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Naira depreciates marginally against dollar
The News Agency of Nigeria (NAN) reports that the Nigerian currency lost 50 kobo from N365 posted on Wednesday, while the Pound Sterling and the Euro closed at N487 and N436.
'Why commodities prices are high'
Frank Jacob, who is the President of the Manufacturers Association of Nigeria (MAN), told the News Agency of Nigeria (NAN) in Lagos that manufacturers were still burdened by high cost of importation.
Economy: For the love of Nigeria
The FEC should note that the withholding of FA dollar accruals and experimentation with numerous exchange rate fixing methods with the exception of the MFS in the last 46 years have produced laggardly and disastrous economic results.
Naira: Struggling to keep currency alive
Emefiele affirmed that while CBN has been dynamic in policy options to support the foreign exchange market, and fight the one-time soaring inflation to restore faltering prices and financial stability, the economic structure and outlook remain challenging.
Ekpo: Our economic structure still susceptible to external shocks
IMF and others are saying that we should float. This is not totally a good one. The CBN is fully aware that it will not work, and that is why it decided to be intervening in several ways.
Mailafia: Over-dollarisation of economy a disaster
The CBN did not inspire confidence. There is anecdotal evidence of widespread rent-seeking behaviour in the foreign exchange markets. These are the circumstances that have led us to where we are today.
Naira sustains gain at parallel market
At the Bureau De Change (BDC) window, the naira was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively.
MTN returns to profit, laments weakness of naira
In its first half-year financial report, released yesterday in Johannesburg, South Africa, MTN said it was on track to meet the financial year 2017 guidance, which it disclosed in March 2017.
Why exchange rate remains high amid interventions
But since February this year when CBN liberalised further the foreign exchange market, it has put no less than $5 billion, most of which are in forwards sales with maturity dates ranging 30, 45, 60 days to one year.
NBS attributes 28.9% increase in export to depreciation of naira
The National Bureau of Statistics (NBS) has said that the increase in the value of exports put at 28.9 per cent and 3.8 per cent towards the end of second and third quarter of 2016 was due to the depreciation of the naira.
Multiple charges cost local airlines 65 per cent revenue
Apparently unable to pay the bills amidst other critical obligations that include maintenance, fuel and personnel, the airlines are more in financial distress with the attendant debt burden cumulatively estimated at N15 billion.
Economy: Actualise double digit growth rate
The redenomination plan, which had merely cosmetic value, was officially rejected while deafening silence relayed the abortion of the need to effect proper conversion of FA oil proceeds.