Fri Jan 23, 2015/Reuters Nigerian interbank lending rates climbed 2 percentage points to an average of 10.75 percent this week from 8.75 percent last week, after the central bank moved to support the ailing local currency by draining excess cash from the market. Traders said the cost of funds has […]
Money Market
CBN Ups Weekly Forex Cash Sales to $30,000 per BDC
By InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Friday said it has reviewed upward the weekly forex cash sales to BDCs from $15,000.00 to $30,000.00 per BDC. The CBN in a circular sighted by InvestAdvocate dated January 23, 2015 and signed by Olakanmi Gbadamosi, director, trade and exchange […]
Naira Falls To N205 – $1 At Foreign Exchange Bureaux
Jan 22, 2015/The Will The Nigerian naira Thursday continued its free fall against the dollar at the foreign exchange bureaus, closing at N206-$1 United States dollar. The naira had sold for between N193 – N194 earlier in the week. Dealers in Lagos, Nigeria’s commercial hub told THEWILL that the market […]