The Central Bank of Nigeria needs to adjust the value of the naira every quarter in order to mitigate the effect of inflation that can, among other things, make goods manufactured within the country not competitive. The Managing Director, Asset Management Corporation of Nigeria, Mr. Mustafa Chike-Obi, who stated this, […]
Money Market
Naira Rallies Most Since 2003 as Nigeria Boosts Dollar Sales
Jan 8, 2015/Bloomberg The naira advanced the most since November 2003 as oil companies and the Central Bank of Nigeria increased sales of foreign exchange. The currency of Africa’s biggest crude producer rose 3.8 percent to 179.55 per dollar as of 4:43 p.m. in Lagos. The naira appreciated 2.2 percent […]
Nigeria to Start Nationalized Keystone Bank Sale After Elections
Jan 8, 2015/Bloomberg The Asset Management Corp. of Nigeria plans to begin the sale of Keystone Bank Ltd., the biggest of three lenders nationalized after a 2009 financial crisis, in the second quarter after general elections next month. “We chose to start in the second quarter to allow for elections […]
