When the almighty dollar ruled

By Asiwaju Deji Fasuan  

It appears the Nigeria political landscape will never fall short of innovation and surprise. In the current nationwide exercise at arriving at 2019, new innovations have emerged which constantly enlivens the political process. In the past, the naira was t....

Forex: Wholesale Segment, Others Get $210m Boost

Authorized dealers in the wholesale segment of the inter-bank foreign exchange market received the sum of $100million from the Central Bank of Nigeria (CBN) on Tuesday, October 9, 2018 to meet the needs of customers. 

The CBN also on Tuesday allocated the sum of $55million each to the Small and Medium Ent....

Naira appreciates to N362.11/$ in I&E window

By Elizabeth Adegbesan 

THE naira yesterday appreciated to N362.11 per dollar in the Investors and Exporters (I&E) window. 

foreign policy Data from FMDQ showed that the indicative exchange rate for the window dropped to N362.11 per dollar yesterday from N....

WorldRemit Launches Digital Money Transfer Services

An international money transfer company WorldRemit has launched a new digital service within Africa, making it easier to send and receive money across the continent.

The new digital service would reduce the cost of sending money across borders.

The charges that individuals and businesses pay to ....

Sterling pares losses after Carney says ready to stay longer at BoE

LONDON (Reuters) - The pound recouped some losses on Tuesday after Bank of England Governor Mark Carney said he was ready to stay in his job beyond his planned leaving date, but concerns over Brexit kept a lid on the currency’s gains.

Sterling has been hit recently by weak economic data, doubts over Prim....

Sterling stuck near 11-month lows vs euro

LONDON (Reuters) - The pound slipped against the euro to within a whisker of its weakest since September 2017, hurt by a rally in the single currency and concerns about whether Britain can secure a post-Brexit trading deal with the European Union.

Sterling traded down to as low as 90.27 pence per euro,....

US Stocks Open Higher

By Dipo Olowookere 

The major U.S. index futures are pointing to a higher opening on Monday, with stocks likely to move to the upside following the mixed performance seen last week.

The upward momentum on Wall Street comes as traders seem to be expressing optimism ....

Pound holds above $1.27, buoyed by dollar weakness

LONDON (Reuters) - The British pound rose on Friday as the dollar fell across the board and some traders saw an opportunity to buy sterling after data this week pointed to an UK economy holding up relatively well.

Ongoing worries about whether Britain can agree a trade deal with the European Union over the com....

Currency Most Exposed to the Lira Meltdown Goes From Hero to Zero

By Natasha Doff

The week Georgia marked a decade since its war with Russia, it found its currency under assault from the neighbor to the south.

Market turmoil in Turkey helped wipe out gains for Georgia’s lari, which until early August was this year’s best performer globally. Within days, it was swept up in Turkey’s currency crisis as....

Yuan weakens, set for fourth straight monthly loss in July

SHANGHAI (Reuters) - China’s yuan finished lower against the U.S. dollar at the domestic close on Tuesday after the central bank set a weaker midpoint, with the Chinese currency headed for its fourth straight month of weakening - the longest such streak since early 2015.

The onshore yuan opened at 6.8282....

Dollar is over-valued –IMF

The International Monetary Fund  said on Tuesday that the US. dollar was over-valued, and that the value could add to growth risks and trade tensions.

The IMF, in its annual External Sector Report, in Washington said China’s yuan was in line with fundamentals and nearly half of global excessive curr....

Naira Trades Mixed as CBN Holds Interest Rate

By Modupe Gbadeyanka

The Nigerian Naira closed mixed at the various foreign exchange segments on Tuesday.

This occurred as the Central Bank of Nigeria (CBN) announced at the end of its two-day Monetary Policy Committee (MPC) meeting yesterday that the Monetary Policy Ra....

Euro edges up ahead of Trump-Juncker talks

By Tom Finn

LONDON (Reuters) - The euro edged higher on Wednesday ahead of a meeting between U.S. President Donald Trump and European Commission President Jean-Claude Juncker but gains were limited with investors cautious about a trade rift between the two powers.

Lack ....

Sterling falls to three-week low versus resurgent yen

LONDON (Reuters) - Sterling fell to a three-week low against a resurgent yen on Monday after the Japanese currency received a boost from reports that the central bank was contemplating scaling back its stimulus.

The British currency struggled to hold on to earlier gains against the dollar and fell 0.1 percent ....

Naira undervalued, expect soft year-end rally – RenCap

By Emeka Ucheaga, Sobechukwu Eze, Abdullateef Eniola-Giwa & David Ibidapo

Renaissance Capital in its recently published currency watch report (Thoughts of a Renaissance Man) stated that Naira is currently undervalued in Investors & Exporters exchange rate window. RenCap fair v....

Dollar slips ahead of Fed testimony

By Tom Finn

LONDON (Reuters) - The dollar edged down on Tuesday ahead of congressional testimony by Federal Reserve Chairman Jerome Powell which traders will scrutinise for clues on the pace of U.S. interest rate rises and risks emanating from trade conflicts.

Powell wi....

Forex Market gets CBN’s $210 million boost

The inter-bank Foreign Exchange Market has received the sum of $210 million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.

Specifically, the CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the small and mediu....

Sterling edges up ahead of UK Brexit blueprint

LONDON (Reuters) - The pound rose on Thursday as traders bet that a Brexit white paper policy document could help restart negotiations on trade between the European Union and Britain for when it leaves the bloc next March.

British Prime Minister Theresa May will set out a blueprint on Thursday putting ....

Banks stop cash withdrawal from overseas ATMs

By Collins Nweze  

Banks have suspended all cash withdrawals from overseas Automated Teller Machines (ATMs), except for customers whose cards are linked to domiciliary accounts funded locally, The Nation has learnt.

Banks have been encouraging travellers to open an....

Naira ‘to exchange at N356/$ by year-end’

By Collins Nweze  

Naira is projected to close this year at N356 to dollar, a report by Renaissance Capital (RenCap), an investment and research firm, has shown.

The local currency exchanges at N360 to dollar at the parallel market and will gain N4 against the doll....

CBN woos importers for Chinese currency

By Collins Nweze, Snr Finance Correspondent 

The Central Bank of Nigeria (CBN) is wooing importers of goods from China to use the Yuan instead of the dollar. The move supports  the bank’s effort to promote naira exchange rate and boost foreign reserves.


European Stocks Succumb to Selling Pressure

By Modupe Gbadeyanka

European stocks succumbed to selling pressure on Monday as Germany faced a political crisis over immigration and trade worries persisted ahead of a July 6th deadline when the United States is due to impose tariffs on Chinese exports. Weak manufacturing data from C....

Low Forex Inflow Weakens Naira At I&E Window


The value of the naira at the Nigeria Autonomus Foreign Exchange (NAFEX) market weakened last week compared to what it closed the previous week as inflow from the window dropped to $796.02 million. Penultimate week, the NAFEX also termed the Investors’ and Exporters’ Window had seen an....

Sterling falls ahead of British manufacturing data

LONDON (Reuters) - Sterling traded near eight-month lows against the dollar on Monday as investors awaited data on the manufacturing sector and a cabinet meeting later in the week in which British ministers will try to agree on a common position on Brexit.

The pound has been weighed down recently by a ....

BDC Operators Want Yuan for Customers

The Association of Bureaux de Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria to approve disbursements of the Renminbi (Yuan) to its members to deepen the China-Nigeria swap deal.

President, ABCON, Alhaji Aminu Gwadabe, told the News Agency of Nigeria in Lagos that the approval would ....

Forwards contracts lead CBN dollar sales with $11.2bn

By Babajide Komolafe 

Foreign exchange, forex, sales by the Central Bank of Nigeria (CBN) was dominated in 2017 by Forwards contracts which accounted for $11.2 billion or 70 percent of total sales. Unlike spots transactions which involves immediate delivery, forwards are transact....

CBN and the burden of currency rackets

IT seems Nigeria is getting back to its old foreign exchange musical chair once again after the nightmarish experiences of 2015/16 crises. In the past two weeks, the foreign exchange market came under pressure as a result of many factors. 

The main one was that many investors that flooded the economy with....

Naira depreciates to N360.95/$ in I&E window

The Naira, yesterday, depreciated by 17 kobo  to N360.95 per dollar in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N360.95 per dollar from N360.78 per dollar on Tuesday, translating to 17 kobo depreciation for the naira. 

China May FX reserves fall to $3.111 trln

BEIJING, June 7 (Reuters) - China’s foreign exchange reserves fell slightly in May as the U.S. dollar rebounded strongly and regulators take small steps to increase cross-border use of the yuan.

Reserves fell $14.23 billion in May to $3.111 trillion, compared with a drop of $17.97 billion in April, centr....

Euro gains after ECB comments on ending stimulus

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) - The euro rose to a nearly two-week high against the dollar on Wednesday after officials said the European Central Bank could wind down its stimulus program by the end of the year, as inflation has risen to its target.


Why strong currency is anti-economic competition

By Odilim Enwegbara 
WHENEVER I listen to some of our economists proposing a stronger naira, I wonder on what economic development theory they are basing their argument. First, any proposal for a strong currency is never done with pro-real sector investment, pro-growth, pro-jobs or ....

Sterling dips as Brexit concerns scupper rally

LONDON (Reuters) - Sterling fell on Monday as concerns about Brexit clouded the outlook for the currency after a brief rally encouraged by stronger-than-expected data on Britain’s construction sector.

The pound fell 3.43 percent versus the dollar in May, its biggest monthly decline since 2016, as weaknes....

Nigerian economy, naira value and revaluation

By P. O. Adetiloye 

THE present poor value of the naira has become an albatross on every aspect of our economy and national life. The revaluation of the naira is therefore fundamental to any meaningful economic reform. Otherwise we are deceiving ourselves.  The Nigerian gove....

Sterling climbs on dollar weakness

LONDON (Reuters) - Sterling rose above $1.33 on Thursday as the dollar fell across the board, with traders identifying little in the way of UK-specific drivers until business surveys are published in coming days.

The pound traded up 0.4 percent at $1.3334, moving away from six-month lows of $1.3205 hit....

CBN braces for currency speculators


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. ....

Sterling falls ahead of GDP data

LONDON (Reuters) - The pound fell on Friday as investors eyed British economic growth data for signs of whether the Bank of England will raise interest rates this year.

Weak economic data, fresh Brexit concerns and a strong dollar have punished the pound, which started 2018 as one of the best-performing curren....

ABCON sustains call for change of exchange rate band

By Chijioke Nelson

The Association of Bureaux De Change Operators of Nigeria (ABCON) has again called on the Central Bank of Nigeria (CBN) to review the exchange rate band at which Bureaux de Change (BDCs) members buy dollars.
ABCON President, Aminu Gwadabe, who said the call w....

IMF doubts Nigeria’s capacity to repay debts

By Femi Asu

The International Monetary Fund on Monday expressed concern over Nigeria’s capacity to repay its debts and stressed the need for the Federal Government to mobilise more revenues domestically.

The Washington-based fund, at the public presentation of the....

Sterling slumps to near five-month low as dollar surges

LONDON (Reuters) - Sterling slumped to its lowest since December on Monday as the dollar surged and investors prepared for data this week that could determine whether the Bank of England raises interest rates in 2018.

A broad rally by the dollar and dwindling expectations that interest rates will rise ....

Cryptocurrencies hit dead end

The much talk about and profitable trading in cryptocurrencies has met dead end as Reserve Bank of Zimbabwe stopped local banks from trading or processing their payments.

The apex bank Governor, Mr. John Mangudya, said on Monday in Harare that the central bank had not licensed anyone to trade in cryptocurrenci....

Between single and multiple exchange rates

By Bay Ismoyo

At the 2018 Spring Meetings of the IMF/World Bank Group, Finance Minister Kemi Adeosun repeated the quest for external loans, which was first made at the 2017 Spring Meetings. The borrowings were/are purportedly intended to provide infrastructure although the minister ha....

Tokyo stocks close down on profit-taking


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 ....

Euro extends gains as dollar rally loses steam

By Tom Finn

LONDON (Reuters) - The euro headed for a third successive day of gains on Monday as a weak dollar helped the single currency recoup losses, as investors kept a wary eye on political events in Italy.

Italy’s anti-establishment 5-Star Movement and the fa....

Trask: Dollar to Remain Dominant into the Summer

(Bloomberg) -- Traders are growing accustomed to a stronger greenback as the dollar reaches it’s highest level of the year, says Jake Trask, Corporate Dealer at OFX. He spoke to Daybreak Europe’s Caroline Hepker and Markus Karlsson about the FX implications after President Trump withdrew from the Iran nuclear dea....

FOREX Market Gets Additional $210m CBN Boost

The Central Bank of Nigeria (CBN), on Tuesday, May 8, 2018, boosted the inter-bank Foreign Exchange market with another sum of $210 million. 

The Bank again offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment r....

Currency swap deal ‘ll boost foreign reserves

By Omodele Adigun

“When funding markets in one currency deteriorate, it becomes difficult for banks outside that currency area to fund their assets tied to this currency since they have no direct access to the foreign central bank that issues the currency. But if their home cent....

Nigeria, US to repatriate $500m looted fund –Buhari

President Muhammadu Buhari on Monday said the United States and Nigeria were collaborating to repatriate over $500m stolen from Nigeria.

President Buhari made the announcement at a joint press conference with Trump after a meeting of the two leaders at the White House. 
He said the fu....

I & E Forex Window One Year After

By Obinna Chima

Necessity they say is the mother of invention.

Indeed, this proverb played out in Nigeria when the country was faced with what has been described as one of its worse foreign exchange (forex) crisis, which also contributed to the eco....

Sterling hits six-week low ahead of GDP data

LONDON (Reuters) - Sterling fell to a 6-week low versus the dollar on Friday as investors awaited British economic growth data that could determine whether the Bank of England raises interest rates in May.

Markets are split over whether the central bank will raise rates to curb inflation at the BoE&rsq....

I&E Forex Window: From scarcity to surplus


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....

Forex: IMF Seeks Unified Exchange Rate Regime

By Kunle Aderinokun, Obinna Chima and Funke Olaode in Washington DC, Ndubuisi Francis in Abuja

The International Monetary Fund (IMF) has welcomed the stability recorded in Nigeria’s foreign exchange market, just as it urged the Central Bank of Nigeria (CBN) to continue to push f....

Forex Market Sees $1.9bn Inflow In 5 Days

By Nse Anthony-Uko

(Sundiata Post) — The foreign exchange market last week saw an inflow of $1.9 billion through the Investors and Exporters (I&E) window and the interventions of the Central Bank of Nigeria (CBN) as the naira remained stable against the dollar on the combina....

Sterling falls after disappointing UK retail sales

LONDON (Reuters) - Sterling fell on Thursday after British retail sales recorded their biggest quarterly fall in a year during the three months to March after unusually cold weather kept shoppers at home.

The pound, which was down 0.1 percent before the data, extended its fall versus the dollar to a 0.....

Naira may rise as US central bank committee meets

By Oyetunji Abioye

The naira may record a gain ahead of the anticipated United States’ consumer price index reading and meeting of the Federal Open Market Committee, the monetary policymaking body of the US Federal Reserve System.

The naria had closed flat against....

Bitcoin remains neutral in $6,492-$7,007 range

SINGAPORE (Reuters) - Bitcoin remains neutral in a range of $6,492-$7,007, and an escape could suggest a direction.

The range is formed by the 61.8 percent and the 50 percent projection levels of a downward wave C from $9,188. A break below $6,492 could confirm the extension of this wave towards $5,855.

CBN Raises N95.2b from Treasury Bills Sales

By Modupe Gbadeyanka

Yesterday, the Central Bank of Nigeria (CBN) conducted another auction of treasury bills at the primary market.

During the exercise, the apex bank raised the sum of N95.2 billion from investors, who purchased the government instrument.


BDCs partner NIBSS to automate operations

Bureau de change operators under the aegis of the Association of Bureaux De Change Operators of Nigeria are collaborating with the Nigeria Inter-bank Settlement System Plc to automate their operations for online real time returns rendition.

The Acting President, ABCON, Alhaji Aminu Gwadabe, made the disclosure....

Sterling slips, but headed for best quarter since 2015

LONDON (Reuters) - Sterling slipped on Thursday as end-of-quarter flows by investors rebalancing portfolios weighed and economic data failed to impress, though the currency remains on course for its best quarter against the dollar since 2015.

Developments in Brexit negotiations viewed as broadly positive for B....

CBN Pumps $18.1bn into FX Market in 13 Months

By Obinna Chima

The Central Bank of Nigeria (CBN) has injected a total of $18.067 billion into the interbank segment of the foreign exchange (FX) market since it started its forays into the market in February last year, figures compiled by THISDAY have shown.

According to the weekly FX sales by ....

Sterling climbs as markets bet on May rate rise

LONDON (Reuters) - The British pound rose against the dollar on Monday as investors became more convinced that the Bank of England would raise interest rates in May.

The pound rallied last week after Britain secured itself a Brexit transition deal with the European Union, official data showed British workers&r....

CBN to delay MPC meeting – Emefiele

By Chris Agabi 

The Central Bank of Nigeria (CBN) will delay its next Monetary Policy Committee (MPC) meeting by at least 10 days, the Governor, Godwin Emefiele, has said.
Nigeria’s senate will next week consider a report into nominations for CBN’s MPC meeting,....

Sterling edges higher against struggling dollar

LONDON (Reuters) - Sterling edged higher against a struggling dollar on Friday and is poised for its biggest weekly rise in a month as investors became cautiously optimistic that Britain would strike a deal at a summit next week over a transition period for its EU exit.

While sticking points remain such as a d....

CBN Stress Test Shows Weak Capital Signs in Banks

By Modupe Gbadeyanka

A Central Bank of Nigeria (CBN) stress test has shown that only large banks will stay above the regulator’s capital adequacy ratio threshold if the non-performing loans levels of the Deposit Money Banks (DMBs) should rise by 50 percent, Punch is reporting.

Naira appreciates to N360.26/$ in I&E

By Adaeze Okechukwu 

The naira Thursday depreciated to N360.26 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market. 

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&am....

CBN, Markets And Lower Naira Denominations


The decision of the Central Bank of Nigeria (CBN) to end the persistent scarcity of the lower denomination banknotes in the country is a right step in the right direction. It is also understood to be part of its resolve to increase the circulation of the denominat....

Nigeria and J.P. Morgan: Rekindling an Old Flame?

Nigeria's relationship with international partners seems to be improving as the CBN rolls back on its previously unpopular FX policies.
In September 2015, J.P. Morgan ejected Nigeria from its Government Bond-Emerging Market Index, citing a lack of liquidity and transparency in Nigeria's foreign exchange (FX) d....

CBN Injects $210m Into Foreign Exchange Market

The Central Bank of Nigeria (CBN) on Tuesday, gave a boost of 210 million dollars to the interbank foreign exchange market.

The Acting Director, Corporate Communications, Mr Isaac Okoroafor in a statement in Abuja, said the CBN offered 100 million dollars to authorised dealers in the wholesale segment of the m....

Naira Gains 0.17% Amid 38% Rise in Weekly Turnover

 By Dipo Olowookere

At the Investors and Exporters’ (I&E) forex window last week, the Naira had a good performance, appreciating by 0.17 percent week-on-week (w-o-w) against the Dollar.

This positive close kept the local currency at N360.09 per Dollar ami....

Barclays Africa says looks to Nigeria as new market

JOHANNESBURG (Reuters) - The chief executive of Barclays Africa (BGAJ.J) said on Thursday the lender aims to enter Nigeria as a new market as it seeks to raise its share of the African banking market to 12 percent from 6 percent over the medium term.

Barclays Africa Group Ltd19998.0

Advantages of a stronger Naira

By Henry Boyo 

IN an earlier article, (May 2014), this writer explained why further naira devaluation would constrain demand and economic growth, and also deepen poverty.  Furthermore, an unyielding, suffocating, self-inflicted, unusual burden of surplus Naira was also ident....

Access Bank Wins Euromoney Award

By Obinna Chima

Access Bank Plc has emerged winner of the best ‘Commercial Banking Capabilities’ award by Euromoney, a leading global financial publication.

The prestigious award was presented to the bank’s Group Managing Director/CEO, Mr. Herbert Wigw....

Nigeria to Lose More in UK Listing of Naira—FSDH

By Modupe Gbadeyanka

One of the leading investment research firms in Nigeria, FSDH Research, has revealed in a recent report that Nigeria stands to lose more in the recent trade deal with the United Kingdom, where the UK listed the local currency, Naira, as an acceptable lender tender....

Dollar continues recovery from three-year lows

By Jemima Kelly

LONDON (Reuters) - The dollar continued its rebound from three-year lows on Tuesday, having recovered 1.5 percent since Friday on the view that the U.S. currency was due a correction after a brutal sell-off in recent weeks.

The greenback has decoupled fr....

Dollar steadies after hitting three-year low

By Tommy Wilkes

LONDON (Reuters) - The dollar enjoyed a small rebound on Monday as investors bought back the greenback after its plunge to three-year lows, although analysts said any recovery looked set to be brief with dollar bears still out in force.

The U.S. currency....

Sterling gains as dollar extends sell-off

LONDON (Reuters) - Sterling rose against the dollar on Thursday, cementing gains on the back of a broadly weakened dollar, with traders eyeing earnings data next week to give the pound fresh momentum.

After a strong start to the year on the back of growing expectations that the Bank of England will raise rates faster than previously thought, and optimism Britain ....

Euro gains as equity bounce leaves dollar on the defensive

By Tommy Wilkes

LONDON (Reuters) - The euro edged higher on Monday and the dollar fell back, as a strong start to the week for equity markets ended a rally for the greenback.

The dollar last week had its best performance against the euro since November 2016 as a brutal ....

Nigeria: Economic Report and Update for January 2018


· Proactive or Defensive CBN?: In the month of January, daily average turnover at the Investors and Exporters Window (IEW) touched an all-time high of $274million, 35% higher MoM with a total of ~$6.1 billion sold. Notably, although the CBN has been a net buyer in the market since Augus....

Tokyo stocks open higher after volatile trade


Tokyo stocks opened higher on Thursday, after US stocks finished lower amid nagging questions about two days of wild price swings.

The benchmark Nikkei index, which fell nearly five percent on Tuesday before rebounding 0.16 percent on Wednesday, edged up 0.38 per....

Euro edges up but headed for worst week since October

By Tommy Wilkes

LONDON (Reuters) - The euro gained against the dollar on Friday but the single currency was still headed for its worst weekly performance since October after the global stock market sell-off squeezed investors betting against the greenback out of their positions.

CBN, OMO Bills
CBN Sells N3.4tr OMO Bills in Q4 2017

By Modupe Gbadeyanka 

A total of N3.399 trillion worth of treasury bills were sold to investors in the fourth quarter of 2017 by the Central Bank of Nigeria (CBN) through the Open Market Operations (OMO).

This information was revealed by the apex bank in its Economic Report for fourth quarter 2017 obtained by Business....

Forex: Banks cancel commissions on PTA, tuition, medical bills

By Oyetunji Abioye

Members of the Bankers’ Committee have agreed that banks in the country should stop charging commission on the sale of foreign exchange to customers, particularly those meant for Personal Travel Allowance, Business Travel Allowance, tuition and medical bills p....

Naira may depreciate to 386/dollar in H2 —PwC

By Oyetunji Abioye

The naira may depreciate against the United States dollar at the Investors and Exporters Window to 386 from the current average of 360, PricewaterhouseCoopers has said.

In its economic outlook for 2018, which was released on Tuesday, the professional ....

Euro slips on German finance minister uncertainty

By Jemima Kelly

LONDON (Reuters) - The euro slipped against a stronger dollar on Wednesday, on disappointment over reports that the leader of Germany’s Social Democrats (SPD), Martin Schulz, would not be taking over as finance minister for Europe’s biggest economy.

China forex reserves will remain stable overall - FX regulator

BEIJING (Reuters) - China foreign exchange reserves will remain stable overall as cross-border capital flows and foreign exchange supply and demand become more balanced, the foreign exchange regulator said Wednesday.

The $21.5 billion (15.45 billion pounds) increase in China’s foreign exchange reserves i....

Naira to remain stable as dollar demand weakens

By Oyetunji Abioye 

The naira is likely to remain stable against the United States dollar next week as demand for the greenback weakens whenever the unit trades below 360 per dollar.

Foreign exchange traders said most forex users were not willing to source dollars ....

The dollar keeps weakening. Is that good news for the world?

It all depends on the reasons for the greenback’s lack of fizz

AT THE start of 2017, just before Donald Trump was inaugurated as president, a survey of fund managers by Bank of America Merrill Lynch (BAML) found they believed that being positive on the dollar was “the most crowded trade&rdq....

Bitcoin hovers just above key $10,000 level


Bitcoin was hanging onto the $10,000 level on Thursday, after closing out its worst month in three years amid a series of setbacks for cryptocurrencies.

Bitcoin BTCUSD, -0.32%  was last trading around $10,112.65, a....

European Stock Markets Fall

By Modupe Gbadeyanka 

European stocks have fallen on Tuesday as rising bond yields as well as concerns over valuations becoming increasingly stretched has dented investors’ appetite for riskier assets.

While the French CAC 40 Index is down by 0.5 percent, the....

CBN Injects Additional $210m into Forex Market

By Nume Ekeghe

The Central Bank of Nigeria (CBN) on Monday sustained its intervention in the foreign exchange (forex) market by injecting another sum of $210 million into various segments of the interbank market.

At Monday’s trading, the CBN offered the sum of $10....

Dollar reverses gains as bond yields soften

By Saikat Chatterjee, Tommy Wilkes

LONDON (Reuters) - The dollar reversed earlier gains and fell a quarter of a percent on Tuesday after U.S. yields pulled back from recent highs while the euro strengthened after economic data confirmed 

Is CBN defending the naira or dollar?

By Henry Boyo

“As I speak to you, our external reserves stand above $31bn and that provides us with enough firepower to be able to defend the naira (N305=$1)”

However, fast forward to January 2018 with reserves above $40bn, i.e. over 30

Naira depreciates to 365/dollar, CBN sells $210m

The Central Bank of Nigeria has boosted the inter-bank foreign exchange market with the sum of $210m, to meet customers’ requests in various segments of the market.

This came after the naira weakened marginally to 365/dollar at the parallel market on Monday, from 364/dollar on Friday.

The ....

CBN Keeps Rates at 14% in Absence of MPC Meeting

By Modupe Gbadeyanka 

As a result of its inability to convey its first Monetary Policy Committee (MPC) meeting for 2018, the Central Bank of Nigeria (CBN) has announced continuing with the key monetary policy variables as decided by the last MPC meeting held in November 2017.

How Nigerians Beat Bitcoin Scams

By Tim McDonnell

Depending on your feelings about Bitcoin, it may seem appropriate that Nigeria’s love for the cryptocurrency began with a scam. Mavrodi Mondial Moneybox (MMM), a 30-year-long global Ponzi scheme that began in Russia, roped in millions of Nigerians from late 2015....

U.S. charges Barclays forex trader with fraud

By Lawrence White, Brendan Pierson

LONDON/NEW YORK (Reuters) - The U.S. Department of Justice (DoJ) on Tuesday charged a Barclays foreign exchange trader based in New York over his alleged role in a scheme to defraud a client of the bank, the DoJ said.

Robert Bogucki, t....

Dollar bounces from 3-year lows as U.S. yields rise

By Saikat Chatterjee

LONDON (Reuters) - The dollar rose from a three-year low hit earlier in the day as a rise in U.S. Treasury yields prompted some investors to buy the greenback but the market remained cautious on the outlook for the currency amidst a lack of price pressures.

US Stocks May Record New Highs on Earnings Optimism

By Modupe Gbadeyanka 

The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks poised to climb to new record highs.

Better than expected quarterly results from Dow components Citigroup (C) and UnitedHealth (UNH) have added to optimism a....

European Stock Market Close Flat as Euro Rally Halts

By Modupe Gbadeyanka 

European stocks were flat to slightly higher on Tuesday as the euro paused after recent rally and investors awaited more earnings news from the U.S. as trading resumes following a long weekend.

The pan-European Stoxx Europe 600 index was up 0.3 percent at 398.81 in opening deals after declining 0....

Tokyo stocks open flat


Tokyo stocks opened flat on Tuesday with investor sentiment weighed down by a strong yen.
The Nikkei 225 index inched up 0.05 percent or 12.51 points to 23,727.39 in early trade, while the Topix index of all first-section issues was up 0.04 percent or 0.81 points at 1,88....

Euro steady near three-year highs; dollar edges up vs yen

By Masayuki Kitano

SINGAPORE (Reuters) - The euro held steady on Tuesday, taking a breather after having rallied on the back of optimism about the euro zone’s economic outlook and expectations for the European Central Bank to wind down its massive monetary stimulus.

Forex: BDCs beg CBN to sell Naira at N350/$1

By Olaotan Falade

Some Bureau De Change (BDC) operators under the aegis of  Association of Bureaux De Change Operators of Nigeria (ABCON) have appealed to the Central Bank of Nigeria (CBN) to reduce foreign exchange (forex) buying rate from N360 to N350 to the dollar.

Dollar gains as euro rally falters

By Saqib Iqbal Ahmed

NEW YORK (Reuters) - The dollar rose to a more than one-week high against a basket of other major currencies on Monday, helped by a pullback in the euro as investors took profits after the common currency’s recent rally.

The dollar index .DXY,....

Fund managers say U.S. regulator told them to suspend bitcoin bids

NEW YORK (Reuters) - Two U.S. companies withdrew proposals to launch bitcoin-based exchange-traded funds pending before the Securities and Exchange Commission (SEC) on Monday, citing ongoing concerns by the regulatory agency, filings showed.

Staff at the SEC “expressed concerns regarding the liquidity an....

RenCap Upbeat about Naira

By Obinna Chima

Renaissance Capital (RenCap) has expressed excitement over the stability of the naira. The research and investment firm stated this in a report titled: “Weaker dollar improves emerging markets (EM)/Frontier FX fair values,” which assessed the currencies of ....

CBN to punish banks, e-payment firms for infraction

By Collins Nweze 

The Central Bank of Nigeria (CBN) yesterday threatened to sanction banks, mobile money operators, switches and other payment system service providers that violate payment system rules and regulations. The sanctions will begin on April 1, 2018.

A c....

Forex liquidity exceeds $42b

By Chijioke Nelson

Nigeria may be sitting atop foreign exchange (forex) stockpile in excess of $42 billion from reserves’ accretion and the expected full inflow of the $3 billion Eurobond, which may 
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Euro cements gains as policy surprise hopes grow

By Saikat Chatterjee

LONDON (Reuters) - The euro consolidated gains below a four-month high on Friday on some expectations that European policymakers may have to start withdrawing stimulus policies earlier than previously forecasted against the backdrop of a strengthening economy.

Lending Rate Drops on Bullish T-Bills Market

By Dipo Olowookere

The money market rates slightly declined on Thursday as inflows of N193 billion Open Market Operations (OMO) maturities offset outflows for the OMO auction sales yesterday.

Specifically, the overnight lending rate went down to 4.49 percent on Thursday....

Asian Stock Markets Close Broadly Higher

By Modupe Gbadeyanka 

Asian stock markets ended broadly higher on Wednesday, with firmer commodity prices on the back of a weaker dollar and optimism about global growth buoying investor sentiment. The Japanese markets remained closed for a holiday.

The dol....

Impact of the I&E Fx window

By Arize Nwobu

The impact of the Investors’ and Exporters’ FX Window created by the Central Bank of Nigeria, on both the FX market and 
stock market has been positive and magical, which demonstra....

Naira Closes Flat at Black Market on First Day of 2018

By Dipo Olowookere

The Nigerian currency on Monday, January 1, 2018, closed flat at the parallel (black) segment of the foreign exchange market.

Business Post reports that at the first trading day of this year, the Naira stayed unchanged against the three major foreign ....

CBN’s interventions to keep naira stable in 2018

By Collins Nweze  

The naira will be stable next year as the Central Bank of Nigeria (CBN) continues its regular dollar injections into the foreign exchange market, traders said.

The naira has been hovering at 360 to a dollar for investors, around the ....

London stocks end year on record high


London’s FTSE 100 ended 2017 on a new record high on Friday, on a shortened final day of trading before the New Year break.
The benchmark index of blue-chip shares was boosted once again by strong mining stocks, and closed at 1230 GMT, up 0.9 percent at a new closi....

Hong Kong stocks end strong year on upbeat note


Hong Kong stocks ended on a healthy note Friday, bringing a positive end to a stellar year for the Hang Seng Index, which tracked a strong performance across global markets.

The HSI added 0.19 percent, or 55.44 points, to close at 29,919.15. It put on 36 percent ....

European Stocks Close Mixed as Investors Remain Cautious

European shares were mixed on Tuesday, with dollar weakness and disappointing business confidence figures from Germany keeping investors cautious ahead of the U.S. House vote on the tax bill later today.

Germany’s business confidence weakened in December, survey results from Ifo institute showed. The bus....

NCC, CBN seek to curb financial frauds

The Nigerian Communications Commission and the Central Bank of Nigeria are to sign a Memorandum of Understanding to curb the use of telecommunications networks to defraud bank customers.

The Head, Zonal Operations Department, NCC, Mrs. Helen Obi, disclosed this at the eight edition of the Consumer Conversation....

Sterling hits two-week low as traders focus on Brexit talks

Sterling slid to a two-week low against the euro on Tuesday as investors focused on the scale of the task still ahead for Britain to clinch a deal on leaving the European Union, despite progress in the talks made last week.

With thin trading and little economic data to shift interest elsewhere, focus on the ne....