News

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....

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....

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....

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 ....

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....

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....

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....

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....

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....

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 ....

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....

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....

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....

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).<....

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....

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....

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....

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....

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....

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....

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.

....

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.

....

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....

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....

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 ....

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.
....

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....

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....

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....

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....

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....

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.

....

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.

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....

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 ....

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.

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....

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....

(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....

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....

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 ....

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....

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....

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 ....

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....

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....

• Retail segment receives $323m boost

• Wholesale segment gets $100m
• SMEs, Invisibles ....

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....

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 ....

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....

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,....

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.

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....

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 ....

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....

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....

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 ....

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....

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....

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 ....

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....

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....

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....

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 ....

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....

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....

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.

....

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 ....

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....

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....

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 ....

By Anooja Debnath  and Elizabeth Howcroft

• Currency at 11-month low as U.K.’s Fox warns of messy divorce
• Read More

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....

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.

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....

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 ....

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....

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....

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....

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....

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....

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....

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 ....

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....

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....

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....

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....

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....

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....

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....

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....

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 ....

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....

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....

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....

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....

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 ....

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 ....

By Katherine Greifeld

• Trade fight spreads to FX as president talks down dollar
• Eq....

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 ....

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....

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....

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....

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....

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....

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....

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....

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....

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,....

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....

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....

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....

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....

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....

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.
....

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....

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 ....

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....

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....

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).

....

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....

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....

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.

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.....

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....

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.


....

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....

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....

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.

....

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....

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 ....

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 ....

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....

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....

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 ....

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....

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....

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....

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....

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.
....

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....

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....

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....

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....

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. 

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....

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....

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....

By Anooja Debnath

•  Vote could impact PM May’s political future, Brexit path
• Read More

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.

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....

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 ....

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....

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....

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....

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 ....

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.

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.

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....

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’....

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.

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....

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....

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....

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.

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....

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....

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....

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. 
....

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....

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....

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 ....

• 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.

• Read More

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....

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 ....

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 ....

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....

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....

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....

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 ....

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....

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.

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....

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....

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....

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 ....

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. ....

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....

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....

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....

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....

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....

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....

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....

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....

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....

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 ....

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....

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....

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....

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.

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....

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....

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....

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 ....

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....

By Rita Fredrick 

SOME OF THE GAINS OF THE DEAL

• Bigger export market to China
• Read More

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....

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.

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....

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....

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....

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....

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....

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....

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....

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 ....

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....

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....

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 ....

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....

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....

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....

• "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.

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....

(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....

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....

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....

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....

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.
....

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....

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.
....

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....

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....

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.

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....

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 ....

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....

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....

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 ....

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....

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....

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 ....

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 ....

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....

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)....

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....

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 ....

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....

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....

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....

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....

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....

By Simon Kennedy

• Weekly take on events in the world economy and their meaning
• ECB....

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....

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....

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.

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....

• 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 ....

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....

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 ....

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....

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, $....

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 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....

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 ....

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.

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....

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....

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 ....

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....

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....

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.

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....

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....

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 - ....

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.....

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 ....

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....

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).

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....

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....

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....

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 ....

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 ....

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.....

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 ....

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....

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....

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....

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....

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....

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.
....

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.

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....

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....

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....

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....

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....

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....

By Ruth Carson

• Resilient U.S. economy, bets for Fed hikes to support USD
• Unexpect....

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).
....

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....

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....

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....

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.

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....

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....

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.

....

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.

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....

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....

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....

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....

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....

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....

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....

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....

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....

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....

By Vernon Wessels  and Emele Onu

• Private-equity firm was told it will be chased out of country

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....

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 ....

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 ....

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-....

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....

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....

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....

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....

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....

By Chikafumi Hodo  and Daisuke Sakai

• State Street is bullish on pound and the Norwegian krone

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....

• 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 ....

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.

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 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, ....

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....

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.

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....

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....

By Emele Onu

• Firm is said to get initial stake of about 30% in Unity Bank
• Deal is said to involve combinati....

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....

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,....

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....

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....

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....

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....