Nigeria's central bank will open a “purely” market-driven window for interbank foreign exchange trading, shifting away from a fixed exchange.
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- Nigerian naira tumbles 30 percent after peg removed | Reuters
- Nigeria banks banned from foreign currency deals
- Tips for online forex trading in nigeria
Precise guidelines will be published later on Wednesday, he said, adding that the new window would have eight to 10 primary traders handling minimum volumes of 10 million U. The reason is because of the mis-pricing or the mis-alignment in the exchange rate.
Nigerian naira tumbles 30 percent after peg removed | Reuters
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From the same country. Note: The EMBI Global includes only USD-denominated emerging markets sovereign bonds and uses a traditional, market capitalization-weighted method for country allocation.
Nigeria banks banned from foreign currency deals
Sandalow The naira declined by According to The Wall Street Journal, local investors have been purchasing shares in stocks due to concerns that inflation will diminish cash holdings. Bloomberg also reports that traders anticipate the naira may slide by another 10 percent before September Note: Prices given in local currency terms naira.
The fuel price index in particular has risen from Non-fuel prices are increasing as well; prices of agricultural goods are up generally due to weaker global supply while metals and industrial input prices grew due to mounting demand particularly for iron ore and aluminum. At the same time, safe-haven demand for precious metals such as gold and silver bolstered metals prices post-Brexit: Both gold and silver prices reached two-year highs following the outcome of the vote.
Tips for online forex trading in nigeria
The benchmark Ghana Stock Exchange Composite Index is in a bear market, experiencing a long decline of Slowing economic growth, plunging oil prices, currency volatility, and power shortages have all contributed to the decline. According to Bloomberg , Kenyan companies are hoping to raise more capital via the stock market before the elections set for August take place and political risks rise, deterring investors.
Since January , African and global bond spreads have fallen by about 45 basis points see Figure However, most of this decline took place between January and mid-April Since then, spreads have leveled.
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African bonds now have on average yield spreads 5. Note: Series ends June 30, The EMBI Global includes only USD-denominated emerging markets sovereign bonds and uses a traditional, market capitalization weighted method for country allocation. Avoiding downgrades during this most recent round of reviews gives South Africa much needed breathing space to enact policy reforms to boost the economy—especially in time for local elections in August—and stave off future downgrades during the next round of reviews in December.
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