Nigeria’s central bank will probably lower its targeted trading range for the naira as dwindling foreign-exchange reserves and falling oil prices undermine its ability to halt the currency’s slide, FBN Capital Ltd. said. Policy makers may adjust the exchange rate to within a 3 percentage-point band of 160 per dollar […]
Tag: Naira
Naira falls on investors’ oil concerns
The naira reached the lowest level in more than a month as investors slowed purchases of Nigerian bonds after oil prices weakened and output missed a forecast. The currency depreciated 0.3 per cent to N159.35 per dollar in Lagos, the lowest on an intra-day basis since March 18. The naira […]
CBN mops up N4tn from circulation
The Central Bank of Nigeria has mopped up over N4tn from the system since the beginning of the year, a report has shown. According to a report obtained from the Financial Derivative Company Limited on Thursday, the amount mopped up represents 25 per cent of total money supply. The Managing […]
