Author: Marketforces Africa

MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.

Naira ‘Melts’ Amidst Dirty Exchange Rate Predictions The Nigerian local currency, the naira, lost strength in the foreign exchange (forex) market due to growing demand for the United States (US) dollar by importers, manufacturers and individuals across the economy.  The exchange rate worsened on Friday, though the naira reclaimed value at the parallel market due to a slowdown in forex demand in the space. The local currency depreciated by 2.78% at the official market to close at N885.88 per US dollar on Friday, trading data from the FMDQ FX OTC platform showed. MarketForces Africa reported that the exchange rate printed…

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Emefiele Buys Keystone, Union Bank for Free –CBN Investigator The report of the special investigation into the activities of the Central Bank of Nigeria (CBN) has accused the immediate past governor of the apex bank, Godwin Emefiele, of using ill-gotten wealth to acquire banks for himself through proxies. According to the report, Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited, as well as Keystone Bank without any evidence of payment. As a result, it recommends that the Federal Government should reverse the sale of the banks and also take them over. The special investigator,…

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