Nigeria’s naira rebounded from a record low against the dollar after the central bank of Africa’s second-largest economy said it intervened in the market and has enough reserves to keep defending the currency. “There is a great need to defend the currency because we don’t want volatility,” Central Bank of […]
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Nigeria central bank confident it can defend naira after intervention
Nigeria’s central bank intervened to stabilise the naira on Thursday, deputy governor Sarah Alade told Reuters, after the currency fell to an all-time intraday low of 167 to the dollar. She added that, with $42 billion of reserves, she was confident the bank would be able to maintain the currency […]
CBN may withdraw all govt funds from banks
In a bid to reduce pressure on the naira and maintain macro-economic stability, the Central Bank of Nigeria’s Monetary Policy Committee may increase the Cash Reserve Requirement of public sector funds in the vaults of banks to 100 per cent from the current75 per cent. The implication of this is […]