- MTN Nigeria Loses N1.7trn as Investors Exit Positions
- XRP Rises as Citigroup Revises Forecast for US Fed Rate Policy
- Naira Swings Narrow Exchange Rate Gap Across FX Markets
- Recent Nigerian Market Losses Expose Hard Lessons Every Investor Must Learn
- Nigerian Bonds Sell Off as Markets Await Q3 Borrowing Plan
- Ripple Dips Amidst Surge in XRPUSD Long Position on Bitfinex
- VAT Income Boosts Nigeria’s Non-Oil Economy, Analysts Positive on Outlook
- Dangote Cement Plans Capacity Boost, Targets 20% Emission Cut
News
MTN Nigeria Plc lost approximately 10%, or N1.7 trillion, in market value on the Nigerian Exchange
The Central Bank of Nigeria (CBN) increased its intervention in the forex market during the week by injecting an $300 million to reduce the naira’s all-week negative fluctuations.
Oil prices edged higher on Friday as disruptions to shipments through the Strait of Hormuz following attacks on Iran continued to fuel supply concerns.
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The Naira depreciates over 12 trading sessions at the Nigerian foreign exchange market (NFEM) as pressure on offshore payments continues to reduce the official value of the Nigerian local currency.
Reflecting weak appetite for loans, deposit money banks (DMBs) significantly increased their placements at the Central Bank’s Standing Deposit Facility (SDF) window, reaching N6 trillion as of Thursday.