Osinbajo to CBN: Naira exchange rate ‘artificially low’

Vice President Yemi Osinbajo on Monday described the naira exchange rate as ‘artificially low’, calling on the Central Bank of Nigeria (CBN) to devalue the currency to reflect the reality of the market. The vice president made the call while speaking at the ongoing Mid-Term Ministerial Performance Review Retreat in Abuja. The naira is changing for a dollar at N411 at the official market, while … Continue reading Osinbajo to CBN: Naira exchange rate ‘artificially low’

CBN: eNaira will boost cross-border trade

The Central Bank of Nigeria (CBN) has explained the economic implications and importance of a centralised and regulated digital currency in Nigeria. Last month, the apex bank said it would launch the pilot scheme of its digital currency, eNaira, by October 1, 2021, with Bitt Inc., a Barbados-based fintech firm, as its technical partner. The CBN also said eNaira must be accepted as a form of payment by all merchants … Continue reading CBN: eNaira will boost cross-border trade

Naira Declines Further, Exchanges For 570/$

The naira continued its downward trend after exchanging to the dollar for 570 on Thursday. A week earlier, the naira had traded to the dollar at the rate of 534. According to the official website of the Bureau de Change operators, naijabdcs.com, the dollar was bought and sold at N568 and N570 respectively. Meanwhile the naira hit a high of N413 to close at N412.64 … Continue reading Naira Declines Further, Exchanges For 570/$

CBN investigating Oniwinde Adedotun, abokiFX founder, for ‘illegal’ forex trading

The Central Bank of Nigeria (CBN) is investigating Oniwinde Adedotun, the founder of abokiFX, TheCable has learnt. Sources within the apex bank told TheCable on Thursday night that Adedotun and abokiFX Limited are currently under investigation for “illegal foreign exchange transactions”. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. On Thursday, abokiFX reported that the naira was trading … Continue reading CBN investigating Oniwinde Adedotun, abokiFX founder, for ‘illegal’ forex trading

Chairman Presidential Economic Advisory Team: With Debt Service-to-Revenue at 98%, Nigeria’s Borrowing Unsustainable

Nigeria’s current public debt stock is unsustainable even though the country’s debt-to-Gross Domestic Product (GDP) ratio at 35 per cent seems comfortable, Chairman of President Muhammadu Buhari’s Economic Advisory Council (EAC), Dr. Doyin Salami, has said. Salami also lamented that with debt service-to-revenue ratio at 97.7 per cent (January to May 2021), the country’s public debt profile was unmaintainable. The assessment comes on the heels … Continue reading Chairman Presidential Economic Advisory Team: With Debt Service-to-Revenue at 98%, Nigeria’s Borrowing Unsustainable

White House offers Nicki Minaj a call after she expressed COVID-19 vaccine hesitancy, official says

The White House has offered Nicki Minaj a call with a doctor, according to an official, after she expressed concerns this week about getting the COVID-19 vaccine. The rapper tweeted on Monday that she wants to do more research before getting vaccinated and claimed that a friend of her cousin’s had experienced adverse effects from it, which health officials have refuted.  “My cousin in Trinidad won’t get the vaccine … Continue reading White House offers Nicki Minaj a call after she expressed COVID-19 vaccine hesitancy, official says

Nigeria hits the international capital market with a $6.2 billion Eurobond offer

The Debt Management Office (DMO) is set to issue Eurobond at the International Capital Market (ICM). The DMO in a statement said that the last time Nigeria accessed the ICM was November 2018, adding that virtual meetings with investors have been scheduled for September 17 and September 20. The Office added that meetings will also be held with local investors in order to avail them … Continue reading Nigeria hits the international capital market with a $6.2 billion Eurobond offer

Nigeria to join New York, Singapore, London as international financial hub

Nigeria is set to join a very small elite group of countries operating an international financial hub. The international financial centre will take in September 2022 when the Central Bank of Nigeria will establish The Nigerian International Financial Centre (NIFC). Central Bank of Nigeria(CBN) Governor Godwin Emefiele disclosed this in Abuja on Tuesday at the 14th Annual Banking and Finance Conference organized by the Chartered … Continue reading Nigeria to join New York, Singapore, London as international financial hub

Buhari seeks NASS approval to borrow another $4bn, €710m loan

…With the current $1 to N550 exchange rate, the new loan of $4 billion will amount to about N2.2 trillion. President Muhammadu Buhari is seeking the approval of the National Assembly to borrow another $4 billion ($4,054,476,863) and €710 million loan from bilateral and multilateral organisations to fund the deficit in the 2021 budget. The president, in a letter to the Senate, said the loan … Continue reading Buhari seeks NASS approval to borrow another $4bn, €710m loan

Naira hits all-time low of 543 against dollar

The naira on Thursday continued its downward spiral on the parallel market, selling for N543 to the dollar on Thursday, The PUNCH has learnt. While bureau de change operators in Abuja bought dollar at N540, it was sold for N543. The British Pound was also sold for £1/N740. The development comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de … Continue reading Naira hits all-time low of 543 against dollar