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: exchange rates
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…
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…
Saudi Arabia commits to overhaul Nigeria’s oil refineries in landmark agreement
In a groundbreaking development, Saudi Arabia has pledged a significant investment in the comprehensive overhaul of Nigeria’s ageing oil refineries. The commitment was sealed during a bilateral meeting between Nigerian President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman on the fringes of the Saudi-Africa summit in Riyadh. Under President Tinubu’s ambitious reforms, aimed Read More…
Nigeria lets naira weaken in possible move to unify exchange rates
Nigeria let the naira weaken to a record low against the dollar on the official market on Friday, according to traders, who said this could be a move by the central bank to unify multiple exchange rates. Having traded within a band of 380 and 381 to the dollar since July last year, the naira Read More…