New CBN rule shores up Naira
Recent efforts by the Central Bank to stabilize the Naira seem to have paid off. The Central Bank had issued a cease and desist order to Oil Companies operating in Nigeria via a circular released on its website last Wednesday. The circular instructed oil majors to stop buying dollars via the CBN auctions and instead source their foreign currency needs from their crude oil sales income.
The currency gained as much as 2.44% in intra-day trading on Friday, the largest single day appreciation since late 2009.
According to an analyst at Meristem, Olusola Soji Gege, “the new Central Bank of Nigeria rule seems to have a calming effect on the demand for dollars in the system, and this policy should help to stabilize the Naira, at least in the near-term”.
The Naira is expected to continue to appreciate against the dollar next week.
-
FCMB Bank (UK) Limited Launches Personal and Business Banking Proposition to Deepen InclusivenessFCMB Bank (UK) Limited, an independently incorporated subsidiary of...
- August 1, 2018
-
The Worrisome Trend of Sensational Social Media “Journalism” and the Impact On Legitimate Business Concerns: Recent Travails of FCMB, GTBank and First BankOn June 25, 2018 I woke up to yet...
- June 26, 2018
-
Azman Air commences flight operation in SokotoAzman Air Thursday commenced flight operation to Sokoto state....
- February 21, 2015
-
NRC increases Lagos goods trains, eyes fuel haulageThe Nigerian Railway Corporation says it has increased its...
- June 23, 2016
Nigeria News
- Gwamna Soludo ya taya al’ummar Anambra murnar Kirsimeti
- Gwamna Fubara ya baiwa ma’aikata da masu ritaya kyautar kirsimeti ta N100,000
- EPL: Maresca reveals one advantage Liverpool have over Chelsea in title race
- Birth of Jesus Christ defining moment for mankind — Gov Adeleke
- CHAN 2024Q: Home Eagles must not focus on past encounters with Ghana – Ogunmodede