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Showing posts with the label Economy of Nigeria

Naira Appreciates To N498/$ As Reserves Hit $28.3bn

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Having depreciated in value to N500 to the dollar at the parallel market, the value of the naira appreciated to N498 to the dollar, the value it had been trading for weeks or weeks, even as external reserves rose to $28.28 billion the highest in the year highest in a year. The naira however remained stable at N305.25 to the dollar at the interbank market, on the website of the Association of Bureau de Change Operators; the naira was quoted at N315.38 to the dollar. Demand for the greenback grew and the Central Bank of Nigeria rationed dollar supply, having sold $660 million in 3- and 5- month currency forwards at an auction aimed at clearing a backlog of dollar demand. Traders however said the dollar sale was not enough to satisfy the market. Data on the website of the apex bank showed that the nation’s external reserves has risen by 7.89 per cent since the beginning of the year. Traders said while the apex bank has been selling dollars on the official market to support the naira,

Nigerian Sets New World Record, Wins 8th Paralympic Gold

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Josephine Orji, a Nigerian athlete has just shattered the World Record with a lift of 160kg to win the gold medal in the Women’s -84kg Power-lifting event at the ongoing Paralympics Games in Rio, Brazil. The latest gold medal is Nigeria’s 8th at the event. Nigeria now has 11 medals and is 10th on the overall medals table. Nigerian athlete, Josephine Orji, has just shattered the World Record with a lift of 160kg to win the gold medal in the Women’s -84kg Power-lifting event at the ongoing Paralympics Games in Rio, Brazil. The latest gold medal is Nigeria’s 8th at the event. Nigeria now has 11 medals and is 10th on the overall medals table

Nigeria's External reserves rise by $595m in five days

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The nation’s foreign exchange reserves have increased by $595m to hit a one-month high of $26.196bn, the latest data from the Central Bank of Nigeria have shown. This came on Monday just as the naira traded around 412- 413 against the United States dollar at the parallel market, compared to 414/dollar on Sunday. External reserves stood at $25.6bn as of August 24, down from $26.21bn on July 28, the CBN data showed. The reserves declined from $26bn on August 4, 2016 to $25.97bn on August 5 as the CBN stepped up dollar sales to boost liquidity at the interbank market and support the ailing naira. The central bank has been selling dollars regularly at the interbank market to prop up the naira since it floated it on June 20. The currency touched an all-time low of 365.25 per dollar on August 18 at the official market. In June and July, the reserves hovered between $26.3 and $26.4bn, but fell to $26.12bn on August 1. The reserves had stood at $26.4bn between May 24 and 27, after droppi