SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?

Magnartis Finance & Investment Limited

  • LOGIN
  • Home
  • About
    • About Us
    • Management Team
    • Directors
  • Services
    • Stockbroking
    • Portfolio Management
    • Corporate Finance
    • Advisory Services
  • Projects
  • Download
  • Contact
  • Open an account
  • Home
  • Nigeria makes further efforts to defend currency
  • Capital Market News
  • Nigeria makes further efforts to defend currency
 

Nigeria makes further efforts to defend currency

Nigeria makes further efforts to defend currency

by magna / Monday, 22 December 2014 / Published in Capital Market News

_79795716_79795451

Nigeria’s central bank has brought in further measures to support its currency, the naira.

Buyers of foreign currency must use that money within 48 hours or be forced to sell it back at the rate set by the central bank.

The naira hit record lows this week of more than 187 against the dollar.

The prolonged fall in the oil price is causing serious problems for Nigeria, which is heavily dependent on the commodity.

Nigeria, which is Africa’s largest oil producer, receives 70% of government revenue and 90% of all foreign exchange earnings from oil.

The Central Bank of Nigeria (CBN) warned it would impose sanctions on anyone who did not follow its new rules.

Speculators are betting on further falls in the naira by buying foreign currency in the hope that they will be able to buy more when they reconvert their money back.

In November, the CBN devalued the naira to 168 against the dollar, but its action has not stopped it falling further.

Earlier this week, Nigeria was forced to revise its budget because of the dramatic fall in the price of oil.

Its finance minister, Ngozi Okonjo-Iweala, said its economy will now grow at 5.5% this year, rather than 6.4%.

In a separate development, Nigerian oil workers agreed to call off a strike that started on Monday.

A spokesman for one of the unions involved, Pengassan, said the government had given assurances that it would address union concerns over refinery maintenance.

This includes a renewed push to get a long-delayed bill passed in parliament, aimed at overhauling the industry and improving maintenance.

Source : SunOnline

About magna

What you can read next

Land buyers warned against backdating survey plans, patronizing quacks
On-demand genetic testing is here, but you still need a doctor
NSE: Transactions Maintain Bullish Trend

Market Capitalization

[visualizer id="161"]

Newsletter Subscription


 

About Us

Magnartis Finance & Investment Ltd (“Magnartis”) is a Dealing Member of The Nigerian Stock Exchange with expertise in Stockbroking and Trade Execution Services.

Download

  • FGN Savings Bond Subscription Form
  • Mandate For Ebonus
  • Cscs Clients Authorization Form For Change Of Bank
  • Cscs Client Bank Update Form
  • Account Opening Form KYC

Research

  • Daily Price List
  • Daily Market Summary
  • Weekly Market Summary
  • Special Reports

Contact Info

16, Boyle Street, Onikan, Lagos, Nigeria

Office Number:
01-4538066

E-mail:
info@magnartis.com

  • GET SOCIAL

© 2014 Magnartis Finance & Investment Limited. All Right Reserved

TOP