Nigerian banks are sending notices to customers about a reduction in the spending limits for their naira denominated debit cards used for paying for transactions abroad. Most of the messages relate to debit cards powered by Master Card. One of such notices reads: “Dear Customer effective 16 August 2020, your Naira Mastercard International will be reduced from […]
The exchange rate between the naira and the US dollar as of Tuesday, August 18th 2020, stands at ₦480/US$1 in the parallel market. The exchange rate had closed at ₦475/US$1 on Monday 17th August 2020. Naira: ₦480 Dollar: $1 Date: August 18th, 2020 The exchange rate between the Naira and the British pound sterling stands
Daily Parallel Market exchange rate – ₦480/$1, ₦610/₤1Read More »
Nigeria’s inflation rate rose by 12.82% (year-on-year) in July, compared to 12.56% recorded in June 2020. This is the highest rate recorded in 27 months since March 2018 when headline inflation was 13.34%. This information is according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). Nigeria’s inflation rate
Nigeria’s inflation rate jumps to 12.82%, highest in 27 monthsRead More »
The value of loans given to the private sector by Nigerian banks increased by N3.5 trillion –from N16.251 trillion in June 2019 to N18.632 trillion as at the end of May 2020. Breakdown of loans At the end of June 2019, a total of N15.13 trillion was given to the private sector. The figure increased
Banks’ loans to private sector increase by N3.50 trillion in one year – CBNRead More »
Foreign investors tempted into buying Nigerian debt paying interest of 13% a year ago are unable to move their cash out of the country. Worse still, the rate that investors now earn for lending money to the government by purchasing 12-month Treasury bills has dropped to a 10-year low of 3.2%. On top of that,
Bond Buyers Stranded in Nigeria Face Prospect of 100% LossRead More »
Nigeria’s exchange rate at the NAFEX window depreciated closing at N386 during intraday trading on Friday, August 14, 2020. In another development, the exchange rate at the parallel market continued with its stability for a fifth consecutive trading day on Friday as it closed at N475/$1. Market Watch Parallel Market: At the black market where forex
Exchange rate falls at the NAFEX window on a depressed forex marketRead More »
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” required to stabilize the currency. This was contained in an exclusive Bloomberg Terminal report published
Nigerian’s Should Expect “A Significant Devaluation” To N550/$1 – Goldman SachsRead More »
One of Africa’s leading e-commerce companies, Jumia reported a loss after tax of Eur 37.6 million (N17 billion) in the second quarter of 2020 despite the rampaging effect of COVID-19. E-commerce firms were expected to be one of the major beneficiaries of COVID-19 pandemic as consumers gravitated to online orders to meet essential needs. The
Jumia reports N17.1 billion loss in Q2 as COVID-19 fail to boost revenueRead More »
Nigerian Stock market ended Wednesday’s trading session on an impressive note. The All Share Index gained 1.04% to close at 25,141.48 basis points as against -0.58% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.34%. Investors gained N134.5 billion. Trading turnover, however, closed negative as volume moved plunged by -0.84% as against +17.84%
AIRTEL, SEPLAT, GUINNESS record impressive gains, investors gain N134.5 billionRead More »
The exchange rate between the naira and the US dollar as of Wednesday, August 12th 2020 closed at ₦475/US$1 in the parallel market. The exchange rate closed at ₦485/US$1 on Tuesday 11th August 2020. Naira: ₦475 Dollar: $1 Date: August 12th, 2020 The exchange rate between the naira and the British pound sterling closed at
