Nigeria’s central bank plans to shift some of its reserves into yuan from dollars as the Chinese currency takes a greater role in global trade, deputy central bank Governor Kingsley Moghalu said. The bank will increase the yuan’s share of reserves to as much as 7 percent from 2 percent, […]
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Why portfolio investment inflow is falling –Analysts
Economic and financial analysts have identified a number of reasons for the continuous depletion of foreign portfolio investment inflows into the country. Last week, the Monetary Policy Committee rose from a two-day meeting and raised concerns over the dwindling portfolio investment into the country, saying the development portended danger for […]
Nigerian Naira Falls to 4-Month Low as Central Bank Lifts Limits
The naira weakened for a fourth day after the central bank in Nigeria removed limits on how many dollars can be sold to foreign-exchange bureaus, driving demand for the U.S. currency. The currency of Africa’s second-biggest economy retreated as much as 1.6 percent to 163.21 per dollar, the lowest on […]