Nigeria’s central bank stopped selling foreign exchange to money-changers as it struggles to stabilize the naira amid a plunge in oil prices that have hit government finances.
When Christine Lagarde, the managing director of the International Monetary Fund, visited Nigeria this week, she called for more flexibility on the exchange rate, encouraging those who believe the naira could be devalued again very soon.
The Nigerian banking sector finally has some breathing space after the country’s central bank lowered capital reserve requirements (CRR) for banks from 31% to 25%.
Nigeria’s central bank Governor Godwin Emefiele said he will consider easing restrictions on currency trading in Africa’s biggest oil producer if demand for foreign exchange drops further.
Yes, Nigeria’s central bank governor, Godwin Emefiele, is in fact being made a scape goat for the country’s economic challenges.
JPMorgan Chase & Co. has excluded Nigeria from its local-currency emerging market bond indexes tracked by more than $200 billion of funds, after restrictions on foreign-exchange transactions prompted investor concerns about a shortage of liquidity.
Godwin Emefiele, governor of the Central Bank of Nigeria, defends his approach to stabilising the naira as Africa’s biggest economy reels from the low world price of oil.
Mojeed Jamiu is cutting jobs and raising prices to prevent his furniture and clothing store in Lagos from closing after Central Bank of Nigeria Governor Godwin Emefiele restricted foreign currency supply for some imports.
Nigeria needs to let the naira devalue as foreign-exchange trading restrictions used to keep the currency stable are starting to harm growth in Africa’s largest economy, said the head of the country’s biggest lender by assets.
The Nigerian Stock Exchange plans to start trading naira futures that will help investors hedge against movements in the local currency, Chief Executive Officer Oscar Onyema said.
Nigeria has ordered banks to publish lists of individuals and companies with non-performing loans to curb a rise in bad debt as the industry stumbles amid low oil prices.
Muhammadu Buhari’s election victory over an incumbent president was unprecedented in Nigerian history.
The Nigerian naira has plunged more than 20% since last July—broadly the same trajectory as the price of oil, which has dropped some 50% in the same period.
Wrapping up a monetary policy speech last week, Nigerian central bank governor Godwin Emefiele declared that the naira, which has crumpled to 190 to the dollar with the drop in oil prices, was “appropriately priced”.
Nigeria’s central bank on Tuesday kept its key interest rate on hold, betting recently-imposed capital controls will be enough to arrest the damage tumbling oil prices have brought to Africa’s largest economy.
President Goodluck Jonathan of Nigeria, on Wednesday at the Presidential Villa in Abuja, formally unveiled the new 100 Naira note design commemorating 100 years of the amalgamation of Nigeria.
Nigeria has headed off a threat to its banking industry by propping up struggling power companies with an intervention fund, said analysts including Pabina Yinkere of Vetiva Capital Management Ltd.
Western Union has launched an outbound remittance service in Nigeria, allowing people to send – not only receive – money around the world.
Nigeria’s central bank held interest rates at 12 percent on Tuesday, keeping them at the same level as the last two years, but its new governor said he would be seeking a gradual reduction in rates over the next five years.
Nigeria’s central bank will leave interest rates unchanged for the 17th time in a row next week as it tries to balance controlling inflation and supporting the naira currency with fostering growth, a Reuters poll found.
Nigerian central bank Governor Godwin Emefiele pledged to maintain stability in the currency and signaled policy makers may begin cutting interest rates.