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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

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    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

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Nigeria’s naira falls to record low

bycitibusinessnews
December 2, 2014
in Banking And Finance, Business, News
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Nigeria’s naira touched a new record low of 183.05 against the dollar on Monday, December 1st,2014 driven by concerns over a sustained low oil price and expectations foreign investors would demand more dollars to pull out of local assets, dealers said.

The currency was trading down 2.4 percent from Friday’s closing level.

The central bank has struggled to keep the naira within its preferred band even after devaluing the currency by 8 percent last Tuesday in a bid to halt a decline in the foreign reserves of Africa’s biggest economy.

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Oil sales provide around 95 percent of those reserves.

The bank’s target band after devaluation is 5 percent plus or minus 168 to the dollar, but doubts remain about whether it went far enough given the likelihood of continuing low oil prices and the fact that Nigeria’s oil savings were being depleted even during a period of record high crude prices.

The coming weeks will test the bank’s ability to maintain that level — the naira is trading well below it and forex reserves are running out.

Pressure on the currency from lower oil prices risks reigniting inflation, which has stabilised in single digits for the past two years, the first time it has been this low.

Barclays on Monday December, 1st 2014, lowered its expected average Brent crude price to $72 a barrel for 2015, down from $93 a barrel previously, in a sign analysts have become more bearish following last week’s OPEC meeting, which left supply targets unchanged.
Source: Reuters

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