Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America. According to a report by Bloomberg, economist Tatonga Rusike said in a note to clients on Tuesday that, “three indicators, the widely-used black-market rate, the central
CBN makes first foreign exchange intervention for the year 2019 with $210 million at the inter-bank market. Nigeria’s foreign reserves stand at $43.05 billion Naira opens 2019 trading on a good positive notes, appreciating to N361/$1 at the parallel market. Nigeria’s central bank (CBN) has injected the sum of $210 million into the inter-bank segment
The United Bank for Africa (UBA) Plc has announced an immediate upward review of the monthly international spend limit on its debit and prepaid naira cards from $100 to $2,000. This was done in response to the growing demand for higher limits by customers who make international transactions The upward review which represents a marked
