Nigeria’s central bank to auction N62bn treasury bills next week
Oluwafemi Ogunjobi
August 9, 2017
Nigeria’s central bank on Wednesday said it plans to sell 62.43 billion naira ($171 mln) of treasury bills at an auction next Wednesday, 16 August 2017. The bank says it plans to offer N32.43 billion in three-month paper and N30 billion on a six-month bill. Results of the auction will be announced the same day, […]
Intimidation tactics gag traders in Kenya’s currency market
Businessam StaffAugust 7, 2017
Kenya’s central bank is taking an unusual (intimidation) approach to protecting its currency. According to Bloomberg’s report, monetary authorities in Nairobi have been cracking down on selling, hedging and even making bearish predictions, according to traders and analysts. In a sign of the skittishness, none of 12 market participants contacted by Bloomberg spoke on the […]
Nigeria’s naira weakens 0.55% against US dollar at parallel market
Aderemi OjekunleAugust 3, 2017
Nigeria’s currency, the naira, Thursday weakened at the parallel market, shedding 0.55 percent to N365 to the dollar from N363 it traded Wednesday. This is just as traders complained of uncertainty and frequent government policies, which, according to them, have continued to hammer the currency exchange rate at the street market. At the official market, […]
Nigeria banks’ quote using investors’ window seen moving towards single naira rate
Businessam StaffAugust 3, 2017
A move on Wednesday that saw Nigerian banks using the naira exchange rate at the Investors’ and Exporters’ foreign exchange window was being interpreted as a clear desire by regulators to see a single naira exchange rate enthroned in the country much sooner than earlier thought. Nigeria currently operates a multiple exchange rate system with […]
Is it time to buy the U.S. dollar? Asks Hussein Sayed, FXTM chief market strategist
Businessam StaffJuly 31, 2017
Six months ago it was hard to believe that the Greenback will be plummeting against all of its major peers. Back then the Fed was the only central bank tightening monetary policy, economic data was very supportive and most importantly Trump’s expected policies of cutting taxes as well as spending on infrastructure were meant to […]
A struggling dollar sees out July, FXTM analyst
Businessam StaffJuly 31, 2017
July has certainly been a painful trading month for the Greenback, with Friday’s second quarter economic growth figures from the US offering little support to the beleaguered currency, says FXTM research analyst, Lukuman Otunuga, in a month round-up note made available to Businessamlive. “The US economy expanded by 2.6% in the second quarter of 2017 […]
Sterling to stay low for forseeable future, say long-term forecasters
Businessam StaffJuly 26, 2017
Sterling is set to stay low for the long-term, as major investment managers see no reason for the currency to recover in the years to come. A weak pound should be good for exports – though the impact is coming through only slowly – but means the recent surge in inflation as imported goods become more expensive […]
Sterling inches up after worst week against euro in nine months
Businessam StaffJuly 24, 2017
Sterling recovered from its worst week against the euro in nine months on Monday as investors took profit on gains for the single currency and ministers talked up a transitional deal to smooth Britain’s exit from the European Union. The pound lost more than 2.5 percent against the euro last week, hitting an eight-month low […]
Currency traders paying costly for protection against dollar plunge
Businessam StaffJuly 24, 2017
With the Federal Reserve expected to hold interest rates steady Wednesday, traders in the $5.1-trillion-a-day currency market are paying an added premium for the first time since October 2009 on options to protect against an extreme decline in the dollar against the euro over a six-month tenor. One measure, known as a 10-delta risk reversal, […]
Euro surge to two-year high prompts stocks pause
Businessam StaffJuly 21, 2017
The euro’s surge to an almost two-year high dominated financial markets on Friday, with most major stock exchanges consolidating after a second strong week of gains while those in mainland Europe dipped. According to Reuters, investors seem largely to have got over a period of jitters spurred by concerns over the pace of U.S. economic […]