Nigeria’s foreign exchange reserves plunged to $32.87 billion by the end of December, marking a six-year low, as revealed in recent data. The country’s central bank had been actively selling dollars to stabilise the weakening naira, exacerbating the ongoing challenges faced by the currency. Kyle Chapman, an FX markets analyst at London-based Ballinger & Co, Read More…
Tag: Currency
Approval Granted: Nigeria Secures $1 Billion AfDB Loan for Budget Support and Forex Supply
Finance Minister Olawale Edun announced the Federal Executive Council’s (FEC) approval of a $1 billion concessional loan from the African Development Bank (AfDB) aimed at bolstering the budget and enhancing foreign exchange reserves. Edun revealed the loan details, citing a 4.2% interest rate over 25 years with an eight-year moratorium, following a cabinet meeting in Read More…
CBN set for tightened policy and economic expansion, says Cardoso
Olayemi Cardoso, the newly appointed governor of Nigeria’s central bank, announced plans to implement tighter monetary policies in the next two quarters to manage inflation while urging banks to bolster their capital to support economic growth. Addressing immediate challenges such as curbing excess liquidity and combating inflation, Cardoso emphasised a shift from direct fiscal interventions Read More…
Currency Predictions for the Week Ahead: Naira, Shilling, and Kwacha Under Pressure, Cedi and Ugandan Shilling Stable – Traders (Reuters)
Currency traders foresee fluctuations in Nigeria’s naira, Kenya’s shilling, and Zambia’s kwacha in the upcoming week, while Ghana’s cedi and Uganda’s shilling are expected to maintain stability, according to Reuters reports. Kenya’s Shilling The Kenyan shilling is anticipated to continue its gradual decline due to heightened foreign currency demand across sectors leading up to year-end. Read More…
Reps pass 2024-2026 budget expenditure framework with 2024 assumption of N700 to $1
The House of Representatives has greenlit the medium-term expenditure framework for 2024-2026, a critical set of assumptions shaping the country’s upcoming budgets. The outlined projections, ratified by President Bola Tinubu’s cabinet before reaching the National Assembly, anticipate the naira to hover around 700 Naira per dollar in 2024, gradually strengthening in the subsequent years. The Read More…
All Naira banknotes valid for transactions – CBN
In response to cash scarcity concerns and public anxiety about the legitimacy of old Naira banknotes, the Central Bank of Nigeria (CBN) asserts that every banknote issued by them remains legal tender. The CBN, through Section 20(5) of the CBN Act, 2007, emphasises that all denominations of their banknotes should not be rejected. CBN branches Read More…
Buhari reveals new naira notes
The new N200, N500, and N1000 notes were introduced by President Muhammadu Buhari on Wednesday at the Council Chamber of the Presidential Villa in Abuja. The Federal Executive Council (FEC) meeting, which was held virtually with a number of cabinet members present, was preceded by the release of the new naira notes. The Central Bank Read More…
Naira falls at investors, exporters window
The Naira on Tuesday depreciated at the Investors and Exporters window, against the dollar, exchanging at N431. The figure represented a decrease of 0.90 per cent compared with the N427.17 it exchanged to the dollar on Monday. The open indicative rate closed at N427.30 to the dollar on Tuesday. An exchange rate of N444 to Read More…