meta name="google-site-verification" content="itFO53DeTn12Q_CgrK1XuVoVeKkYL4_h9vXHrDuoJZQ" />

Traders

Naira on a free fall as it crashes to nearly 500/Dollar in open market

The Nigerian naira fell close to 500 against the dollar on the unapproved open retail market due to dollar shortages on Friday as retail currency operators set their quotes for dollar purchases at 399 for next week, traders said. Bureau de change operators said the central bank had approved 399 naira for retail trades this …

Naira on a free fall as it crashes to nearly 500/Dollar in open market Read More »

Nigeria interbank lending rate eases on budget cash injections

Nigeria’s overnight lending rate fell this week to around 3 percent on Friday from an average of 3.9 percent a week ago on expectations that budget cash will be injected into the banking system on Friday or Monday, traders said. Nigeria, an OPEC member and Africa’s biggest economy, relies on crude oil sales for two-thirds …

Nigeria interbank lending rate eases on budget cash injections Read More »

Nigerian interbank rate flat as market awaits monthly budget cash flow

Nigeria’s overnight interbank lending rate held steady for the second consecutive week at 14 percent on Friday even as the market anticipated the injection of October budgetary allocations to government agencies to boost liquidity in the system. On Wednesday, Nigeria distributed 420 billion naira ($1.34 billion) between its three tiers of government from crude oil …

Nigerian interbank rate flat as market awaits monthly budget cash flow Read More »