6 articles tagged with “foreign exchange”
Nigeria's All-Share Index posted its strongest weekly performance in months, gaining 12,676.69 points to close at 194,989.77, even as the exchange-traded fund market experienced a sharp correction with leading ETFs declining 50% amid retail investor losses.
The Nigerian naira closed at N1,348 per dollar on Friday, marking a week-on-week appreciation of N10, as the Central Bank of Nigeria implements a new $150,000 weekly allocation strategy for Bureau de Change operators to stabilize foreign exchange markets.
Nigeria's currency recorded gains against the euro while facing renewed depreciation pressures in the official market, as Bureau de Change operators report difficulties accessing the Central Bank's official foreign exchange window despite external reserves reaching $48.5 billion.
Nigeria's currency weakened N3.25 at the official foreign exchange window while strengthening N25 in the parallel market to N1,340/$, as crude oil prices extended gains amid escalating US-Iran tensions.
Kenya reverses port privatisation while Ethiopia loosens foreign exchange restrictions and South Africa adjusts toll rates, revealing competing philosophies on state control versus market liberalisation across the continent.
Bureau De Change operators report inability to purchase dollars from commercial banks one week after Central Bank of Nigeria announced new foreign exchange guidelines, despite parallel market naira appreciation to N1,385 per dollar.