this week and it also came a day after the Workers’ Day celebration marked on Tuesday, which resulted into the....
CBN Threatens to Sack Bank Chairmen, CEOs for Late Account Filing
By Modupe Gbadeyanka
Chairmen and CEOs of banks operating in Nigeria have been warned that they risk being removed if they fail to file their financial statements 12 months after the close of the financial year.
This threat was given by the Central Bank of Nigeria (CBN)....
Nigeria, US to repatriate $500m looted fund –Buhari
President Muhammadu Buhari on Monday said the United States and Nigeria were collaborating to repatriate over $500m stolen from Nigeria.
President Buhari made the announcement at a joint press conference with Trump after a meeting of the two leaders at the White House.
He said the fu....
Dollar consolidates gains after break above key level; Fed eyed
By Saikat Chatterjee, Tommy Wilkes
LONDON (Reuters) - The dollar consolidated gains on Wednesday after hitting a 3-1/2 month high in the previous session as investors waited for the outcome of a U.S. Federal Reserve policy meeting at which policymakers may outline the future path for ....
Industrial, Banking Stocks Lift NSE Index Slightly by 0.06%
By Modupe Gbadeyanka
The positive performance recorded by stocks in the industrial and banking sectors provided the needed energy for the Nigerian Stock Exchange (NSE) to open week on a bullish note.
The equity market, at the close of business on Monday, marginally went....
Dollar roars into positive territory for 2018 before Fed meeting
By Tommy Wilkes
LONDON (Reuters) - The U.S. dollar surged on Tuesday into positive territory for 2018 and broke past key levels against several currencies as a divergence between growth and the interest rate outlook versus other countries spurred investors to chase the greenback highe....
Switzerland Wants To Be The World Capital of Cryptocurrency, Blockchain and ICOs
By Brian Blackstone WSJ
Four of the 10 biggest initial coin offerings last year were in Switzerland, more than any other country
When 24-year-old Ian Worrall launched his crypto-investment startup MyBit last year, he chose this Swiss lakeside city. It was an....
I & E Forex Window One Year After
By Obinna Chima
Necessity they say is the mother of invention.
Indeed, this proverb played out in Nigeria when the country was faced with what has been described as one of its worse foreign exchange (forex) crisis, which also contributed to the eco....
Dollar pushes toward 3-month highs again as euro struggles
By Masayuki Kitano
SINGAPORE (Reuters) - The dollar rose on Monday and held just below its strongest level since mid-January, with weaker-than-expected German retail sales knocking euro zone sentiment as investor appetite for the greenback improves.
FILE PHOTO: A U.S. D....
Europe Wobbles as Central Banks Rethink Stimulus: Economy Week
By Simon Kennedy
- Weekly take on events in the world economy and their meaning
- ECB....
Sterling hits six-week low ahead of GDP data
LONDON (Reuters) - Sterling fell to a 6-week low versus the dollar on Friday as investors awaited British economic growth data that could determine whether the Bank of England raises interest rates in May.
Markets are split over whether the central bank will raise rates to curb inflation at the BoE&rsq....
Best ways to transfer money internationally
To find the best way to transfer money internationally, it’s important to understand the fees, exchange rates and speed of different transfer options.
Today, sending money abroad can be done in a matter of minutes no matter where you are.
In fact, with the development of online money trans....
Ripple Adds Five New Money Transfer Operators to xVia
With little competition, Ripple is trying to dominate the financial sector with its blockchain-based solutions.
By ARNAB SHOME
Blockchain-based payments solution firm Ripple has added five new clients from Asia and Europe, who will use xVia API over RippleNet.
I&E Forex Window: From scarcity to surplus
By COLLINS NWEZE
Prior to the introduction of the Investors’ and Exporters’ (I&E) FX window in April, last year, by the Central Bank of Nigeria (CBN), the market and exchange rates were in turmoil. But, in dramatic turn of events, the acute shortage of foreign ex....
Nasdaq is open to becoming cryptocurrency exchange, CEO says
- Once the regulation is smoothed out and the space "matures", Nasdaq would consider becoming a digital currency exchange, the company's CEO says.
- "Certainly Nasdaq would consider becoming ....
Swedish crown slides to lowest since 2009 after central bank delays rate hike
LONDON (Reuters) - The Swedish crown slid to its lowest level against the euro since late 2009 on Thursday after the central bank postponed plans for tightening monetary policy because of sluggish inflation.
After earlier trading higher, the crown fell 0.6 percent on the news to a low of 10.485, its weakest si....
Diamond Bank Sells 100% Stake in UK Subsidiary
By Dipo Olowookere
Mid-tier lender, Diamond Bank Plc, has announced selling 100 percent equity in its subsidiary in the United Kingdom.
The bank, in a statement issued to the Nigerian Stock Exchange (NSE), explained that the decision was to streamline its operations to ....
CBN should end multiple exchange rate regime – ABCON
By Oyetunji Abioye
The Association of Bureau De Change Operators of Nigeria says there is a need for the Central Bank of Nigeria to end the multiplicity of foreign exchange windows and the resultant multiple exchange rate regime in the economy.
It also said it had concl....
Nigeria central bank injected $210 mln into currency market
LAGOS, April 24 (Reuters) - Nigeria’s central bank said on Tuesday it had injected $210 million ito the interbank foreign exchange market, extending efforts to improve liquidity and alleviate dollar shortages.
The bank said in a statement it had released $100 million earmarked for the wholesale market, $....
Switzerland returned $322.5m Abacha loot with interest – Envoy
By NAN
Switzerland said it has returned all the money kept in the country by late Nigeria’s Head of State Gen. Sani Abacha, with 1.5 million dollars interest.
Amb. Pio Wennubst, Assistant Director-General and Head, Global Cooperation Department, Swiss Agency for D....
Bitcoin jumps 7% amid massive market sell-off
- Bitcoin rose to its highest level in more than a month amid a 400-point drop in the Dow Jones Industrial Average Tuesday.
- The cryptocurrency was trading above $9,400 and has gained roughly 20 percent in the....
Large Cap Stocks in Consumer Goods, Banking Sectors Lift NSE Index by 0.10%
By Dipo Olowookere
Gains recorded by stocks in the Consumer Goods and Banking sectors put a halt to the activities of bears on the floor of the Nigerian Stock Exchange (NSE) in the past few days.
Business Post reports that the on Tuesday, the market closed in the green ....
UPDATE 1-South African rand hits 3-month low on soaring dollar
JOHANNESBURG, April 23 (Reuters) - South Africa’s rand slumped to a three-month low on Monday, as emerging market currencies were pressured by a soaring dollar.
At 1515 GMT the rand was 1.4 percent weaker at 12.2600 against the U.S. currency after hitting its weakest since Jan. 18 earlier in the day.
Naira depreciates to N360.54/$ in I&E window
By Adaeze Okechukwu
The Naira commenced the week with 12 kobo depreciation to N360.54 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market. Naira Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for....
Morgan Stanley says EU banks are losing ground as Mifid II bites
UBS the 'exception' as big Wall Street banks pull ahead in the market for European equities trading, analysts say
By Paul Clarke
European investment banks that have invested heavily in their stock trading divisions are still losing ground on US rivals, as....
Nigeria’s return to JP Morgan’s Index imminent as NAFEX attracts $45bn in 1yr
By Babajide Komolafe
The readimission of Nigeria into the J.P Morgan Government Bond Index-Emerging Market (GBI-EM) is imminent following the successful operation of the Investors and Exporters (I&E) window for one year with turnover of $45 billion. Citing ....
Forex: IMF Seeks Unified Exchange Rate Regime
By Kunle Aderinokun, Obinna Chima and Funke Olaode in Washington DC, Ndubuisi Francis in Abuja
The International Monetary Fund (IMF) has welcomed the stability recorded in Nigeria’s foreign exchange market, just as it urged the Central Bank of Nigeria (CBN) to continue to push f....
Forex Market Sees $1.9bn Inflow In 5 Days
By Nse Anthony-Uko
(Sundiata Post) — The foreign exchange market last week saw an inflow of $1.9 billion through the Investors and Exporters (I&E) window and the interventions of the Central Bank of Nigeria (CBN) as the naira remained stable against the dollar on the combina....
Dollar puts euro under pressure after U.S. bond yields rise
By Tommy Wilkes
LONDON (Reuters) - The U.S. dollar rose to near a two-week high on Monday after a rise in U.S. Treasury yields to 3 percent supported the greenback, while a mixed picture from euro zone business surveys failed to help the single currency at the start of a busy week.
Sterling stuck at two-week low as investors cautious over May rate hike
LONDON (Reuters) - Sterling slipped to a two-week low against the dollar on Monday as investors questioned whether the Bank of England would raise interest rates in May following weaker-than-expected economic data and cautious comments from governor Mark Carney.
The pound has been one of the best perfo....
Money market liquidity hits N500b as CBN mops up cash
By Collins Nweze
Money market rates have responded to the financial system liquidity, which has remained above N500 billion, following mop-up by the Central Bank of Nigeria (CBN).
As with other weeks, investors’ appetite for Open Market Operations (OMO) secu....
Euro edges back to $1.24 level as dollar slips despite yield rise
By Tommy Wilkes
LONDON (Reuters) - The euro edged back towards $1.24 on Thursday as investors shrugged off a rise in long-term U.S. bond yields and sold the dollar.
The Swiss franc fell to within a whisker of the 1.20 per euro mark it last hit in January 2015 - ....
Sterling falls after disappointing UK retail sales
LONDON (Reuters) - Sterling fell on Thursday after British retail sales recorded their biggest quarterly fall in a year during the three months to March after unusually cold weather kept shoppers at home.
The pound, which was down 0.1 percent before the data, extended its fall versus the dollar to a 0.....
European stocks edge up as earnings reports roll in
By
CARLA
MOZEE
MARKETS REPORTER
Most European stock benchmarks moved modestly higher Thursday, led by gains for commodity and industrial shares, as investors waded through a pile of corporate earnings reports.
What indexes are doing
On ....
Goldman Sachs Says Emerging Markets Now Look Like Rich Countries
By Selcuk Gokoluk
Many emerging market economies have begun to resemble developed markets as inflation rates fall and the risk of currency crises recedes, according to Goldman Sachs Group Inc.
The weakening relationship between emerging-market policy and U.S. rates sugg....
CBN to Offer N58b T-Bills to Investors at Today’s PMA
By Dipo Olowookere
Treasury bills worth N58 billion would be offered to traders via the at the primary market auction on Wednesday, April 18, 2018 (today).
The government instruments are expected to be sold at a reduced stop rate by the Central Bank of Nigeria (CBN).
FOREX- Dollar rises as risk appetite returns, investors turn to data
By Tom Finn
LONDON (Reuters) - The U.S. dollar rose on Wednesday from a three-week low after trade war concerns waned and firm U.S. economic data boosted the greenback against the yen and ushered in renewed risk appetite.
U.S. markets were buoyed by strong corporate earnings and that helped European equities on Wednesday a....
Nigeria: Market Awaits N116 Billion Maturing Treasury Bills
By Obinna Chima
A total of N116.9billion treasury bills across the 91-day, 182-day and 364-day instruments will be maturing this week.
However, only N58.4billion of this amount would be rolled over in line with the federal government's debt restructuring str....
South African rand slightly stronger on hopes Syria attack a one-off
JOHANNESBURG, April 16 (Reuters) - South Africa’s rand was slightly stronger early on Monday as global investors hoped that U.S.-led strikes on Syria would not escalate into a wider conflict.
* At 0628 GMT, the rand traded at 12.0700 versus the dollar, around 0.1 percent stronger than its close on Friday....
Investors Oversubscribe FCAM’s Legacy Fund’s $2.5m IPO by 144%
By Dipo Olowookere
The $2.5 million Legacy Dollar Bond Fund offering through an Initial Public Offering (IPO) may have come and gone, but outcome of the exercise has continued to excite promoters of the investment scheme.
The mutual fund was managed by First City Asset ....
Bitcoin company shocks customers, disappears with millions
By Anietie Akpan, Calabar
A Bitcoin company in Calabar has disappeared into thin air with millions of Naira of customer’s money. As early as 8am yesterday, customers besieged the company’s office on Bassey Duke only to discover that the company had closed shop and ....
Dollar heads towards 2-week lows as short bets hit 7-year highs
By Saikat Chatterjee
LONDON (Reuters) - The dollar weakened on Monday and headed towards a two-week low against a basket of rivals on growing signs of relief that a U.S.-led strike on Syria would not escalate further at a time when concerns over a trade war has rattled global markets.....
European stocks inch lower as Syria conflict stays on traders’ radars
By
VICTOR
REKLAITIS
MARKETS WRITER
European stocks edged lower Monday, as traders weighed the limited strikes on the Syrian regime over the weekend.
Shares in Whitbread PLC surged after a U.S. activist hedge fund increased its stake in ....
Naira may rise as US central bank committee meets
By Oyetunji Abioye
The naira may record a gain ahead of the anticipated United States’ consumer price index reading and meeting of the Federal Open Market Committee, the monetary policymaking body of the US Federal Reserve System.
The naria had closed flat against....
CBN: Firms expect naira appreciation as business confidence improves
By Tony Chukwunyem
Investors in the country expressed more optimism on the macro economy in March 2018, when compared with the level recorded in February just as they are expecting the naira to appreciate in the coming months, according to the Central Bank of Nigeria’s (CB....
Dollar hits seven-week high vs yen as focus shifts to U.S. earnings
By Tom Finn
LONDON (Reuters) - The dollar climbed to a seven-week high against the yen on Friday as investors’ focus shifted to anticipated strong U.S. corporate earnings and away from concerns about a possible Western military intervention in Syria.
The weakening....
Zenith Bank Introduces Pounds Sterling and Euro Visa Debit Cards
Foremost Nigerian financial institution Zenith Bank Plc is enhancing the ability of its customers to perform international transactions with the introduction of the Zenith Bank British Pounds and Euro Visa Debit Cards.
The cards are designed to provide customers with more spend flexibility by enabling th....
European Stocks Subdued as China Considers Opening Economy
By Dipo Olowookere
European stocks were subdued on Wednesday after rising to their highest level in about a month the previous day as China softened its trade rhetoric and said it is willing to open up its economy.
The pan-European Stoxx Europe 600 index w....
Bitcoin remains neutral in $6,492-$7,007 range
SINGAPORE (Reuters) - Bitcoin remains neutral in a range of $6,492-$7,007, and an escape could suggest a direction.
The range is formed by the 61.8 percent and the 50 percent projection levels of a downward wave C from $9,188. A break below $6,492 could confirm the extension of this wave towards $5,855.
....
Dollar struggles near two-week lows as tensions persist
By Saikat Chatterjee
LONDON (Reuters) - The dollar held near a two-week low on Thursday against a basket of currencies as investors remained cautious over possible Western military action against Syria, while the euro was also steady before minutes of the ECB’s March meeting.
Rouble slides to 2016 lows on sanctions sell-off, Syria tensions
By Andrey Ostroukh, Jack Stubbs
MOSCOW (Reuters) - The rouble fell on Wednesday to its lowest levels since 2016 as tensions with the United States over new punitive sanctions and the conflict in Syria eclipsed any benefit from higher oil prices.
The Russian market has b....
Nigeria stocks drop to 3-month low after Buhari eyes re-election
LAGOS, April 9 (Reuters) - Nigerian stocks dropped to a three-month low after President Muhammadu Buhari said he would seek re-election in 2019, ending months of speculation about his future after bouts of ill health.
The stock market, which opened on a losing streak after Lafarge Africa announced a surprise 2....
Unilever Nigeria to Pay Shareholders N2.9b Dividend May 11
By Dipo Olowookere
The board of directors of Unilever Nigeria Plc has announced that the N2.9 billion approved for payment of dividend to shareholders of the company would be paid on Friday, May 11, 2018.
The board had last month proposed the payment of 50 kobo gr....
China forex reserves rise slightly as U.S. dollar weakness continues
BEIJING (Reuters) - China’s foreign exchange reserves rose slightly in March as broad U.S. dollar weakness continued and escalating trade tensions between the world’s two largest economies bolstered expectations of a firmer Chinese currency.
Reserves rose $9 billion in March to $3.143 trillion, com....
Dollar slips as trade war worries linger; euro climbs
By Saqib Iqbal Ahmed
NEW YORK (Reuters) - The dollar fell against a basket of currencies on Monday, on persistent worries about a potential trade conflict between the United States and China and as the euro rose following comments from European Central Bank President Mario Draghi that....
Sterling hits a two-week high after BoE comments
LONDON (Reuters) - Sterling hit a two-week high on Tuesday after a top policymaker said the Bank of England should not delay in raising interest rates after a recent strong pick-up in the world economy.
Ian McCafferty, one of the two members of the nine-strong Monetary Policy Committee who voted for a rate ris....
Morgan Stanley Stays Bullish on the Dollar
By Ruth Carson
- Resilient U.S. economy, bets for Fed hikes to support USD
- Unexpect....
‘CBN injected $1.305bn into FX market in March’
By Tony Chukwunyem
The Central Bank of Nigeria (CBN) sustained its interventions in the interbank foreign exchange market last month by injecting a total of $1.305billion into the market during the period, according to a report by Financial Derivatives Company Ltd (FDC).
....
Sterling rises as strong housing data cements May rate hike bets
By Tom Finn
LONDON, (Reuters) - The British pound rose against a mostly firmer dollar on Monday and was on track for a third consecutive day of gains as investors were encouraged by data showing British house prices rising more than expected in March.
Since Britain sign....
Pound nears six-week lows on dollar rebound, weak data
By Tom Finn
LONDON (Reuters) - The pound languished near six week lows on Friday following a general dollar rebound as the impact of a cold weather bout on the British economy tested widespread optimism about the British currency.
Since Britain signed a transition agree....
UBA Expects Overseas Operations to Boost 2018 Earnings
By Dipo Olowookere
Last month, the United Bank for Africa (UBA) Plc announced that its London subsidiary had been given the permission to operate wholesome banking activities in the United Kingdom.
This made the Africa’s global bank the only Sub-Saharan African le....
Dollar notches second week of gains as price concerns dominate
By Saikat Chatterjee
LONDON (Reuters) - The dollar edged higher on Friday, heading for a second week of gains, as investors cut some bets against the currency before monthly U.S. payrolls data that may signal price pressures are growing in the world’s biggest economy.
Currency Traders Stay on the Sidelines of the Tariff Fight
By Lananh Nguyen and Ivan Levingston
Amid the equity-market tumult kicked up by escalating trade tensions, currencies are in an unusual state of calm. The reason is that traders are struggling to choose the winners and losers.
Volatility in the $5.1-trillion-a-day....
Long positions in most Asian currencies rise on shaky dollar outlook
By Rushil Dutta
(Reuters) - Investors strengthened their long positions in most Asian currencies over the past two weeks, while bearish bets on the Indian rupee were reversed as trade tensions clouded the U.S. dollar outlook.
Uncertainty around where the U.S.-China trad....
CBN Raises N95.2b from Treasury Bills Sales
By Modupe Gbadeyanka
Yesterday, the Central Bank of Nigeria (CBN) conducted another auction of treasury bills at the primary market.
During the exercise, the apex bank raised the sum of N95.2 billion from investors, who purchased the government instrument.
....
Dollar weakens vs. yen, Swiss franc on U.S.-China trade tension
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - The dollar fell against the yen and Swiss franc on Wednesday after China retaliated against the Trump administration’s plan to slap tariffs on Chinese goods, proposing a list of similar duties on a wide range of U.S. imports.
Sterling climbs as dollar sell-off trumps weak UK construction data
By Tom Finn
LONDON (Reuters) - Sterling rose versus the dollar on Wednesday despite data showing a sharp slowdown in British construction activity, as an escalation in the U.S.-China trade dispute hit demand for the U.S. currency.
Since Britain signed a transition agree....
Nigeria adds to $42.6tr new market bank assets
By Collins Nweze
Global Progress Report on Sustainable Banking Network says Nigeria remains a major contributor to the $42.6 trillion bank assets by 34 emerging markets countries.
The report, released by the International Finance Corporation (IFC) of the W....
BDCs partner NIBSS to automate operations
Bureau de change operators under the aegis of the Association of Bureaux De Change Operators of Nigeria are collaborating with the Nigeria Inter-bank Settlement System Plc to automate their operations for online real time returns rendition.
The Acting President, ABCON, Alhaji Aminu Gwadabe, made the disclosure....
South African rand steadies ahead of slew of economic data
JOHANNESBURG, March 29 (Reuters) - The South African rand steadied against the dollar early on Thursday, after suffering losses the previous day after the central bank cut its main lending rate and said its assessment showed the currency was somewhat overvalued.
* At 0630 GMT, the rand traded at 11.7600 per do....
FOREX-Dollar holds firm vs yen on hopes of detente in East Asia
By Hideyuki Sano
TOKYO, March 29 (Reuters) - The dollar held firm against the yen on Thursday, having made its biggest daily gain in more than a half year, helped in part by hopes of detente in East Asia.
The dollar changed hands at 106.82 yen, extending its rebound fro....
Sterling slips, but headed for best quarter since 2015
LONDON (Reuters) - Sterling slipped on Thursday as end-of-quarter flows by investors rebalancing portfolios weighed and economic data failed to impress, though the currency remains on course for its best quarter against the dollar since 2015.
Developments in Brexit negotiations viewed as broadly positive for B....
HSBC Freezes Account Tied to $500 Million Angolan Fraud
By Jennifer Surane
HSBC Holdings Plc froze an account linked to an alleged fraud that siphoned about $500 million from Angolan state coffers, according to a person briefed on the matter.
A large transfer raised suspicions at the bank, prompting it to alert U.K. authorit....
Euro perched near six-week highs as risk appetite intact
By Saikat Chatterjee
LONDON (Reuters) - The euro consolidated gains on Wednesday after hitting a six-week high in the previous session as investors waited for fresh catalysts to push the single currency higher.
With the euro EUR=EBS on track to post its fifth consecutiv....
UBA Gets Licence to Operate Wholesome Banking Services in UK
By Modupe Gbadeyanka
The London subsidiary of United Bank for Africa (UBA) Plc has been given the permission to operate wholesome banking activities in the United Kingdom.
This makes the Africa’s global bank the only Sub-Saharan African lender to conduct banking o....
NSE Market Capitalisation Sheds N76b as Sell‐offs Persist
By Modupe Gbadeyanka
Continuous sell‐offs in the banking and oil and gas sectors dipped the Nigerian Stock Exchange (NSE) on Tuesday by 0.51 percent, shrinking the Year-to-Date (YtD) returns to 7.84 percent.
A look at the sector performance at the close of business ye....
Milost Halts $1 Billion Funding for Nigerian Bank After Threats
By Vernon Wessels and Emele Onu
- Private-equity firm was told it will be chased out of country
FOREX-Yen slips as easing trade fears revive risk appetite
By Masayuki Kitano
SINGAPORE, March 27 (Reuters) - The safe haven Japanese yen sagged on Tuesday as optimism that the United States and China could begin negotiations on trade helped ease concerns about a trade war, reviving demand for riskier assets.
Global markets wer....
FOREX-Euro hits fresh five-week high as risk appetite creeps back in
By Tommy Wilkes
LONDON, March 27 (Reuters) - The euro rose to a new five-week high on Tuesday with receding fears of a global trade war hurting the dollar and encouraging investors to resume their bets on a stronger single currency.
After a big gain on Monday, the euro ....
CBN Pumps $18.1bn into FX Market in 13 Months
By Obinna Chima
The Central Bank of Nigeria (CBN) has injected a total of $18.067 billion into the interbank segment of the foreign exchange (FX) market since it started its forays into the market in February last year, figures compiled by THISDAY have shown.
According to the weekly FX sales by ....
Euro gains as risk appetite returns; kiwi flies
By Saikat Chatterjee
LONDON (Reuters) - The euro vaulted above the $1.24 line to the day’s highs and relatively high-yielding currencies, including the Australian dollar, gained on Monday as stocks recovered, indicating investor appetite returned after Friday’s brief sell-....
Sterling climbs as markets bet on May rate rise
LONDON (Reuters) - The British pound rose against the dollar on Monday as investors became more convinced that the Bank of England would raise interest rates in May.
The pound rallied last week after Britain secured itself a Brexit transition deal with the European Union, official data showed British workers&r....
‘Rising FX shield Nigeria from U.S. rate hike’
By Tony Chukwunyem
Contrary to speculation in some quarters, last Wednesday’s decision by the United States’ Federal Reserves to hike interest rates will have no significant impact on an emerging market such as Nigeria due to the country’s healthy foreign excha....
Turks seen sticking with forex deposits despite flash sales
By Nevzat Devranoglu
ANKARA, March 23 (Reuters) - A trend which has seen Turks’ holdings of foreign currency rise by $50 billion over the past five years should continue, bankers said, even after local investors sold currency and gold worth $1.3 billion last week as the lira plu....
FOREX-Yen rises on trade war fears, Turkish lira touches record low
By Masayuki Kitano
SINGAPORE, March 23 (Reuters) - The yen hit a 16-month high against the dollar on Friday, while the Turkish lira skidded to a record low as rising global trade tensions triggered a bout of investor jitters.
The yen rose amid talk of position unwinding....
Sterling set for biggest weekly rise in six weeks; risks lurk
LONDON (Reuters) - Sterling consolidated gains after posting its biggest weekly rise in six weeks, as investors pondered the outlook for the currency amid threats of a global trade war.
The pound has enjoyed a good week, with Britain and the European Union agreeing on a transition period after Brexit a....
Dollar Loses Sheen for State Street as Rates Diverge From FX
By Chikafumi Hodo and Daisuke Sakai
- State Street is bullish on pound and the Norwegian krone
Sterling jumps on strong jobs data; BOE eyed
By Saikat Chatterjee
LONDON (Reuters) - Sterling hit the day’s high after data on Wednesday showed that British workers’ overall pay rose at the fastest pace in nearly 2-1/2 years over the three months to January, boosting chances that the Bank of England will raise intere....
Bank of England set to meet with traders anticipating a May rate hike
- Back in February, BOE Governor Mark Carney startled markets by saying that monetary policy will need to be tightened "somewhat earlier" and "by a somewhat greater extent."
- Most analysts ....
Dollar retreats from three-week high as attention shifts to Fed
By Tommy Wilkes
LONDON (Reuters) - The dollar retreated from three-week highs on Wednesday as traders took some profits before the Federal Reserve’s first expected rate rise of 2018 and focussed on whether it will indicate three or four increases are likely this year.
CBN sustains liquidity in forex market with $210 million
By Mathias Okwe and George Opara, Abuja
The Central Bank of Nigeria (CBN), has injected another sum of $210 million into the inter-bank Foreign Exchange Market, in its desire to sustain liquidity in the forex market, and thereby ensuring that forex is available for customers’ ne....
Bitcoin is unfolding like the dot-com crash — just 15 times faster
- Bitcoin is behaving a lot like the Nasdaq did in the dot-com bubble but 15 times faster, Morgan Stanley says.
- Similarities in price moves and trading volume could be signs that history is repeating itself, ....
Rating firm DBRS picks Frankfurt as post-Brexit EU base
By Marc Jones
LONDON (Reuters) - Credit rating agency DBRS is to open a new office in Germany’s financial capital Frankfurt and transfer some staff from London to ensure it can keep operating in the European Union after Brexit.
The new base is required to maintain....
Dollar broadly higher ahead of Fed meeting
By Richard Leong
NEW YORK (Reuters) - The dollar rose broadly on Tuesday, hitting a one-week high against the yen, as investors awaited clues from the Federal Reserve on its outlook for the U.S. economy and how many interest rate increases it may embark on in 2018.
World Bank begins preparation for Nigeria’s $500m power distribution project
By Okechukwu Nnodim, Abuja
The World Bank has commenced preparations for the $500m Nigerian Electricity Distribution Improvement Project.
It was learnt that the bank had conducted a fact-finding mission in the distribution sub-sector of the industry in order to ascertai....
Dollar firmer as market eyes Fed meeting; yen edges higher
By Hideyuki Sano, Masayuki Kitano
TOKYO/SINGAPORE (Reuters) - The dollar inched higher against a basket of major peers on Monday as traders braced for new Federal Reserve Chair Jerome Powell’s first monetary policy meeting this week, and as the increased threat of trade protecti....
Milost Plans $1 Billion Investment in Nigerian Bank
By Emele Onu
- Firm is said to get initial stake of about 30% in Unity Bank
- Deal is said to involve combinati....
CBN Fixes April 3 and 4 for MPC Meeting
By Obinna Chima
Following the concession made by the Senate to screen and confirm the nominees of President Muhammadu Buhari to fill the posts of deputy governors of the Central Bank of Nigeria (CBN) and the four members-designate of the Monetary Policy Committee (MPC), the CBN has sa....
CBN to delay MPC meeting – Emefiele
By Chris Agabi
The Central Bank of Nigeria (CBN) will delay its next Monetary Policy Committee (MPC) meeting by at least 10 days, the Governor, Godwin Emefiele, has said.
Nigeria’s senate will next week consider a report into nominations for CBN’s MPC meeting,....
Calm FX Market Sparks Warning on Volatility’s Ebbs and Flows
By Lananh Nguyen
Beware the Ides of March. So goes the soothsayer’s warning in Shakespeare’s Julius Caesar, an exhortation echoed by Societe Generale SA’s Kit Juckes as he contemplated the recent pullback in currency volatility.
Investors in th....
Sterling edges higher against struggling dollar
LONDON (Reuters) - Sterling edged higher against a struggling dollar on Friday and is poised for its biggest weekly rise in a month as investors became cautiously optimistic that Britain would strike a deal at a summit next week over a transition period for its EU exit.
While sticking points remain such as a d....
Dollar retreats vs yen as U.S. political worries test investors
By Tommy Wilkes
LONDON (Reuters) - The dollar fell further against the Japanese yen on Friday on reports of more turmoil in the Trump administration, while other markets were quiet as investors remained cautious.
Concerns that U.S. trade tariffs could hurt the g....
Bitcoin Is Worthless, Bubble May Pop Soon, Allianz Global Says
By Cormac Mullen
It’s a matter of when, not if, the Bitcoin bubble will pop, according to Allianz Global Investors.
The cryptocurrency is worthless, even if blockchain technology could bring significant benefits to investors, said the investment arm of Europe&rsqu....
Swiss National Bank fears trade war could fuel franc demand
By John Revill
ZURICH (Reuters) - The Swiss National Bank fears that a rise in global trade tensions and protectionism could trigger renewed demand for the Swiss franc, even as the central bank keeps its ultra-expansive monetary policy in place.
Chairman Thomas Jordan said U.S. pro....
Dollar slides against the yen on global trade tensions; Norwegian crown jumps
By Tommy Wilkes
LONDON (Reuters) - The dollar fell against the yen on Thursday as trade tensions encouraged investors to buy the Japanese currency, while the crown rose to its highest in four months after the Norwegian central bank signaled an earlier rate rise.
Traders....
NSE Index Slightly up by 0.04% as Market Mood Stays Dull
By Dipo Olowookere
The mood on the Nigerian Stock Exchange (NSE) remained weak on Tuesday despite the marginal gain recorded by the market as well as a positive earnings posted by Zenith Bank this week.
The dull mood reflected in the lower volume and value of trades rec....
Asian Shares Finish Mixed as US Inflation Rises
By Dipo Olowookere
Asian stocks ended mixed on Tuesday as commodity prices retreated and investors awaited U.S. consumer inflation due later in the day to gauge the outlook for future interest rate hikes by the Federal Reserve.
Chinese shares ended lower to snap a....
FOREX-Dollar surges past 107 yen before U.S. price data
By Saikat Chatterjee
LONDON, March 13 (Reuters) - The dollar surged against the yen on Tuesday, heading for its biggest single-day rise in five months, before inflation data later in the day that may alter expectations for U.S. interest rate moves this year.
Markets hav....
Goldman sees U.S. dollar weakness persisting in 2018
NEW YORK (Reuters) - Goldman Sachs said on Wednesday it continues to expect broad weakness in the U.S. dollar and outperformance by emerging market currencies in 2018 amid investors’ concerns about escalating trade tension.
Even after U.S. President Donald Trump’s signing of steel and alumi....
Naira Falls at I&E Segment as CBN Injects $210m into Forex Market
By Dipo Olowookere
The local currency on Monday started the week on a negative note at the Investors and Exporters (I&E) forex window.
At the close of business yesterday, the Naira marginally fell by 0.04 percent, finishing at N360.47 per Dollar against N360.32 per ....
Dollar falls vs euro, pares gains vs yen after in-line U.S. inflation data
NEW YORK (Reuters) - The dollar extended losses against the euro and pared gains after data showed U.S. inflation data for February was in line with market expectations, suggesting that the Federal Reserve remained on track to raise interest rates at a gradual pace..
The euro gained 0.2 percent against....
Turkish lira hits record low as economy, Syria worries weigh
By Daren Butler
ISTANBUL (Reuters) - The Turkish lira hit a record low against the euro and bond yields rose to the highest in more than three months on Tuesday, as investors fretted about a widening current account, conflict in Syria and the possibility of early elections.
CBN Stress Test Shows Weak Capital Signs in Banks
By Modupe Gbadeyanka
A Central Bank of Nigeria (CBN) stress test has shown that only large banks will stay above the regulator’s capital adequacy ratio threshold if the non-performing loans levels of the Deposit Money Banks (DMBs) should rise by 50 percent, Punch is reporting.
FOREX-Euro rally fades as risk appetite boosts higher-yielding FX
By Tommy Wilkes
LONDON, March 12 (Reuters) - The euro’s rally on Monday fizzled as a more-dovosh-than-expected central bank meeting last week continued to weigh on the single currency, while a revival in risk appetite hurt the dollar against higher-yielding currencies.
Dollar slips vs. yen on concerns over suspected Japan cronyism scandal
By Masayuki Kitano
SINGAPORE (Reuters) - The dollar eased versus the yen on Monday, as traders worried that a suspected cronyism scandal in Japan involving the sale of state-owned land could dampen investors’ risk appetites.
The name of Japanese Prime Mini....
Naira appreciates to N360.26/$ in I&E
By Adaeze Okechukwu
The naira Thursday depreciated to N360.26 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&am....
European Stocks Close Mixed as Traders Dissect ECB Monetary Policy Decision
By Modupe Gbadeyanka
European stocks have turned mixed over the course of the session. While the German DAX Index has fallen by 0.5 percent, the U.K.?s FTSE 100 Index is just above the unchanged line and the French CAC 40 Index is up by 0.4 percent.
Traders also d....
Yen dives as risk appetite roars; euro subdued
By Saikat Chatterjee
LONDON (Reuters) - The dollar jumped half a percent against the yen on Friday as hopes of a breakthrough in the North Korean nuclear standoff rose and after the Japanese central bank reaffirmed its decision to stick to its ultra easy policy stance in the coming mo....
CBN, Markets And Lower Naira Denominations
By OUR EDITORS
The decision of the Central Bank of Nigeria (CBN) to end the persistent scarcity of the lower denomination banknotes in the country is a right step in the right direction. It is also understood to be part of its resolve to increase the circulation of the denominat....
Dollar still losing battle with euro despite Fed outlook
By Rahul Karunakar, Hari Kishan
BENGALURU (Reuters) - The U.S. dollar will retreat further over the coming year, giving way to an ascendant euro, according to a Reuters poll of strategists who said five or more Federal Reserve rate rises would be needed to significantly boost the gree....
Nigeria and J.P. Morgan: Rekindling an Old Flame?
Nigeria's relationship with international partners seems to be improving as the CBN rolls back on its previously unpopular FX policies.
In September 2015, J.P. Morgan ejected Nigeria from its Government Bond-Emerging Market Index, citing a lack of liquidity and transparency in Nigeria's foreign exchange (FX) d....
CBN Injects $210m Into Foreign Exchange Market
The Central Bank of Nigeria (CBN) on Tuesday, gave a boost of 210 million dollars to the interbank foreign exchange market.
The Acting Director, Corporate Communications, Mr Isaac Okoroafor in a statement in Abuja, said the CBN offered 100 million dollars to authorised dealers in the wholesale segment of the m....
FOREX-Dollar supported vs yen as trade war fears recede
* Dollar/yen recovers from 16-month low set last week
* Dollar supported vs yen as trade war fears ease
* Euro steadies, draws support from German coalition deal
By Masayuki Kitano
SINGAPORE, March 6 (Reuters) - The dollar edged higher vers....
Naira Gains 0.17% Amid 38% Rise in Weekly Turnover
By Dipo Olowookere
At the Investors and Exporters’ (I&E) forex window last week, the Naira had a good performance, appreciating by 0.17 percent week-on-week (w-o-w) against the Dollar.
This positive close kept the local currency at N360.09 per Dollar ami....
Euro steadies after European elections, dollar firm
By Richard Leong
NEW YORK (Reuters) - The euro edged higher on Monday after a short-lived sell-off tied to Italy’s inconclusive weekend election, helped by the creation of a coalition government in Germany that eased political uncertainty there.
The dollar rose ve....
Investors Snub 91-Day T-Bills as CBN Rakes N277b from 259-Day Paper
By Dipo Olowookere
The thirst of investors for longer tenor treasury bills at the detriment of the shorter tenor continued on Thursday at the Open Market Operations (OMO).
Business Post reports that the N100 billion worth of the 91-day bills offered for sale by th....
Cryptocurrencies failing as money, but technology has promise: Carney
By William Schomberg, Andy Bruce
LONDON (Reuters) - Cryptocurrencies such as Bitcoin are failing as a form of money and have shown clear signs of being a financial bubble, but their technology could improve the financial system in future, Bank of England Governor Mark Carney said on F....
European Stocks Stretch Losses for Fourth Straight Session
By Dipo Olowookere
European stocks are extending losses for a fourth straight session on Friday and the dollar declined versus a basket of currencies as investors fretted about a potential trade war and the prospect of the ECB and Bank of Japan exiting extraordinary stimulus.
$353m OTC FX Futures Contract Matures, Settles on FMDQ
By Dipo Olowookere
Information reaching us indicates that on Wednesday, February 28, 2018, the 20th OTC FX Futures contract, NGUS FEB 28 2018, with notional amount $353.26 million, matured and settled on the FMDQ OTC Securities Exchange (FMDQ) platform.
This maturity br....
Barclays Africa says looks to Nigeria as new market
JOHANNESBURG (Reuters) - The chief executive of Barclays Africa (BGAJ.J) said on Thursday the lender aims to enter Nigeria as a new market as it seeks to raise its share of the African banking market to 12 percent from 6 percent over the medium term.
Barclays Africa Group Ltd19998.0
....
This $1 Trillion Money Manager Just Joined the Crypto Frenzy
By Eric Lam
Green light illuminates the cases of mining rigs. Photographer: Andrey Ru....
Pound Drops, Gilts Advance as Brexit Transition Seen at Risk
By Charlotte Ryan
- Bloc’s chief negotiator says talks must accelerate to get deal
- Read More
CBN injects $210m as Naira appreciates to N360.19/$
By Adaeze Okechukwu
The Naira started the week with a 51 kobo appreciation to N360.19 per dollar in the Investors’ and Exporters’ (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market. Naira Acting Director....
Dollar builds on three-week high after Powell testimony
By Tommy Wilkes
LONDON (Reuters) - The dollar hit a three-week high on Wednesday after an upbeat assessment of the U.S. economy by Federal Reserve Chairman Jerome Powell’s boosted bets on more interest rate hikes, while the euro edged lower before inflation data.
....
Banks to raise Tier-1 capital over new divided rule
By Collins Nweze
Deposit Money Banks (DMBs) are expected to raise Tier-1 capital in compliance with the Central Bank of Nigeria’s (CBN’s) new dividend payout policy, The Nation has learnt.
Tier-1 capital is the core measure of a bank’s financial ....
Euro climbs as traders eye political risk, central bank speeches
By Tommy Wilkes
LONDON (Reuters) - The euro gained on Monday as a fall in U.S. Treasury yields dragged down the dollar, but trading was relatively quiet ahead of several speeches by central bankers and key political developments in Germany and Italy.
With the dollar&rsq....
Advantages of a stronger Naira
By Henry Boyo
IN an earlier article, (May 2014), this writer explained why further naira devaluation would constrain demand and economic growth, and also deepen poverty. Furthermore, an unyielding, suffocating, self-inflicted, unusual burden of surplus Naira was also ident....
Sterling erases gains on broad dollar rebound
By Tommy Wilkes, Saikat Chatterjee
LONDON (Reuters) - Sterling gave up all its earlier gains and was flat on the day thanks to a broad rebound in the dollar though hawkish comments from a central bank official boosted bets that interest rates may rise as early as May.
A....
Euro set for second biggest weekly drop in four months as hedges in focus
By Saikat Chatterjee
LONDON (Reuters) - The euro slipped on Friday and is set to post its second biggest weekly loss in nearly four months as investors focused on adding hedges to their portfolios before a big week for foreign exchange markets from a European politics perspective.
Sterling edges up as soft data is offset by BoE hike expectations
By Jemima Kelly
LONDON (Reuters) - Sterling edged up against the dollar and euro on Friday but finished the week in much the same place as it had started, with weaker-than-expected economic data being offset by hawkish comments from Bank of England policymakers.
The BoE....
Access Bank Wins Euromoney Award
By Obinna Chima
Access Bank Plc has emerged winner of the best ‘Commercial Banking Capabilities’ award by Euromoney, a leading global financial publication.
The prestigious award was presented to the bank’s Group Managing Director/CEO, Mr. Herbert Wigw....
Bank of America Says FX Traders May Be Off on Dollar Bearishness
By Lananh Nguyen
The dollar’s four-session winning streak, its longest since December, may be a harbinger of things to come, according to Bank of America Merrill Lynch Global Research.
Despite resoundingly bearish sentiment on the U.S. currency, the greenback has ....
Naira records marginal gain, closes at 362/dollar
By Oyetunji Abioye
The naira closed at 362 per United States dollar at the parallel market on Wednesday, two days after the Central Bank of Nigeria injected $210m into the foreign exchange market.
The local unit had closed at 363/dollar on Tuesday.
The na....
Traders buy cryptocurrency for free after a glitch caused exchange to price coins at $0
- A glitch at Japanese cryptocurrency exchange Zaif allowed some users to buy digital currencies for free.
- Seven people bought some digital currencies for zero yen but six of those transactions were voided.
Sterling steady at one-week lows, supported by rate hike expectations
LONDON (Reuters) - Sterling settled at a one-week low on Thursday as markets grew more convinced that the Bank of England will raise interest rates again in May on the back of an improving economy, though already large bullish positions may temper any big move higher.
Britain recorded stronger-than-expected ec....
Nigeria to Lose More in UK Listing of Naira—FSDH
By Modupe Gbadeyanka
One of the leading investment research firms in Nigeria, FSDH Research, has revealed in a recent report that Nigeria stands to lose more in the recent trade deal with the United Kingdom, where the UK listed the local currency, Naira, as an acceptable lender tender....
Euro falls as dollar extends recovery, with focus on Fed minutes
By Tommy Wilkes
LONDON (Reuters) - The euro edged lower on Wednesday as the dollar built on its recovery from last week’s three-year lows, with higher Treasury yields supporting the greenback ahead of minutes of the Federal Reserve’s most recent policy meeting.
Sterling slips on higher UK jobless rate; BoE testimony eyed
By Jemima Kelly
LONDON (Reuters) - Sterling slipped to a one-week low on Wednesday after data showed Britain’s unemployment rate rose unexpectedly for the first time in almost two years in the three months to December.
Average earnings growth -- a key metric in th....
CBN Issues No-Sale OMO Result for Third Consecutive Day
By Dipo Olowookere
For the third consecutive trading sessions, the Central Bank of Nigeria (CBN) refused to sell treasury bills through the Open Market Operations (OMO) to interested investors.
This left the T-bills market bullish on Tuesday with most demands obse....
Wolf of Wall Street Called Tether a “Massive Fraud”
By SIMON GOLSTEIN
"They used Tether to artificially support the market of Bitcoin, thereby dragging more suckers into the game."
Jordan Belfort, convicted scammer-turned-motivational speaker, is not a fan of Tether.
Learn how to buy Bitcoi....
American Equity Firm Milost Global to Acquire “Large Nigerian Bank”
By Modupe Gbadeyanka
Executives of an American Private Equity firm headquartered in New York, USA, Milost Global, have arrived Nigeria to conclude some deals.
The Milost team, which touched down the country yesterday, would be in Nigeria for a week, where they will meet....
Dollar continues recovery from three-year lows
By Jemima Kelly
LONDON (Reuters) - The dollar continued its rebound from three-year lows on Tuesday, having recovered 1.5 percent since Friday on the view that the U.S. currency was due a correction after a brutal sell-off in recent weeks.
The greenback has decoupled fr....
Nigerian central bank injects $210 mln into currency market
ABUJA, Feb 19 (Reuters) - Nigeria’s central bank said on Monday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
The bank said in a statement it had released $100 million earmarked for the wholesale market, $55 m....
Naira Loses 0.28% in One Week at I&E Amid 0.9% Rise in Foreign Reserves
By Modupe Gbadeyanka
The local currency last week closed steady week-on-week (w-o-w....
Dollar steadies after hitting three-year low
By Tommy Wilkes
LONDON (Reuters) - The dollar enjoyed a small rebound on Monday as investors bought back the greenback after its plunge to three-year lows, although analysts said any recovery looked set to be brief with dollar bears still out in force.
The U.S. currency....
Sterling edges down as traders eye key wages numbers
By Jemima Kelly
LONDON (Reuters) - Britain’s pound inched down against the dollar and euro on Monday, with traders cautious ahead of key wages data due later in the week that should give them clues to the pace of monetary tightening from the Bank of England.
Marke....
Bitcoin Closes In on $11,000 Threshold in Fourth Day of Gains
By Todd White
Bitcoin climbed for a fourth day, accelerating a rally that began when it bounced off a technical support level.
The biggest cryptocurrency rose 8.9 percent to $10,985 as of 12:08 p.m. in London. That brought its increase to 54 percent since Feb. 6, accord....
CBN bars banks with huge bad loans from paying dividends
By Oyetunji Abioye
The Central Bank of Nigeria has stopped the payment of dividends to shareholders by Deposit Money Banks and discount houses with huge bad loans and low capital base.
This is due to the rising non-performing loans and the need to stop further erosion o....
Sterling rises versus euro as May meets Merkel in Berlin
LONDON (Reuters) - The pound fell on Friday against a stronger dollar but rose versus the euro, with traders watching for any positive signs from a visit to Berlin by Prime Minister Theresa May.
May is visiting German leader Angela Merkel, hoping to make progress on overcoming a near-deadlock
Dollar limps up from three-year low after worst week in nine months
By Jemima Kelly
LONDON (Reuters) - The dollar limped up from a three-year low against a basket of currencies on Friday and was headed for its biggest weekly loss in nine months, as negative sentiment offset any support the greenback could take from higher Treasury yields.
Naira rises 0.07% on Nigeria’s import/export FX window as money market upbeat
By Kayode Ogunwale
Trading activities at the Import & Export foreign exchange window of Nigeria currency market saw the naira appreciate by 0.07 percent Thursday to N360.13. But at the parallel market, the naira remained flat exchanging for N363 to the dollar.
At th....
Forex trading up sharply in 2018 as volatility returns
By Tommy Wilkes
LONDON (Reuters) - Foreign exchange trading volumes have risen sharply since the start of this year, new data showed on Thursday, as investors ramped up bets on a weaker dollar and uncertainty about the end of the era of cheap money stoked volatility.
Fo....
Sterling gains as dollar extends sell-off
LONDON (Reuters) - Sterling rose against the dollar on Thursday, cementing gains on the back of a broadly weakened dollar, with traders eyeing earnings data next week to give the pound fresh momentum.
After a strong start to the year on the back of growing expectations that the Bank of England will raise rates faster than previously thought, and optimism Britain ....
Bitcoin Trembles at $10,000 Level, Paring Gains With Rival Coins
By Todd White
Bitcoin edged lower rather than break above $10,000, triggering a selloff in other large digital coins.
The largest cryptocurrency was up 3.1 percent to $9,573 as of 11:43 a.m. in London, after halting a march higher when it came within 0.3 percent of the ....
Naira Performs Well Against Euro, Pound at Black Market
By Dipo Olowookere
It was a good day for the Nigerian currency on Tuesday after performing well at the black market segment of the foreign exchange (forex) market.
The Naira appreciated against both the Pound Sterling and the Euro, while it remained unchanged against th....
Sterling slips to five-week low versus euro ahead of Johnson speech
By Jemima Kelly
LONDON (Reuters) - Sterling slipped to a five-week low against the euro on Wednesday, as investors turned cautious ahead of a speech on Brexit by Boris Johnson, Britain’s foreign minister and prominent supporter of the campaign to leave the European Union.
....
Chinese yuan to weaken if Fed sticks to policy tightening path - Reuters poll
By Vivek Mishra
BENGALURU (Reuters) - The Chinese yuan will erase most of its substantial gains so far in 2018 against the dollar over the coming year, a Reuters poll showed, provided the U.S. Federal Reserve delivers at least three interest rate hikes this year, as most economists ex....
Naira closes at 363/dollar as CBN sells $536m
By Oyetunji Abioye
The naira closed at 363perUnited ....
CBN stops charges on BTA, PTA, school fees, medicals
By Collins Nweze
The Central Bank of Nigeria (CBN) yesterday abolished all charges on the sale of foreign exchange for invisible transactions such as Business Travel Allowance (BTA), Personal Travel Allowance (PTA), school fees and medical bills payment abroad
A c....
Yen hits five-month high as dollar extends fall
By Tommy Wilkes
LONDON (Reuters) - The Japanese yen rose to a five-month high on Tuesday on the back of broad-based selling of the dollar and speculation the Bank of Japan could be close Read More
Sterling climbs after UK inflation beats expectations
By Jemima Kelly
LONDON (Reuters) - Sterling strengthened on Tuesday as data showed British inflation unexpectedly stayed close to its highest levels in six years in January, firming up investors’ bets that the Bank of England will raise interest rates again in May.
The BoE....
After last week, the US dollar is no longer the worst performer in 2018
By Adam Button
Canadian dollar is now the laggard
The Canadian dollar made an impressive bounce on Friday despite a dismal jobs report but it wasn't enough to prevent it from falling to the bottom of the FX performance chart this year.
At the other are the risk-averse Swiss franc and Japanese yen. Given the trou....
Euro gains as equity bounce leaves dollar on the defensive
By Tommy Wilkes
LONDON (Reuters) - The euro edged higher on Monday and the dollar fell back, as a strong start to the week for equity markets ended a rally for the greenback.
The dollar last week had its best performance against the euro since November 2016 as a brutal ....
Sterling struggles near three-week low on transition uncertainty
By Jemima Kelly, Tommy Wilkes
London (Reuters) - Sterling slipped back towards a three-week low against the dollar on Monday, weighed down by uncertainty among investors over whether Britain would succeed in securing a post-Brexit transition period.
The pound skidded on....
Nigeria: Economic Report and Update for January 2018
Highlights
· Proactive or Defensive CBN?: In the month of January, daily average turnover at the Investors and Exporters Window (IEW) touched an all-time high of $274million, 35% higher MoM with a total of ~$6.1 billion sold. Notably, although the CBN has been a net buyer in the market since Augus....
Tokyo stocks open higher after volatile trade
By AFP
Tokyo stocks opened higher on Thursday, after US stocks finished lower amid nagging questions about two days of wild price swings.
The benchmark Nikkei index, which fell nearly five percent on Tuesday before rebounding 0.16 percent on Wednesday, edged up 0.38 per....
Sterling rises further on BoE rate hike expectations
By Jemima Kelly
LONDON (Reuters) - Sterling climbed against the dollar and euro on Friday, extending the previous day’s gains, after the Bank of England said interest rates would probably need to rise sooner and by more than it had previously thought.
BoE Deputy G....
Australian, New Zealand dollar seen defying volatility in the year ahead - Reuters poll
By Swati Pandey
SYDNEY (Reuters) - Analysts have lifted their forecasts for the Australian and New Zealand dollars, although the antipodean currencies still seem set for a remarkably dull year despite raging volatility in global markets recently, a Reuters poll showed.
The survey of 50 analysts ....
Euro edges up but headed for worst week since October
By Tommy Wilkes
LONDON (Reuters) - The euro gained against the dollar on Friday but the single currency was still headed for its worst weekly performance since October after the global stock market sell-off squeezed investors betting against the greenback out of their positions.
....
Swiss franc predicted to fall despite recent rally
By Tommy Wilkes, Ritvik Carvalho
LONDON (Reuters) - Banks are touting a short position against the Swiss franc as a top bet in 2018 because Switzerland’s central bank is likely to lag Read More
CBN Sells N3.4tr OMO Bills in Q4 2017
By Modupe Gbadeyanka
A total of N3.399 trillion worth of treasury bills were sold to investors in the fourth quarter of 2017 by the Central Bank of Nigeria (CBN) through the Open Market Operations (OMO).
This information was revealed by the apex bank in its Economic Report for fourth quarter 2017 obtained by Business....
UK to accept naira payments from Nigerian businesses
By Oluseyi Awojulugbe
The British government, through its export credit agency, UK Export Finance (UKEF), says it will now accept naira payments from Nigerian business owners who make procurement in the UK.
TheRead More
Signposting Confidence, Nigeria’s FX Inflow Hits $30.45bn in Q4
By Obinna Chima
In a mark of rising confidence in the Nigerian economy, aggregate foreign exchange (FX) inflow into the economy grew to $30.45 billion in the fourth quarter (Q4) of 2017, indicating an increase by 14.5per centRead More
Forex: Banks cancel commissions on PTA, tuition, medical bills
By Oyetunji Abioye
Members of the Bankers’ Committee have agreed that banks in the country should stop charging commission on the sale of foreign exchange to customers, particularly those meant for Personal Travel Allowance, Business Travel Allowance, tuition and medical bills p....
Wall Street FX Strategists Hit Reset After Euro Calls Fall Short
By Alexandria Arnold
- Euro up more than 3% in 2018, above prior targets for year-end
- Read More
Get Ready for Most Cryptocurrencies to Hit Zero, Goldman Says
By Kana Nishizawa
The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc.’s global head of investment research.
Most digital currencies are unlikely to survive ....
FG borrows $300m from Nigerians abroad
By Everest Amaefule
The Federal Government borrowed $300m from Nigerians in the Diaspora before it secured the approval of the National Assembly, the Debt Management Office indicated on Wednesday.
The DMO gave this indication in a response to
Dollar Will Stay Weak If China Has Its Way, Morgan Stanley Says
By Justina Lee
Weak dollar supports global growth, Chinese strategy: Redeker
Speculation mounting PBOC will move to curb yuan’s advance
As China’s currency trades near to its highest level against the greenback since the 2015 devaluation, don’t expect t....
Naira may depreciate to 386/dollar in H2 —PwC
By Oyetunji Abioye
The naira may depreciate against the United States dollar at the Investors and Exporters Window to 386 from the current average of 360, PricewaterhouseCoopers has said.
In its economic outlook for 2018, which was released on Tuesday, the professional ....
Euro slips on German finance minister uncertainty
By Jemima Kelly
LONDON (Reuters) - The euro slipped against a stronger dollar on Wednesday, on disappointment over reports that the leader of Germany’s Social Democrats (SPD), Martin Schulz, would not be taking over as finance minister for Europe’s biggest economy.
....
China forex reserves will remain stable overall - FX regulator
BEIJING (Reuters) - China foreign exchange reserves will remain stable overall as cross-border capital flows and foreign exchange supply and demand become more balanced, the foreign exchange regulator said Wednesday.
The $21.5 billion (15.45 billion pounds) increase in China’s foreign exchange reserves i....
Sterling slips before cbank meeting, rate view key
By Saikat Chatterjee
LONDON (Reuters) - Sterling edged lower on Wednesday, heading back towards a 2-1/2 week low hit in the previous session as a central bank meeting on Thursday kept investors wary of adding positions aggressively amid a broad dollar bounce.
Currency b....
Forex Repatriation: CBN Threatens to Sanction Exporters
By Dipo Olowookere
Central Bank of Nigeria (CBN) has given exporters 90 days grace period to repatriate proceeds of their exports back into the country or be ready to face heavy sanctions.
Addressing newsmen in Lagos yesterday, Chief Executive Officer of Citibank Nigeri....
Naira records marginal gain as CBN sells $210m
By Oyetunji Abioye
The naira recorded a marginal gain at the parallel market on Monday, closing at 363perRead More
Dollar climbs as world stock markets slide further
By Tommy Wilkes
LONDON (Reuters) - Currency markets showed far less of the panic movements gripping equities on Tuesday, with the dollar gaining slightly and traditional safe haven currencies like the Swiss Franc and the Japanese yen struggling to hold on to earlier gains.
Sterling recovers from two-week lows before central bank meeting
LONDON (Reuters) - Sterling recovered on Tuesday after falling to a two-week low during Asian trading, as investors looked to a central bank meeting on Thursday where policymakers may signal an increase in interest rates as early as May.
Market strategists said the Bank of England’s forecasts about the e....
Dollar steadies as U.S. jobs data fan inflation expectations, send bond yields up
By Shinichi Saoshiro
TOKYO (Reuters) - The dollar steadied on Monday after rallying on upbeat U.S. jobs data, which sent bond yields surging on the prospects of increasing inflation and hammered equities.
The dollar index against a basket of six major currencies stood l....
UK bank bans bitcoin purchases via credit card
By AFP
Lloyds Banking Group on Monday joined major US banks in banning purchases of bitcoin and other cryptocurrencies via credit card amid debt and security concerns.
An LBG spokesman said the ban was across its Lloyd Bank, Bank of Scotland, Halifax and MBNA branded cr....
Sterling deepens losses as risky bets unwound
By Saikat Chatterjee
LONDON (Reuters) - Sterling extended losses on Monday to hit fresh one-week lows as new surveys indicating a slowing British economy and negative news around Brexit negotiations sapped investor confidence in a busy week for the central bank.
Financi....
Naira to remain stable as dollar demand weakens
By Oyetunji Abioye
The naira is likely to remain stable against the United States dollar next week as demand for the greenback weakens whenever the unit trades below 360 per dollar.
Foreign exchange traders said most forex users were not willing to source dollars ....
Euro holds near three-year highs as rising yields fail to lift dollar
By Tommy Wilkes
LONDON (Reuters) - The euro held above $1.25 on Friday, continuing a strong week in which rising U.S.treasury yields failed to lift the dollar while the euro zone’s economic revival and exp....
Sterling slips on construction data but still in best run since 2012
By Jemima Kelly
LONDON (Reuters) - Sterling slipped on Friday, hit by weak data from Britain’s construction sector, but was nevertheless on track for its seventh straight week of gains against the dollar - the pound’s best run since 2012.
Britain’s construction....
The dollar keeps weakening. Is that good news for the world?
It all depends on the reasons for the greenback’s lack of fizz
AT THE start of 2017, just before Donald Trump was inaugurated as president, a survey of fund managers by Bank of America Merrill Lynch (BAML) found they believed that being positive on the dollar was “the most crowded trade&rdq....
Dollar falls ahead of Fed announcement; euro strengthens
By Stephanie Kelly
NEW YORK (Reuters) - The U.S. dollar was lower on Wednesday ahead of a Federal Reserve policy announcement that was widely expected to leave interest rates unchanged Read More
Bitcoin hovers just above key $10,000 level
By BARBARA KOLLMEYER
MARKETS REPORTER
Bitcoin was hanging onto the $10,000 level on Thursday, after closing out its worst month in three years amid a series of setbacks for cryptocurrencies.
Bitcoin BTCUSD, -0.32% was last trading around $10,112.65, a....
CBN injects $55m for Nigerians needing Forex for travel, tuition, medical fees
By Chijioke Jannah
The Central Bank of Nigeria (CBN) on Monday injected the sum of $55m into the economy for Nigerians requiring foreign exchange (Forex) for Business/Personal Travel Allowances, tuition, and medical fees.
The amount is part of $210m pumped into va....
European Stock Markets Fall
By Modupe Gbadeyanka
European stocks have fallen on Tuesday as rising bond yields as well as concerns over valuations becoming increasingly stretched has dented investors’ appetite for riskier assets.
While the French CAC 40 Index is down by 0.5 percent, the....
Dollar set for biggest monthly loss in nearly 2 years as outlook weakens
By Saikat Chatterjee
LONDON (Reuters) - The dollar fell by a quarter of a percent on Wednesday, putting it on track for its biggest monthly drop in nearly two years as U.S. President Donald Trump’s first State of the Union address failed to offer any comfort to ailing dollar bul....
CBN Injects Additional $210m into Forex Market
By Nume Ekeghe
The Central Bank of Nigeria (CBN) on Monday sustained its intervention in the foreign exchange (forex) market by injecting another sum of $210 million into various segments of the interbank market.
At Monday’s trading, the CBN offered the sum of $10....
Sterling weakens amid renewed Brexit uncertainty
By Jemima Kelly, Tommy Wilkes
LONDON (Reuters) - Sterling headed on Monday for its biggest one-day fall against the dollar since Nov. 2 as new concerns over Prime Minister Theresa May’s ability to advance her plans for Brexit encouraged traders to take profits after a re....
Dollar reverses gains as bond yields soften
By Saikat Chatterjee, Tommy Wilkes
LONDON (Reuters) - The dollar reversed earlier gains and fell a quarter of a percent on Tuesday after U.S. yields pulled back from recent highs while the euro strengthened after economic data confirmed
Is CBN defending the naira or dollar?
By Henry Boyo
“As I speak to you, our external reserves stand above $31bn and that provides us with enough firepower to be able to defend the naira (N305=$1)”
However, fast forward to January 2018 with reserves above $40bn, i.e. over 30
CBN Injects $16b Into Forex Market to Boost Naira
By Dipo Olowookere
A total of $5.9 billion has been released by the Central Bank of Nigeria (CBN) in nine months as Read More
BDC Operators Hail Moves to Return Nigeria to JP Morgan Index
By Obinna Chima
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said the federal government’s plan to open talks with JPMorgan Chase & Co. for their reinstatement in the local-currency emerging-market bond index will bring great benefits to the economy.....
CBN Pumps Fresh $304.4m into Forex Market
By Obinna Chima
The Central Bank of Nigeria (CBN) at the weekend intervened in the Retail Secondary Market Intervention Sales (SMIS) of the interbank foreign exchange market to the tune of $304.4 million.
Figures obtained from the Bank indicated that the sum, as i....
Euro gains as dollar bounce runs out of steam
By Saikat Chatterjee
LONDON (Reuters) - The euro jumped more than half a percent higher on Friday as comments by senior U.S. officials this week advocating their support for a weak dollar reverberated through currency markets.
Though U.S. President Donald Trump’s ....
Pound Extends Gains After U.K. Economy Grows More Than Forecast
By Charlotte Ryan
- Gross domestic product rose 0.5 percent in the fourth quarter
- D....
Cryptocurrencies Drop After Japanese Exchange Halts Withdrawals
By Yuji Nakamura and Andrea Tan
Cryptocurrencies slumped after one of Japan’s biggest Bitcoin venues halted client withdrawals, spooking investors in a country that’s still wary of digital-token exchanges four years after the collapse of Mt. Gox.
Trade-weighted sterling surges to 19-month high
By Jemima Kelly, Saikat Chatterjee
LONDON (Reuters) - Sterling strengthened on Thursday to its highest levels on a trade-weighted basis since shortly after June 2016’s EU referendum, as optimism around Brexit and the economy continued to fuel a surge in the currency.
Dollar skids lower as euro attention turns to ECB meetin
By Tommy Wilkes
LONDON (Reuters) - The dollar stumbled near multi-year lows on Thursday following the U.S.treasury secretary’s comments that he welcomed a weaker greenback, while attention turned to whethe....
Analysts rule out forex regime change as naira stabilizes
By Collins Nweze
The monetary policy authorities have executed exchange r....
Dollar falls further as ECB holds steady, Mnuchin restates weak-dollar stance
By SARA SJOLIN
MARKETS REPORTER & ANNEKEN
TAPPE
Traders continued to dump the dollar on Thursday, with a key index for the buck sinking to a fresh three-year low after U.S. Treasury Secretary Steven Mnuchin attempted to clarify his comments made on Wednesday im....
Euro hits fresh three-year high, nears $1.25, as Draghi speaks
By Reuters Staff
LONDON (Reuters) - The euro surged to a fresh 3-year high on Thursday after European Central Bank President Mario Draghi said economic data pointed to “solid and broad” growth with inflation likely to rise in the medium-term from subdued levels.
UPDATE 1-Nigeria says weaker dollar may not hurt the country
By Alexis Akwagyiram
DAVOS, Switzerland, Jan 25 (Reuters) - Nigeria’s vice president said on Thursday that a weaker U.S. dollar did not necessarily hurt his oil-producing nation.
The comments by Yemi Osinbajo were made after U.S. Treasury Secretary Steven Mnuchin ....
Oil prices getting higher, hit $80
Oil prices on Thursday hit their highest since December,Read More
FirstBank Partners MoneyGram on Money Transfer
FirstBank of Nigeria Limited yesterday announced that sending money abroad through the bank just got more economical with MoneyGram ‘Naija Send,’ with charges now as low as N1,500.
The bank explained that it was committed to ensuring ease,Read More
Dollar index slips to 3-year low on broad-based weakness
By Saqib Iqbal Ahmed
NEW YORK (Reuters) - The dollar extended recent weakness against a basket of major currencies to hit a fresh three-year low on Read More
CBN’s Monetary Policies Boosted Economy, Stock Market—Elumelu
By Dipo Olowookere
Chairman of United Bank for Africa (UBA) Plc,Mr
IMF Forecasts 2.1% Growth for Nigeria in 2018
By Obinna Chima
Less than two weeks after the World Bank projected Nigeria’s Gross Domestic Product (GDP) to grow by 2.5per cent in 2018, the International Monetary Fund (IMF) on Monday projected a lower g....
European Stocks Subdued as US Govt Shutdown Enters Day 3
By Modupe Gbadeyanka
European stocks were subdued on Monday as the U.S. government shutdown entered its third day and investors awaited cues from two major central bank meetings this week.
The pan-European Stoxx Europe 600 index was marginally lower at 400.90 in l....
Naira depreciates to 365/dollar, CBN sells $210m
The Central Bank of Nigeria has boosted the inter-bank foreign exchange market with the sum of $210m, to meet customers’ requests in various segments of the market.
This came after the naira weakened marginally to 365/dollar at the parallel market on Monday, from 364/dollar on Friday.
The ....
Sterling hits a post-Brexit high of $1.40
By Reuters Staff
LONDON (Reuters) - Sterling briefly popped above $1.40 on Tuesday, extending a rally since the closing days of last year on growing investor optimism about the near-term outlook for the British currency.
Protracted dollar weakness and optimism that Brit....
Africa remains stable as global FDI falls to $1.52 trillion
By Kingsley Jeremiah, Abuja
Although global Foreign Direct Investment (FDI) fell from $1.81trillion in 2016, to an estimated $1.52trillion in 2017, investment into
Dollar regains footing after U.S. government shutdown, higher yields support
By Shinichi Saoshiro
TOKYO (Reuters) - The dollar regained some footing on Monday after slipping earlier on a U.S. government shutdown, supported by higher Treasury yields, while investors took a relatively calm view of the Washington wrangling.
The U.S. government shut....
CBN Keeps Rates at 14% in Absence of MPC Meeting
By Modupe Gbadeyanka
As a result of its inability to convey its first Monetary Policy Committee (MPC) meeting for 2018, the Central Bank of Nigeria (CBN) has announced continuing with the key monetary policy variables as decided by the last MPC meeting held in November 2017.
Euro nears recent three-year high on dollar weakness
By Saikat Chatterjee
LONDON (Reuters) - The euro rose a third of a percent on Monday on expectations the European Central Bank will maintain its current monetary policy at a meeting this week and not signal a dovish tilt.
Read More
How Nigerians Beat Bitcoin Scams
By Tim McDonnell
Depending on your feelings about Bitcoin, it may seem appropriate that Nigeria’s love for the cryptocurrency began with a scam. Mavrodi Mondial Moneybox (MMM), a 30-year-long global Ponzi scheme that began in Russia, roped in millions of Nigerians from late 2015....
Nigeria sues JP Morgan for $875 million over Malabu oilfield deal
By Libby George, Julia Payne
LONDON (Reuters) - Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister.
<....
Blockchain cryptocurrency wallet launches bitcoin buy and sell in the US
- Blockchain will be starting off with a bitcoin selling function, before adding a buy service and other cryptocurrencies....
Dollar hurt by U.S. shutdown fears, Treasury yields at highest since 2014
By Dhara Ranasinghe
LONDON (Reuters) - The dollar wallowed near three-year lows on Friday as heightened fears of a U.S. government shutdown unnerved investors, while U.S. Treasury yields continued an upward march to hit their highest levels since September 2014.
Legisla....
U.S. charges Barclays forex trader with fraud
By Lawrence White, Brendan Pierson
LONDON/NEW YORK (Reuters) - The U.S. Department of Justice (DoJ) on Tuesday charged a Barclays foreign exchange trader based in New York over his alleged role in a scheme to defraud a client of the bank, the DoJ said.
Robert Bogucki, t....
Naira Loses N10 Against Pound, Euro at Black Market
By Dipo Olowookere
It was a very bad day for the Nigerian currency at the parallel segment of the foreign exchange market yesterday.
The Naira suffered a total loss of N10 against the British Pound Sterling and the Euro at the black market.
Business....
Forex, Political Activities to Impact Stock Market in 2018—NSE Boss
By Dipo Olowookere
Chief Executive Officer of the Nigerian Stock Exchange (NSE),Mr<....
Dollar bounces from 3-year lows as U.S. yields rise
By Saikat Chatterjee
LONDON (Reuters) - The dollar rose from a three-year low hit earlier in the day as a rise in U.S. Treasury yields prompted some investors to buy the greenback but the market remained cautious on the outlook for the currency amidst a lack of price pressures.
....
US Stocks May Record New Highs on Earnings Optimism
By Modupe Gbadeyanka
The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks poised to climb to new record highs.
Better than expected quarterly results from Dow components Citigroup (C) and UnitedHealth (UNH) have added to optimism a....
European Stock Market Close Flat as Euro Rally Halts
By Modupe Gbadeyanka
European stocks were flat to slightly higher on Tuesday as the euro paused after recent rally and investors awaited more earnings news from the U.S. as trading resumes following a long weekend.
The pan-European Stoxx Europe 600 index was up 0.3 percent at 398.81 in opening deals after declining 0....
Euro slips after hitting a three-year high on ECB talk
By Saikat Chatterjee
LONDON (Reuters) - The euro fell on Wednesday after rocketing to a fresh three-year high in early trades above the $1.23 line as some investors ramped up bullish bets about the currency though some concerns from policymakers this week damped broader optimism.
Sterling pauses after rally as traders watch Brexit developments
By Reuters Staff
LONDON (Reuters) - Sterling edged lower against the dollar on Wednesday after a rally as traders took profits and awaited the latest developments in negotiations over Britain’s departure from the European Union.
The pound has in recent days reache....
Germany to add China’s yuan to currency reserves
By AFP
Germany’s central bank has said it will include China’s yuan in its reserves, giving another boost to Beijing’s drive to Read More
ABCON seeks more cash centres, insists on rates’ review
By Chijioke Nelson
Licensed bureau de change operators in the country have
Tokyo stocks open flat
By AFP
Tokyo stocks opened flat on Tuesday with investor sentiment weighed down by a strong yen.
The Nikkei 225 index inched up 0.05 percent or 12.51 points to 23,727.39 in early trade, while the Topix index of all first-section issues was up 0.04 percent or 0.81 points at 1,88....
Nigeria attracted $6.8bn investments in nine months – NBS
By IFEANYI ONUBA
The nation attracted $6.85bn worth of investments in the first nine months of 2017; while some state governments took advantage of portfolio investors’ appetite for the Nigerian market, others allowed the opportunity to slip,
Between January and S....
Euro steady near three-year highs; dollar edges up vs yen
By Masayuki Kitano
SINGAPORE (Reuters) - The euro held steady on Tuesday, taking a breather after having rallied on the back of optimism about the euro zone’s economic outlook and expectations for the European Central Bank to wind down its massive monetary stimulus.
Sterling steadies ahead of UK inflation data
By Reuters Staff
LONDON (Reuters) - The British pound paused on Tuesday after a recent rally against the dollar, as traders waited for an update on British inflation that is expected to show price rises falling slightly from a near-six-year high.
Sterling has jumped in ....
Naira weakens to 364/dollar despite CBN injections
By Oyetunji Abioye
The naira weakened to 364perUnited
Nigerian Stock Exchange Website Down
By Modupe Gbadeyanka
The website of the Nigerian Stock Exchange (NSE) is ....
Euro hits three-year high as bullish bets hit record level
By Tommy Wilkes
LONDON (Reuters) - The euro rose to a three-year high against the dollar on Monday, fuelled by growing economic optimism in the Read More
South Korea says planned ban on cryptocurrency market not yet finalized
By Reuters Staff
SEOUL (Reuters) - South Korea said on Monday that its plans to ban virtual coin exchanges had not yet been finalized as government agencies were still in talks to decide how to regulate the market.
“The plan to ban cryptocurrency exchanges, recent....
Experts hinge economic performance on improved forex
By Chijioke Nelson
CBN to pursue reserves accretion in 2018
The nation’s improving economic indices, particularly the manufacturing and non-manufacturing sectors’ nine-month positive readings have been attributed to rising liquidity in the foreign exchange (forex) m....
Ripple surges after teaming up with MoneyGram on cryptocurrency-enabled payments
- MoneyGram, based in Dallas, Texas, will use XRP to speed up and reduce the cost of transferring money through Ripple's payment network xRapid
Over $100 billion wiped off global cryptocurrency market following talk of South Korea trading ban
- Prices of major cryptocurrencies including bitcoin, ripple and Read More
Dollar under pressure, euro bolstered by hawkish ECB minutes
By Lisa Twaronite
TOKYO (Reuters) - The dollar slumped against rivals on Friday on the back of weak factory inflation data, while the euro enjoyed solid support after the European Central Bank hinted that it could be gearing up to trim its massive monetary stimulus.
Euro soars after ECB says it could revisit policy message soon
By Saqib Iqbal Ahmed
NEW YORK (Reuters) - The euro rallied against the greenback on Thursday after the European Central Bank said it could revisit its communication stance in early 2018, boosting expectations that policymakers are preparing to reduce their vast monetary stimulus progr....
Dangote is Africa’s richest for seventh year – Forbes
By Akinpelu Dada
For the seventh year in a row, the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has been adjudged as the richest man in Africa with a net worth that Forbes pegged at $12.2bn for 2017. That was an increase of $100m from a year earlier.
Naira appreciates to N360.43/$ in I&E as external reserves gain $664m
By Adaeze Okechukwu
The naira Thursday appreciated to N360.43 per dollar in the Investors and Exporters (I&E) window, even as the nation’s external reserves recorded $664 million increase in the first ten days of the year.
Naira Vanguard analysis of exte....
Ripple will be bigger than bitcoin if it hits $7
- Ripple, or XRP, would only need to get to $6.57 for its market capitalization to be bigger than bitcoin's.
Asian Central Banks Push Back, Sending Dollar Bears a Warning Sign
By Katherine Greifeld , Robert
BDC operators advises CBN on stronger naira
By EZEKIEL ENEJETA
– The Association of Bureaux De Change Operators of Nigeria (ABCON) on Wednesday listed recipes for a stronger naira and a more stable exchange rate in 2018.
Alhaji Aminu Gwadabe, President of ABCON, said the recipes were agreed at a....
Forex: BDCs beg CBN to sell Naira at N350/$1
By Olaotan Falade
Some Bureau De Change (BDC) operators under the aegis of Association of Bureaux De Change Operators of Nigeria (ABCON) have appealed to the Central Bank of Nigeria (CBN) to reduce foreign exchange (forex) buying rate from N360 to N350 to the dollar.
Nigerian Stocks Hit Record Highs as Market Capitalisation Crosses N14tr Mark
By Modupe Gbadeyanka
Trading activities resumed on the floor of the Nigerian Stock Exchange (NSE) on Monday and at the close of transactions, the stock market posted a very positive growth, rising by 2.38 percent.
The
Jamie Dimon says he regrets calling bitcoin a fraud
- J.P. Morgan Chase CEO said he regrets calling bitcoin a fraud.
- "The blockchain is real," Dimon tells Fox Business.
Naira Gains Marginally Against Pound at Black Market as Operators Meet
By Dipo Olowookere
The Naira recorded a slight appreciation against the British Pound Sterling at the parallel market yesterday.
Business Post reports that the local currency was up by N1 against the Pound to close at N485 at the market segment on Tuesday.
....
Sterling hits three-week high versus euro after cabinet reshuffle
By Jemima Kelly
LONDON (Reuters) - Sterling climbed to a three-week high against a broadly weaker euro on Monday, after a cabinet reshuffle alleviated a little of the political uncertainty that has pressured the UK currency in recent months.
A shop assistant counts pile....
Dollar gains as euro rally falters
By Saqib Iqbal Ahmed
NEW YORK (Reuters) - The dollar rose to a more than one-week high against a basket of other major currencies on Monday, helped by a pullback in the euro as investors took profits after the common currency’s recent rally.
The dollar index .DXY,....
Fund managers say U.S. regulator told them to suspend bitcoin bids
NEW YORK (Reuters) - Two U.S. companies withdrew proposals to launch bitcoin-based exchange-traded funds pending before the Securities and Exchange Commission (SEC) on Monday, citing ongoing concerns by the regulatory agency, filings showed.
Staff at the SEC “expressed concerns regarding the liquidity an....
European Stocks Rise as Investors Bet on Strong Corporate Earnings
By Dipo Olowookere
European stocks were mostly higher on Monday as investors bet on strong economic growth and solid corporate earnings.
Markets shrugged off weak factory orders data from Germany as Chancellor Angela Merkel’s conservatives and
Yen jumps after BOJ operation, euro rally loses steam
By Hideyuki Sano
TOKYO (Reuters) - The yen jumped on Tuesday after the Bank of Japan trimmed its buying of long-dated Japanese government bonds in market operations, helping to stoke speculation about a future exit from its massive stimulus policy.
The yen rose about 0.....
RenCap Upbeat about Naira
By Obinna Chima
Renaissance Capital (RenCap) has expressed excitement over the stability of the naira. The research and investment firm stated this in a report titled: “Weaker dollar improves emerging markets (EM)/Frontier FX fair values,” which assessed the currencies of ....
CBN to punish banks, e-payment firms for infraction
By Collins Nweze
The Central Bank of Nigeria (CBN) yesterday threatened to sanction banks, mobile money operators, switches and other payment system service providers that violate payment system rules and regulations. The sanctions will begin on April 1, 2018.
A c....
Cryptocurrency market will see crash and then consolidation, Ethereum co-founder says
- A number of alternative cryptocurrencies have rallied substantially in recent weeks as investors look beyond the most prominent cryptocurrency bitcoin.
- Ethereum co-founder Charles Hoskinson raised concern a....
Investors in bitcoin futures are set to suffer, though bitcoin drove gains for investment managers in 2017
By Lucy White
Investorswhoploughed money into bitcoi....
Dollar edges up from 3-1/2-month lows; euro pauses after rally
By Masayuki Kitano
SINGAPORE (Reuters) - The dollar inched higher against a basket of major peers on Monday as data showing slower U.S. jobs growth did little to dent expectations for further Federal Reserve interest rate increases this year.
The dollar’s index ag....
Investors Oversubscribe Nigeria’s Green Bond by 0.94%
By Dipo Olowookere
The first Sovereign Green Bond issued by the Nigerian government recorded a Read More
Forex liquidity exceeds $42b
By Chijioke Nelson
Nigeria may be sitting atop foreign exchange (forex) stockpile in excess of $42 billion from reserves’ accretion and the expected full inflow of the $3 billion Eurobond, which may Read More
SEC warns bitcoin, cryptocurrency investors at risk
By Reuters Staff
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission warned Thursday that investors should “exercise caution” with cryptocurrencies like bitcoin, noting state and federal regulators may not be able to recoup any lost investments from illegal ....
Euro cements gains as policy surprise hopes grow
By Saikat Chatterjee
LONDON (Reuters) - The euro consolidated gains below a four-month high on Friday on some expectations that European policymakers may have to start withdrawing stimulus policies earlier than previously forecasted against the backdrop of a strengthening economy.
Naira Depreciates Against Euro at Black Market
By Dipo Olowookere
The Naira on Thursday recorded a bad day against the Euro at the parallel segment of the foreign exchange market.
This was because the local currency Read More
Lending Rate Drops on Bullish T-Bills Market
By Dipo Olowookere
The money market rates slightly declined on Thursday as inflows of N193 billion Open Market Operations (OMO) maturities offset outflows for the OMO auction sales yesterday.
Specifically, the overnight lending rate went down to 4.49 percent on Thursday....
NSE Market Indices Soar by 1.28% as Investors Gain N174b
By Dipo Olowookere
The Nigerian Stock Exchange (NSE) reversed yesterday’s loss to close positive on Thursday, recording 1.28 percent growth to finish in the green territory.
At the close of trades today, the Year-to-Date (Read More
MoneyGram plunges after US denies a proposed merger with Alibaba financial services affiliate
- The U.S. government failed to approve a multimillion-dollar merger between MoneyGram and Ant Financial, an affiliate of Alibaba.
- Ant Financial will pay a $30 million termination fee for the breakup of the d....
Bitcoin Shakes off Recent Worries to Trade Above $15,000
By Dipo Olowookere
After an unbridled period, the price of popular cryptocurrency, Bitcoin, seems to be recovering gradually, rising above $15,000.
In the early hours of Thursday, January 4, 2018, (Nigerian time) the value of the currency, according to Coinbase Exchange....
Manufacturers, others now have reliable access to forex – Report
By Okechukwu Nnodim, Abuja
Manufacturers and other forex users in the country now have reliable access to dollars, a report put together by analysts at FBNQuest Capital Limited has revealed.
‘Investors, exporters forex window records $1b weekly turnover’
The Investors’ & Exporters’ (I&E) Forex Window launched by the Central Bank of Nigeria (CBN) in April last year now attracts weekly transaction volume worth $1 billion, a report released yesterday by FBN Capital, said.
The I&E Forex window, seen Read More
Naira Appreciates Against Pound at Parallel Market
By Modupe Gbadeyanka
It was a good day for the Naira at the parallel segment of the foreign exchange market on Tuesday as it appreciated against the Pound Sterling.
The local currency had traded flat on the first day of 2018, but yesterday, it soared against the British....
Naira closes at 363/dollar after new year break
By Oyetunji Abioye
The naira closed at 363perUnited ....
CBN’s N161.5b primary market auction opens
By Collins Nweze
The Central Bank of Nigeria (CBN) will today, recommence the Primary Market Auction (PMA) for the year.
The primary market is where governments or public sector institutions raise money
The U.S. Dollar Is Falling Again to Start the Year
By Katherine Greifeld
- Greenback stumbles to three-month low as commodities rise
- D....
Pound Touches Three-Month High as Manufacturing Sector Expands
By Charlotte Ryan
- Manufacturing gauge at 56.3 in December, versus prior 58.2
- Weak....
Asian Stock Markets Close Broadly Higher
By Modupe Gbadeyanka
Asian stock markets ended broadly higher on Wednesday, with firmer commodity prices on the back of a weaker dollar and optimism about global growth buoying investor sentiment. The Japanese markets remained closed for a holiday.
The dol....
European Stocks Rise as MiFID II Implementation Begins
By Modupe Gbadeyanka
European stocks are mostly higher on Wednesday as new rules for the region’s financial markets, known as Read More
Impact of the I&E Fx window
By Arize Nwobu
The impact of the Investors’ and Exporters’ FX Window created by the Central Bank of Nigeria, on both the FX market and stock market has been positive and magical, which demonstra....
3 Banks Account For N45.49trn Forex Turnover In 11 Months – FMDQ
By KAYODE TOKEDE
Securities Exchange has revealed that three deposit money banks accounted for N45.4 trillion foreign exchange turnover transactions in 11 months. The FMDQ OTC report also revealed that between January and Novem....
Stock market: Foreign investors’ participation up 241% in 11 months
By Nkiruka Nnorom
Foreign investors’ interest in the equities market has remained on the rise with its percentage contribution to the total equities transaction on the Nigerian Stock Exchange, NSE, rising by 241.1 percent in 11 months ending November 30, 2017.
Dollar on defensive at start of 2018; Asian currencies shine
By Masayuki Kitano
SINGAPORE (Reuters) - The dollar languished near a three-month low versus a basket of major currencies on Tuesday as markets reopened at the start of 2018, while Asian currencies such as the Chinese yuan began the year on a high note.
The doll....
Naira Closes Flat at Black Market on First Day of 2018
By Dipo Olowookere
The Nigerian currency on Monday, January 1, 2018, closed flat at the parallel (black) segment of the foreign exchange market.
Business Post reports that at the first trading day of this year, the Naira stayed unchanged against the three major foreign ....
Wall Street set for strong start to 2018
By Sruthi Shankar
(Reuters) - Wall Street was poised for an upbeat session on the first trading day of 2018, fueled by strong commodity prices and a weak dollar, signaling that stocks were set to extend last year’s strong run.
Major stock indexes closed out 2017 w....
Britain wants financial services included in EU trade deal - Davis
By Reuters Staff
LONDON (Reuters) - Britain wants to include financial services in a trade deal with the European Union which covers a full sweep of economic areas, Brexit minister David Davis said on Tuesday.
Davis said that any deal that left finance out would....
CBN’s interventions to keep naira stable in 2018
By Collins Nweze
The naira will be stable next year as the Central Bank of Nigeria (CBN) continues its regular dollar injections into the foreign exchange market, traders said.
The naira has been hovering at 360 to a dollar for investors, around the ....
Dollar share of global FX reserves shrinks to smallest since 2014: IMF
By Richard Leong
(Reuters) - The U.S. dollar’s share of global currency reserves reported to the International Monetary Fund shrank in the third quarter to its smallest since mid-2014, while the euro’s and Chinese yuan’s share of reserves edged higher, data released ....
Nigerian Stocks Gain 0.66% on Last Trading Day of 2017
By Dipo Olowookere
The last trading day of 2017 on the floor of the Nigerian Stock Exchange (NSE) finished positive after the benchmark index rose by 0.66 percent.
The All-Share Index (ASI) garnered 252.45 points on Friday to close at 38,243.19 points, while the
London stocks end year on record high
By AFP
London’s FTSE 100 ended 2017 on a new record high on Friday, on a shortened final day of trading before the New Year break.
The benchmark index of blue-chip shares was boosted once again by strong mining stocks, and closed at 1230 GMT, up 0.9 percent at a new closi....
Dollar heads into 2018 on a weaker note, Asia stocks mostly up
By AFP
The dollar suffered fresh pressure on Friday as traders cash in the recent gains fuelled by Donald Trump’s tax cuts, while most Asian equities were on course to end a strong year on a positive note.
Asia’s biggest markets have enjoyed huge gains over the past year — with Hong Ko....
Hong Kong stocks end strong year on upbeat note
By AFP
Hong Kong stocks ended on a healthy note Friday, bringing a positive end to a stellar year for the Hang Seng Index, which tracked a strong performance across global markets.
The HSI added 0.19 percent, or 55.44 points, to close at 29,919.15. It put on 36 percent ....
Euro hit by sudden Christmas Day slide
The euro suffered a sudden Christmas Day slide on Monday in a drop attributed by analysts to computer-driven selling amid thin trading volumes.
The single currency dropped three
Nigerians lose 7% of $20bn Christmas money transfers – World Bank
A World Bank report on Monday stated that each year, $20bn was being sent to Nigeria in form of remittances and that the final week before Christmas was one of the busiest times to send money.
According to the report, the average cost of sending money is around 7.21per cent....
Prepare for global monetary tightening, UBS tells Nigeria, others
UBS Wealth Management’s Chief Investment Office has predicted that 2018 will be positive on global equities relative to high-grade and developed world government bonds.
According to the office, global economic growth should continue at the high 3.8per cent
Bitcoin recovers some losses after its worst week since 2013
Bitcoin rose 15 percent on Tuesday, recouping about half of the losses it sustained last week,itsRead More
European Stocks Close Mixed as Investors Remain Cautious
European shares were mixed on Tuesday, with dollar weakness and disappointing business confidence figures from Germany keeping investors cautious ahead of the U.S. House vote on the tax bill later today.
Germany’s business confidence weakened in December, survey results from Ifo institute showed. The bus....
U.S. regulator plays down bitcoin fears, backs fintech charter
A U.S. banking regulator said on Wednesday that bitcoin does not currently pose a threat to the country’s banking system and that there is “space” for innovative financial technology firms to operate in the traditional lending business.
The marketplace is watching closely to see how Joseph Ot....
Opinion: If you want to get rich, invest in Treasury bills, not FAANG stocks or bitcoin
Demand curves are usually downward-sloping. That’s because people will buy more of a product when it is cheaper and less of it when it is more expensive.
Some things, such as stocks and especially bitcoin, have upward-sloping demand curves, which should be theoretically impossible. But they happen in the....
Naira further depreciates to N361.91 as volume drops by 86%
The naira Wednesday suffered yet another biggest daily depreciation in the Investors and Exporters (I&E) Window as it depreciated by 66kobo to N361.91 per dollar, triggered by an 86 percent decrease in dollar supply.
Data from the Fi....
Foreign Trade Review Q3 2017 - Trade Balance Surge on Rising Exports
Nigeria’s trade value rose for the sixth consecutive quarter to N5.92 trillion. This represents a 3.94% QoQ and 23.86% YoY growth. Total exports value grew by 15.19% QoQ and 53.85% YoY to N3.57 trillion while total imports value declined 9.41% QoQ and 4.47% YoY to N2.35 trillion. Bolstered by a sustained growth in expo....
NCC, CBN seek to curb financial frauds
The Nigerian Communications Commission and the Central Bank of Nigeria are to sign a Memorandum of Understanding to curb the use of telecommunications networks to defraud bank customers.
The Head, Zonal Operations Department, NCC, Mrs. Helen Obi, disclosed this at the eight edition of the Consumer Conversation....
Sterling hits two-week low as traders focus on Brexit talks
Sterling slid to a two-week low against the euro on Tuesday as investors focused on the scale of the task still ahead for Britain to clinch a deal on leaving the European Union, despite progress in the talks made last week.
With thin trading and little economic data to shift interest elsewhere, focus on the ne....