Naira falls by 16%, closes week at N927/$
The naira closed the week at N927.19/$ on the official Investor and Exporter forex window. This was a 16.64 per cent decline from the N794.89/$ it closed the week that ended November 24, 2023, according to data from the FMDQ Securities Exchange. Also, the turnover of dollars traded in the market improved from $75.82m to […]
Nigeria revises 2024 budget to $33 billion, raises oil price assumption
Nigeria has revised its 2024 budget upwards by 1.5 trillion naira to 27.5 trillion naira ($32.76 billion), Budget Minister Atiku Bagudu said on Monday, after increasing the oil price benchmark and lowering the naira exchange rate assumption. Bagudu told reporters after a cabinet meeting that the cabinet had revised its oil price assumption up by […]
China keeps lending benchmark rates unchanged, as expected
China left benchmark lending rates unchanged at a monthly fixing on Monday, matching expectations, as a weaker yuan continued to limit further monetary easing and policymakers waited to see the effects of previous stimulus on credit demand. Recent data shows the recovery in the world’s second-largest economy remains patchy with industrial output and retail sales […]
Egypt sells $1.61 bln of one-year dollar T-bills -central bank
Egypt sold $1.61 billion of one-year, dollar-denominated T-bills at auction on Monday at an average yield of 5.15%, the central bank said. The bills, which will be settled on Nov. 14, replace a similar amount of maturing one-year dollar T-bills that bore an average yield of 4.60%.
Egypt’s stumbling economy faces new pressures from Gaza crisis
Egypt’s struggling economy faces new risks as the war in the neighbouring Gaza Strip threatens to disrupt tourism bookings and natural gas imports. Oil-rich Gulf countries, which repeatedly propped up Egypt’s finances with deposits over the past decade, had recently shifted to seeking profitable investments instead. Now they may step up assistance once more, analysts […]
Naira: Tinubu’ll shock currency speculators — Presidency
The Presidency yesterday disclosed that President Bola Tinubu’s administration is working on policies that will strengthen the Naira. Special Adviser to the President on Economic Matters, Dr Tope Fasua, disclosed this at the “Cowries to Cash” lecture and lunch in Abuja yesterday. There has been a steady rise in the value of the naira in […]
Nigeria brings major Dangote refinery to life with own oil supply
Nigeria’s state oil firm NNPC Ltd will supply the new 650,000 barrel-per-day Dangote oil refinery with up to six cargoes of crude oil in December to be used in test runs, three industry sources with knowledge of the matter said. The refinery, funded by Africa’s richest man, Aliko Dangote, will transform oil trading in the […]
Chinese loan rises by $800m in one year, hits $4.73bn
Nigeria’s debt to China increased from $3.93bn as of June 30, 2022, to $4.73bn as of June 30, 2023, showing an increase of $800m in one year. It is an increase of 20.36 per cent from the second quarter of 2022 to Q2 2023, according to an analysis of the external debt stock data from […]
Nigerian naira hits record black market low
Nigeria’s naira hit a record low of 1,300 per dollar on the black market on Thursday, online platform abokiFX showed, driven by thin trading volumes on the parallel market and dollar shortages on the official market. The naira has been in free fall on the unofficial market, where it trades freely, after currency restrictions were […]
Naira depreciates to N1,175/$ in parallel market
The naira yesterday depreciated to N1,175 per dollar in the parallel market from N1,100 per dollar on Wednesday. However, the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N782.68 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N782.68 per dollar from N790.68 per dollar on […]
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