As N100 Arbitrage Emerges in FX Market, EIU Predicts Return to Dual Exchange Rate Before Year-end
With the arbitrage gap between the Investors and Exporters’ (I&E) and the parallel market widening to about N100 due to foreign exchange (FX) scarcity, the Economic Intelligence Unit (EIU) has predicted that the Central Bank of Nigeria (CBN) will revert to “heavier management of the exchange rate in late 2023 to tame rapid price rises.” […]
CBN Raises N406.1bn From NTB Market in July Amid Attractive Yield
The Central Bank of Nigeria (CBN) experienced a surge in the fixed income market, raising N406.1 billion from Nigerian Treasury Bills (NTB), in July 2023, a remarkable 98.58 per cent increase from the N277.27 billion raised in June 2023. According to the CBN “Government Securities Summary,” report, the NTB auction was oversubscribed by 37.26 per […]
Global petrol price rises by 20%
Price of petrol may to rise further as international market data gathered by The PUNCH revealed that the commodity has gained 20 per cent. At the beginning of 2023, Brent crude traded around $78 per barrel. However, last week, the international benchmark hit $83 per barrel. On the other hand, petrol prices started the year at less […]
Currency in circulation hits N2.26tn, says CBN
Currency outside banks rose to N2.26tn at the end of June 2023, according to the latest figures from the Central Bank of Nigeria. According to figures obtained by The PUNCH from the CBN, the currency outside banks rose by 185.68 per cent (N1.47tn) between January 2023 (N792.18bn) and June 2023 (N2.26tn). The PUNCH also learnt that currency in […]