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Inflation, currency woes threaten growth
06 Feb 2025 07:36 GMT
… inflation.
“Nigeria and Ghana have also been grappling with currency volatility, … half of 2024, the Nigerian naira depreciated by over 40%, … medium term.
“Compared to Nigeria, Ghana appears to have … A more stable domestic currency will also contribute to …
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Naira: Parallel market nears official on reforms
06 Feb 2025 05:07 GMT
… Central Bank of Nigeria (CBN).
The naira on Wednesday appreciated … On Tuesday, the local currency closed flat at an … official foreign exchange (FX) market, the naira steadied at N1,499 … through the Financial Institutions Forex Reporting System (FIFX).
Funds …
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Trump’s tariffs seen testing naira recovery
06 Feb 2025 05:07 GMT
… recently reported that the naira appreciated to an eight-month … at the official foreign exchange (FX) market last Friday, as dollar … investors to the sidelines in Nigeria, limiting capital inflows and … rates in the local currency may have to rise further …
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Nigeria’s output growth may slip to 0.8 per cent, says report
06 Feb 2025 04:40 GMT
… Nigeria’s inflation rate to slow on account of stable naira … slow due to a stable currency and petrol pump prices. … African currencies. In 2024, Nigeria and Egypt undertook foreign exchange … portfolio inflows. Despite the naira and Egyptian pound being the …
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How FX code can boost market confidence, naira stability
06 Feb 2025 01:06 GMT
… institutions operating in the FX market, interdealer brokers, … and disciplined FX market.
A liquid FX market depends largely … Nigeria’s FX market, undermining liquidity and weakening the value of the naira … to hoard foreign currency for speculative purposes. …
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Naira crosses 1600 mark, appreciates to 1,590 to dollar in black market
05 Feb 2025 21:35 GMT
… with the past month, the naira has gained 4.7 percent … market.
On Tuesday, the local currency closed flat at an average … the official foreign exchange (FX) market, the naira steadied at N1,499 per … of the Central Bank of Nigeria (CBN) said, “notably the …
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Naira Holds Steady in FX Market as CBN Boosts Dollar Supply to BDCs
05 Feb 2025 10:20 GMT
The Nigerian naira remained stable across all … following the Central Bank of Nigeria’s (CBN) decision … a more transparent, efficient FX market by increasing dollar supply and … fostering a stable, resilient currency environment that supports sustainable economic …
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Naira closes flat across FX market as CBN extends dollar access to BDCs
05 Feb 2025 08:30 GMT
… as the Central Bank of Nigeria (CBN) extended dollar access … day. The market witnessed the currency dealers offering the dollar at … Exchange Limited revealed that the naira, which opened at N1, … Bloomberg BMatch.
The local currency closed flat at an average …
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CBN Maintains $25,000 Weekly Forex Sales Allocation to BDCs
05 Feb 2025 16:55 GMT
… current BDCs to procure foreign currency from licensed dealers.
Originally … saw a sharp reduction in Nigeria’s foreign exchange reserves, … decrease.
Even though the naira saw a sharp increase in … bank’s continuous access to forex is to improve market …
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Banks Ignoring CBN Directive to Sell Forex to BDCs—ABCON
05 Feb 2025 16:11 GMT
… benefit of the local currency, the Naira.
The forex traders, under the … Bureaux de Change Operators of Nigeria (ABCON), said some banks … ensure the stability of the Naira.
The circular, titled Sales … the CBN to stabilising the FX market, noting that it promotes …