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Nigerian Naira Tumbles 30 percent After Peg Removed

Nigerian Naira Tumbles 30 percent After Peg Removed

Nigeria’s naira slumped 30 percent against the dollar on Monday after the central bank removed its currency peg in an effort to alleviate the chronic foreign currency shortages choking growth in Africa’s biggest economy. The central bank sold $530 million for 280 naira per dollar at a special auction and later sold a further $86.5 […]

Naira Devaluation Inevitable, Rewane, Others Insist

Naira Devaluation Inevitable, Rewane, Others Insist

The naira, which came under pressure last week following the partial deregulation of the downstream petroleum sub-sector, has to be devalued, with a flexible foreign exchange policy put in place, industry experts have said. The currency had on Friday plunged to 360 against the United States dollar at the parallel market from 341 on Thursday, […]

Interbank rate drops further on increased liquidity

Interbank rate drops further on increased liquidity

The nation’s overnight interbank lending rates fell further on Monday to 4.25 per cent, almost two weeks after it rose significantly to 13 per cent. The overnight placement had risen sharply to around 13 per cent about two weeks ago after the Central Bank of Nigeria withdrew about N400bn from the banking system to meet […]

To borrow or not to borrow?

To borrow or not to borrow?

President Muhammadu Buhari proposes to spend over N6n in the 2016 Appropriation Bill, even though government “reasonably” expects to earn about N3.8tn as revenue. Consequently, according to the budget proposals, N984bn will be borrowed from personal and corporate holders of surplus naira to partly fund the shortfall, while $4.5bn (N900bn) will also be borrowed from […]

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