In recent weeks, Nigeria’s currency has nose-dived, with analysts seeing it weakening further next week amid a crackdown on black market currency traders.
The naira fell 2.08 percent week-on-week, selling on Thursday at N480 to the dollar on the parallel market against 470 a dollar last week, while it was quoted by commercial banks at 314.80 a dollar on the interbank market. The naira has, however, consistently closed around 305.5 a dollar level since August via the official window.
According to reports, […]
Financial analysts at both Standard Chartered Bank and Moody’s have predicted a promising economic outlook for 2017 adding that the nation’s economy would rebound from its current recession and record growth in 2017, despite the persisting challenges posed by weaker oil earnings and foreign exchange.
The two experts, Managing Director and Chief Economist, Global Research, Africa, Standard Chartered Bank, Razia Khan, and senior analytical adviser at Moody’s, Aurelien Mali, noted so in an advisory note and in an interview with Reuters […]
Two Nigerian Banks are close to being insolvent, while two others “will need a dilutive capital hike,” Jaap Meijer and Tarek Sleiman, analysts at Arqaam Capital, Dubai-based investment bank and brokerage told Bloomberg yesterday.
According to the analysts in an e-mailed note, Capital ratios are set to worsen in the country’s banking system because of currency depreciation and souring loans. Calls to one of the banks were not immediately returned and the other did not reply to questions.
The Central Bank of […]