Forex
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Nigeria’s headline inflation rate declined to 33.40 percent in July after a persistent rise in almost two years, the latest report released Thursday by the country’s statistics bureau showed. The consumer price index, a main gauge of inflation, declined by 0.8 percent compared to the 34.19 percent recorded in June, according to the National Bureau…
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The Central Bank of Nigeria, CBN, has sold the sum of USD122,671,000.00 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market. A statement signed by the Bank’s Director in charge of Financial Markets, Dr Omolara Duke, disclosed that USD 67,500,000.00, sixty-seven million, five hundred thousand…
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Kenya’s foreign exchange reserves hit a new high of 7.896 billion U.S. dollars Friday after rising 121 million dollars, the Central Bank said in its weekly update of the financial markets. The surge comes about a week after the country fully settled its 2 billion dollar Eurobond debt taken in 2014 using a loan from…
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U.S. stocks soared on Wednesday after the Federal Reserve left official interest rates unchanged and signaled three rate cuts are on the horizon. The news sent the Dow Jones industrials above 37,000 to touch a new record high. “The Fed has given the market an early holiday gift today when, finally, for the first time,…
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he Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) price verification system (PVS) portal to enable importers to access forex. The CBN, in a statement on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests, effective from August 31, 2023. The Form ‘M’…
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Nigeria’s currency has continued to experience free-fall against the Dollar two months after the Central Bank of Nigeria’s floating of Naira, a decision that has further worsened the woes of Africa’s largest economy. From 14 June, when CBN liberalized the forex market, till date, the country’s currency has continued to slump against the Dollar from…
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The naira, Nigeria’s legal tender, closed at N740.08 per dollar at the investors and exporters (I&E) window on Wednesday. The I&E foreign exchange (FX) window is the market trading segment for investors, exporters and end-users that allows FX trades to be made at exchange rates determined based on prevailing market circumstances. It is the country’s…
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The Nigerian naira has made a comeback rising to N730/$ after falling to 900/$ five days ago in the parallel market. Nigeria’s currency is now standing better than when the Central Bank of Nigeria, CBN, announced the date for the commencement of the naira notes redesign. Although the official rate of Naira to Dollar is…
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Investing in crypto may sound like taking a huge risk to many people. After all, it’s no news that the crypto market is volatile, far more volatile than the stock market. The more daring investors still take the plunge anyway because, as the saying goes, the higher the risk, the higher the return. They don’t…
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The question asked by a newbie stock investor will probably relate to the best place for buying and selling shares. Can anyone purchase shares, or are you required to have a license to buy shares? Can you purchase shares online from home? Is it difficult? What is the minimum investment when buying stocks? These are…
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How is fintech making money more accessible to entrepreneurs and business organizations? The past few decades have been very important in the development of financial technology. The world of finance has also witnessed numerous changes that have helped it to further develop. The older banking industry is slowly starting to go out of fashion, and…
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