World News

CBN intervenes in forex market with $180m

The Central Bank of Nigeria has intervened with an offer of $180m at the foreign exchange market on Monday. The CBN, in a circular, directed the authorised dealers to fund their current accounts with the bank at the time of disbursement, failing which the bids would be cancelled. Meanwhile, the […]

Nigeria naira falls to 3-week low, seen gaining

The Nigerian naira fell to its weakest in three weeks on the interbank market on Monday, as dollar demand by foreign exchange bureaux and importers outpaced supply of hard currency, traders said. The naira closed at 157.55 to the dollar on the interbank market, weaker than 157.40 to the dollar […]

Inter-bank rates up on NNPC cash withdrawal

Inter-bank lending rates rose more than 80 basis points last week to an average of 11.41 per cent, compared with 10.58 per cent the previous week, as cash outflows to Treasury bill sales and a withdrawal by the Nigerian National Petroleum Corporation drained liquidity. Dealers said Central Bank of Nigeria […]