Zenith Bank Boosts Earnings with N356bn FX Gain
Zenith Bank Boosts Earnings with N356bn FX Gain Zenith Bank Plc has delivered a strong earnings boost in the first half of the financial year 2023, a feat that was…
Doomsday for FX Speculators on Naira Surprise Rebound
Doomsday for FX Speculators on Naira Surprise Rebound NAIRA EXCHANGE RATE: Doomsday lay ahead for FX speculators in the market as the Naira made a surprise rebound over an expectation…
Fitch Flags Nigeria’s FX Reserves for Transparency Issue
Fitch Flags Nigeria’s FX Reserves for Transparency Issue Fitch Ratings has flagged Nigeria’s external or foreign currency (FX) reserves balance for transparency issues following the recent audited report released by…
Naira Rises as FX Transactions Settle at $64m
Naira Rises as FX Transactions Settle at $64m The Nigerian naira rose marginally as foreign exchange (FX) transactions volume settled at about $64 million on Tuesday at the Investors and…
Naira Slides to N747.87 as FX Inflows Crash
Naira Slides to N747.87 as FX Inflows Crash The Nigerian naira slid back to N747.87 per United States dollar (USD) on Monday after a report showed that FX inflows into…
U.S. Dollar Inflows into FX Market Sinks 87% in 30-Day
U.S. Dollar Inflows into FX Market Sinks 87% in 30-Day The volume of US dollars supply into the Investors’ and Exporters FX market sunk 87% in July 2023, according to…
Naira Trades at N740 as ‘Invisible Hands’ Boost FX Supply
Naira Trades at N740 as ‘Invisible Hands’ Boost FX Supply The naira traded at N740.38 at invisible hand boosted FX supply at the Investors and Exporters window last week. The…
GTCO Profit Rises Sharply over N357bn FX Gain
GTCO Profit Rises Sharply over N357bn FX Gain Guaranty Trust Holding Company (GTCO) Plc’s profit settled at N280.482 billion in the first half of 2023, from N77.557 billion in the…
Naira Reclaims 5% as Banks Release Update on FX Sales
Naira Reclaims 5% as Banks Release Update on FX Sales The Nigerian local currency, the naira, reversed losses it sustained in August as the apex bank price verification portal opens…
Naira Sags Amidst Messy FX Reform
Naira Sags Amidst Messy FX Reform Exchange rates across foreign currency markets in Nigeria worsened on Tuesday over sustained US dollar shortage in the economy. As a result, the gap…
FX Gap Spikes as USD Scarcity ‘Insults’ Naira Devaluation
FX Gap Spikes as USD Scarcity ‘Insults’ Naira Devaluation The gap between exchange rates at the investors’ and exporters’ foreign exchange window and the parallel market has widened to more…
Naira Tumbles Across FX Markets as External Reserves Dip
Naira Tumbles Across FX Markets as External Reserves Dip It was a tough week for the Nigerian naira across the foreign exchange (FX) markets as the local currency lost significant…
FX Rates: CBN Says No Plan to Sell US Dollars to BDCs
FX Rates: CBN Says No Plan to Sell US Dollars to BDCs The Central Bank of Nigeria (CBN) said there is no plan to commence weekly foreign currency sales to…
Producers GDP Shrinks 15% over Inflation, Interest, FX Hurdle
Producers GDP Shrinks 15% over Inflation, Interest, FX Hurdle Nigeria’s large buckets of uncertainties stoked pressures on the productive segment of the economy in the second quarter of 2023, according…
Naira Crashes as FX Demand Overruns Supply
Naira Crashes as FX Demand Overruns Supply After a show of strength across the foreign exchange (FX) market last week, the Nigerian naira has crashed amidst declining inflows of the…
Naira Depreciates for 3-Day over Rising FX Demand
Naira Depreciates for 3-Day over Rising FX Demand For three days straight, the Nigerian naira has been losing its buying power amidst the foreign currency crisis facing the country. Pressures…
FX Gap Hits N130 as Naira Slumps Across Markets
FX Gap Hits N130 as Naira Slumps Across Markets The gap between the exchange rate between the Investors’ and exporters’ foreign exchange window and the parallel market has widened to…
Naira Tumbles Amidst Doubt Over FX Reserves Balance
Naira Tumbles Amidst Doubt Over FX Reserves Balance The Nigerian naira exchange rate worsened on Monday following news that the total balance in the external reserves might have been over-rated.…
Nigeria’s Net FX Reserves Drop to $3.7bn in 2022 –JP Morgan
Nigeria’s Net FX Reserves Drop to $3.7bn in 2022 –JP Morgan JP Morgan, an American financial services firm, estimated that Nigeria’s net foreign exchange (FX) reserves dropped to $3.7 billion…
CBN Brings Backs BDCs, Caps FX Spread
CBN Brings Backs BDCs, Caps FX Spread In its latest decision to re-integrate operations of Bureau De Change (BDCs) into foreign exchange markets, the Central Bank of Nigeria (CBN) said…