The naira hit a record low of 325 to the dollar at the parallel market on Thursday as desperate importers scrambled for dollars to meet their obligations overseas. The local currency had closed at 318 against the greenback on Wednesday, after hitting 313.5 and 310 on Tuesday and Monday, respectively. […]
Tag: Financial Derivatives
Five banks control 70% of Nigerian market – Report
The imperfect competition in the banking sector since the shake-up by the Central Bank of Nigeria in 2009 has continued as five out of the 20 banks in the country currently control 70 per cent of the market. A report obtained from the Financial Derivative Company Limited on Friday listed […]
External reserves climb to $42bn
Latest figures from the Central Bank of Nigeria have shown that foreign exchange reserves jumped to $42.02bn by October 17, the highest in 32 months and an increase of 3.11 per cent, month-on-month. Figures on the CBN website showed that the reserves, which stood at $40.75bn a month ago, were […]
