Foreign exchange reserves have fallen by 1.4 per cent month-on-month to $36.40bn on July 25, from $36.93bn recorded a month earlier. The slight drop, representing $53m decline, according to analysts, is attributable to the falling oil prices and strong dollar demand. Forex reserves had plunged in the month of June, […]
Tag: Naira
CBN leaves rate at 12 pct, moves to support naira
* Cbank raises banks’ cash reserve requirement to 12 pct * Signs for Nigeria’s economy are ominous – cbank * Cbank says Nigeria unprepared for oil price shock Nigeria’s central bank (CBN) left its benchmark interest rate on hold at 12 percent on Tuesday, as expected, but took […]
Nigeria’s CBN sells US$601.1m at WDAS last week
The CBN offered US$650.0m but sold US$601.1m at the WDAS last week – US$350.0m and US$251.1m at Monday and Wednesday’s auctions respectively. The Naira closed flat at N155.94/US$1.00 on Monday, while it gained 4k to the Dollar on Wednesday to close at N155.90/US$1.00. Improved Dollar supply at the interbank market […]
