Central bank urged to cut MPR, eradicate multiple exchange rates
Businessam Staff
April 1, 2018
Aminu Gwadabe, the President of Association of Bureau d’Change Operators of Nigeria (ABCON), has advised the CBN to reduce its monetary policy rates. He said that lowering the Monetary Policy Ratio (MPR) and other rates by the CBN Monetary Policy Committee (MPC) was critical to revamping the productive sectors of the economy. Gwadabe told the […]
Standbic IBTC lists Nigeria’s largest open-ended dollar, money markets, bond funds on FMDQ platform
Kayode OgunwaleFebruary 13, 2018
As a debt-capital focused securities exchange, championing and supporting market-driven initiatives aimed at providing liquidity and facilitating growth and development in the Nigerian financial markets, FMDQ OTC Securities Exchange (FMDQ), through its board listings, Markets and Technology Committee, admitted the listing of the Stanbic IBTC Dollar, Money Market and Bond Funds (the SIAML Funds) on […]
Slight variations, but naira relatively stable on street market
Businessam StaffFebruary 12, 2018
By Remilekun Davies and Ademola Badmus Nigeria’s foreign exchange market, which plays host to various kinds of players, each contributing to the challenge in the multiplicity of rates and the ever-widening gulf between the official and the unofficial rates, produced a relatively stable naira at the parallel market last week, business a.m. currency monitoring across […]
ACM Gold shuts forex operations in Nigeria, other countries to enter crypto world
Abdulrafiu EdidiJanuary 31, 2018
ACM Gold, once the largest foreign exchange brokerage in South Africa, has announced that it has shut down its foreign exchange operations in Nigeria and a number of other countries to prepare itself for an entry into the world of cryptocurrencies, according to an announcement on its website accessed by businessamlive.com ACM, established in 2004, has […]
Nigeria’s central bank boosts forex market with $210m
Businessam StaffJanuary 22, 2018
The Central Bank of Nigeria (CBN) Monday boosted the inter-bank foreign exchange market with the sum of $210 million to meet customers’ requests in various segments of the market. In its quest to meet the customers’ needs in the sundry segments of the market, the CBN offered $100 million to authorised dealers in the wholesale […]
Qatar guarantees stocks FX rate if MSCI sticks to official level
Mohammed SergieNovember 28, 2017
Qatar’s central bank pledged to provide dollars at the official exchange rate to stock investors if index provider MSCI Inc. continues to use that level to calculate its gauge. “This guarantee should address any concern the MSCI investors might have on their capacity to freely trade the Qatari riyal at official onshore FX rates,” the […]
Nigeria’s central bank injects $195m into forex market
Businessam StaffNovember 8, 2017
Nigeria’s central bank said Tuesday it had injected $195 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, $50 million for small businesses and individuals, and $45 million for certain dollar expenses […]
FXTM Chief Market Strategist, Hussein Sayed, takes a long view on dollar, pound, euro potential movements
Businessam StaffJuly 17, 2017
Last week the greenback was the biggest loser among all major currencies. The dollar index slipped to a 10-month low, while the Euro, the Pound, the Loonie and the Aussie all posted new 2017 highs. The dollar has been falling since the beginning of 2017 despite the two rate hikes that occurred in March and […]
CBN injects $142.5m into forex market
Businessam StaffJuly 11, 2017
The Central Bank of Nigeria (CBN) on Monday injected 142.5 million dollars into the inter-bank foreign exchange, days after intervening in the retail segment of the market with 254.3 million dollars. The spokesperson of the apex bank, Isaac Okorafor, in a statement, said the CBN would continue to carry out its regular mediation in the […]
Gaps in multiple forex rates narrow, naira opens at N364/$ Wednesday
Niyi JacobsJune 21, 2017
Strong interventions by Central Bank of Nigeria (CBN) geared towards achieving stability amidst convergence in the exchange rate of the naira is impacting positively on activities of Nigeria’s foreign exchange market as gap in rates narrows. The forex market opened trading on Wednesday morning with diverse rate for dollar, coming from the multiple foreign-exchange window […]