The figure represented a decrease of 0.09 per cent compared with the N429.62 it exchanged for the dollar before the close of business on Aug. 12. The open indicative rate closed at N429.70 to the dollar on Monday. An exchange…
Dollar breaks N550/$ barrier as naira continues free fall
It was a gloomy start of a new week for the local currency, yesterday, as it fell to N550/$ at the parallel market to record another new low amid rising speculative trading. The market opened at N445/$. It closed on…
If you had $100,000 in cash, where would you invest it in US markets?
America is a nation of options. Take water for example, you can buy bottled water, water with mineral salts, water without salts, carbonated water, fruit-flavored water, or even water that is infused with oxygen. This example holds true when it…
The Naira is suffering so badly right now, here’s why you should be worried
A weakened Naira means a higher consumer price index and a rise in price of foodstuff. The Naira continues to weaken against the dollar (CBN) The Central Bank of Nigeria (CBN) has been holding on to scarce foreign currencies in…
Nigerian’s should expect “a significant devaluation” to N550/$1 – Goldman Sachs
A leading global investment banking firm, Goldman Sachs Group, this week, predicted that a significant devaluation of the naira is expected within the next 12 to 18 months. The investment firm believes this will help bring about “the desired balance”…
China’s dollar reserves hit $3.1 trillion
China’s foreign exchange reserves expanded slightly to 3.101 trillion U.S. dollars at the end of May, up 0.2 percent from the end of April, official data showed Monday. The reading marked the highest level in nine months and is by…
Dollar Weakness in Focus ahead of a Busy Week
Dollar weakness remains the main focus in rather directionless markets today. The greenback suffered steep selloff last Friday on rumors that Fed would discussing cutting short the balance reduction process. And Dollar will face a number of key events this…
US stocks slip, with bigger losses for smaller companies
Losses for energy and technology companies left most U.S. stocks lower on Thursday. Smaller companies fared worse as the dollar remained at 15-month lows. Energy companies weakened as the price of oil turned lower, and technology companies declined as Apple…
Naira Depreciates To N367/$1 As MPC Meeting Continues Today
The naira falls yesterday to N367 against the Dollar on the parallel market from N376 it opened for trading as the Central Bank of Nigeria (CBN) Monetary Policy Meeting commences today (Tuesday). The sell side of the naira exchange…