Inter-bank lending rates climbed to an average of 16.33 per cent on Friday, compared with 13.5 per cent last week, on the back of cash withdrawals by the Nigerian National Petroleum Corporation and foreign exchange purchases. Reuters reported that The market opened with a negative balance of N42bn ($266.08m) on […]
Tag: NNPC
Nigeria’s naira eases on strong dollar demand
Nigeria’s naira eased against the U.S. dollar on the interbank market on Monday after a surge in demand by one lender buying the greenback for its customers, dealers said. The local currency closed at 157.80 naira to the dollar, weaker than Friday’s close of 157.55 naira. The naira had firmed […]
External reserves near $40bn, hit $39.76bn
Nigeria’s foreign exchange reserves came close to $40bn on Friday. Specifically, the forex reserves increased by $407m or 1.03 per cent, from $39.351bn recorded on September 4, 2012, to close at $39.758bn on September 6. Also, between August 6 and September 6, the reserves rose by $3.35bn, a development which […]
