Central Bank of Nigeria June 29, (THEWILL) – The Investors and Exporters (I&E) Forex Window introduced by the Central Bank of Nigeria in April 2017 attracted over N50 billion in three years of its operation. The I&E window, also known as the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) was created to boost liquidity in the … Read more
We expect the price to decline from the current levels before rising again. Today’s recommendation on the lira against the dollar Risk 0.50%. The buy trade of the recommendation was activated yesterday, and half of the contracts were closed with the price moving towards the target Best selling entry points Entering a short position with … Read more
The euro steadied on Wednesday after falling to a six-day low, reacting to the release of conflicting inflation data in Germany and Spain that created a difficult backdrop for European Central Bank policymaking. The European common single currency decline in early London trading after data showed June prices in the German state of North Rhine–Westphalia … Read more
Since the past few days, the rupee has hit a series of record lows and is currently around 79 against the US dollar as concerns over economic growth amidst multi-year high inflation, interest rate hikes, persistent foreign funds outflow, high crude oil prices, and volatile domestic equities weigh on sentiments. The weakening of rupee has … Read more
By Swati Bhat MUMBAI (Reuters) – India’s central bank may need to change the way it seeks to slow the rupee’s decline, analysts and traders say, with its current method of intervention in the forwards market now only accelerating the currency’s fall. The rupee has hit … Read more
The only way to tackle the rising price of diesel and cooking gas in Nigeria is to increase the production of crude oil in the country. Group managing director of the Nigeria Nation Petroleum Company (NNPC) Ltd Mele Kyari said this when he appeared before the House of Representative Committee on Petroleum (Downstream), headed by … Read more
The entrenchment of the multi-currency system in law as announced by the Finance and Economic Development Minister, Prof. Mthuli Ncube this week could have signaled the final leap into full-scale dollarization of the local economy. Previously the pricing in foreign currency was anchored on a Statutory Instrument 85 passed in 2020 which allowed foreign currency … Read more
Members of the Manufacturers Association of Nigeria (MAN) have been forced to reduce their workforce by 40 per cent due to high operational cost. South-West Chairman, Mr Lanre Popoola, told the News Agency of Nigeria yesterday in Ibadan. Popoola said that the outrageous cost of production have very great consequences on the operations and workforce. … Read more
SHIB/USD apparently attracted a healthy amount of speculative fuel the past ten days and reached a solid short term high on the 26th of June. SHIB/USD hit a high of approximately 0.00001209 on the 26th of June as speculative buying drove the cryptocurrency upwards. On the 18th of June SHIB/USD was near a depth of 0.00000715. The ability … Read more
GMD NNPC, Mele Kyari Group Managing Director of Nigerian National Petroleum Company Limited (NNPC) Mr Mele Kyari, has attributed the current fuel scarcity and hike in the price of diesel to the non functional nation’s refineries. He also said over 200 illegal facilities were operating in the country to matters worse. Appearing before the … Read more