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Tuesday, 31 May 2016

BREAKING: Naira crashes to N285/$1 at interbank market

Following the new flexible exchange policy to be adopted by the CBN, the naira has switched to N285 to a dollar at the interbank market.

By Nomso Obiajuru.Despite the Central Bank of Nigeria yet to roll out the details of the new flexible exchange rate policy, which is a monetary system that allows the exchange rate to be determined by supply and demand, the nation’s currency naira has switched to N285 to a dollar at the interbank market, The Guardian reports. The policy, which throws naira into open market, paves way for one to walk into the bank and ask to buy forex at the market rate, hence, putting pressure on black market and Bureau de Change operators. Share on Facebook Share on Twitter Following the new flexible exchange policy to be adopted by the CBN

Economy: Tough Choices Face CBN Policy Committee Today —Analysts

The Central Bank of Nigeria head office in Abuja.

LAGOS — As the Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, meets today and tomorrow to review economic and monetary developments since its last meeting in January, and take some measures

Nigeria: President Buhari Gives First Hint He'll Accept Naira Devaluation

Nigerian President Muhammadu Buhari hinted for the first time that he would accept a devaluation of the naira, spurring speculation it may take place early next year when the local market reopens for trading.

Nigeria: CBN To Give Graduates Access To SME Funds

The Central Bank of Nigeria (CBN) has reviewed the guidelines for the N220 billion Micro, Small, and Medium Enterprises (MSME) Fund to allow new businesses (start-ups) borrow from the fund.

LAGOS — Nigerian banks are struggling to meet $5 billion foreign exchange obligations to importers and correspondent banks, reflecting the worsening foreign exchange situation in the country.

Nigeria: JP Morgan - A Wake-Up Call

As the frenzy over the decision by JP Morgan to phase out Nigeria from its Government Bond Index for Emerging Markets (GBI-EM) effective from October 30, 2015 begins to die down we draw attention to the need to adopt measures that would extricate Nigeria's economy from whims of foreign investors.