By Peter OBIORA InvestAdvocate Lagos (INVESTADVOCATE)-Global lender, the International Monetary Fund (IMF) said on Friday it will separately identify the renminbi (RMB) in its official foreign exchange reserves database starting October 1, 2016. “The change will be reflected in the survey for the fourth quarter of 2016 that will be […]
Money Market
Nigerian banks delay loan repayments due to dollar shortage
Fri Mar 4, 2016/Reuters By Chijioke Ohuocha LAGOS (Reuters) – Nigeria’s central bank has tightened restrictions on the flow of dollars to domestic lenders, forcing them to delay hard currency loan and trade repayments to foreign banks and increasing the risk of default, bankers say. Reeling from the slump in […]
Naira gains 6%, sells for 310 against dollar
March 3, 2016 By Oyetunji Abioye The naira gained six per cent against the United States dollar at the parallel market on Wednesday, closing at 310 against the greenback, foreign exchange dealers said. The local currency, which went for between 325 and 330 for one dollar on Tuesday, had been […]
