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Showing posts with the label Central Bank of Nigeria

Naira Appreciates To N498/$ As Reserves Hit $28.3bn

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Having depreciated in value to N500 to the dollar at the parallel market, the value of the naira appreciated to N498 to the dollar, the value it had been trading for weeks or weeks, even as external reserves rose to $28.28 billion the highest in the year highest in a year.The naira however remained stable at N305.25 to the dollar at the interbank market, on the website of the Association of Bureau de Change Operators; the naira was quoted at N315.38 to the dollar.Demand for the greenback grew and the Central Bank of Nigeria rationed dollar supply, having sold $660 million in 3- and 5- month currency forwards at an auction aimed at clearing a backlog of dollar demand. Traders however said the dollar sale was not enough to satisfy the market.Data on the website of the apex bank showed that the nation’s external reserves has risen by 7.89 per cent since the beginning of the year.Traders said while the apex bank has been selling dollars on the official market to support the naira, dollar …

President Muhammadu Buhari writes National Assembly seeking Permission to borrow $4.5b

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The President, Muhammadu Buhari today wrote to the National Assembly, seeking permission to borrow about $4.5b. This was contained in a letter to the House of Representatives Leadership, led by Rt. Hon. Yakubu Dogara

Nigeria Remains Africa's Biggest Economy - October 2016

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Nigeria has been affirmed by the International Monetary Fund (IMF) as the biggest economy in Africa — ahead of South Africa and Egypt.In August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP).“A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC had said in August.

“Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg had also said.But according to TheCable, latest estimates from the IMF however put Nigeria’s GDP at $415.080 billion, from $493.831 billion at the end of 2015.
The IMF World Economic Outlook for October 2016 puts South Africa’s GDP at $280.367 billion, from $314.732 billion a year earlier.Egypt’s 2016 da…

Kidnappers Release Wife Of Nigeria’s Central Bank Governor Emefiele

Margaret Emefiele, wife of Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who was kidnapped by heavily armed abductors on Thursday, has been released. Mrs. Emefiele who was kidnapped along the Benin-Agbor Road on Thursday alongside four others was released exactly 1 am Nigeria time. It is further speculated that the kidnappers who earlier demanded N1.5 billion released Mrs. Emefiele after receiving N80 million ransom.The Police Public Relations Officer of Delta State has just confirmed the release,  but declined to comment on the issue of ransom being paid.

Nigeria's External reserves rise by $595m in five days

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The nation’s foreign exchange reserves have increased by $595m to hit a one-month high of $26.196bn, the latest data from the Central Bank of Nigeria have shown.This came on Monday just as the naira traded around 412- 413 against the United States dollar at the parallel market, compared to 414/dollar on Sunday.External reserves stood at $25.6bn as of August 24, down from $26.21bn on July 28, the CBN data showed.The reserves declined from $26bn on August 4, 2016 to $25.97bn on August 5 as the CBN stepped up dollar sales to boost liquidity at the interbank market and support the ailing naira.The central bank has been selling dollars regularly at the interbank market to prop up the naira since it floated it on June 20. The currency touched an all-time low of 365.25 per dollar on August 18 at the official market.In June and July, the reserves hovered between $26.3 and $26.4bn, but fell to $26.12bn on August 1.The reserves had stood at $26.4bn between May 24 and 27, after dropping to $26.5…