August 31, 2016/Reuters Nigeria’s central bank ended the suspension of eight lenders banned from the interbank currency market for failing to remit money owed to the government, it said on Wednesday. The central bank tightened restrictions on the flow of dollars to domestic lenders in March. That forced the banks […]
Money Market
Nigeria’s naira hits new record low of 420 per dollar on black market
August 31, 2016/Reuters Nigeria’s central bank sold dollar to some commercial lenders on Wednesday to support the local currency, which hit a fresh all-time low of 420 to the dollar on the unofficial market, the same day Africa’s biggest economy officially slid into recession. The currency traded at 418 to […]
Naira woes push headline inflation rate to 17.1% as GDP contracts further
August 31, 2016/FDC Slightly below analyst consensus, headline inflation spiked further to 17.1% in July from 16.5% in June, a 0.6% increase. It was driven mainly by supply shocks, forex scarcity, speculation and uncertainty premium. Most notable in the consumer basket was the increase in the food and core indices […]
