27/9/2016/Punch Oyetunji Abioye The naira tumbled to 445 against the United States dollar at the parallel market on Monday, down from the 440 recorded on Sunday. The chronic dollar shortage hitting the economy took a new twist last Wednesday with the local currency dropping to 428 to the dollar after […]
Money Market
Naira plunges to 440 as dollar inflow drops
26/9/2016/Punch Oyetunji Abioye The naira was sold at the parallel market for 440 per dollar on Sunday, as the lingering foreign exchange scarcity increased to a new level. The local currency, which closed at 436/dollar on Thursday, eased to 435 in the early hours of Friday. It closed at 439/dollar. […]
Rating Actions On Nigerian Banks Reflect Sovereign Downgrade and Weakened Economic Environment
Culled—-Proshare September 23, 2016/ S & P Global Ratings Overview Nigeria’s economy has weakened more than we expected, owing to a marked contraction in oil production, a restrictive foreign exchange regime, and delayed fiscal stimulus. Consequently, on Sept. 16, 2016, we lowered our long-term ratings on Nigeria to ‘B’ from […]
