• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Nigeria attracts $1 billion of inflows in two weeks since revamp

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
79
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria attracts $1 billion of inflows in two weeks since revamp

Nigeria’s foreign-exchange market attracted more than $1 billion in the past two weeks as market confidence improves following the central bank’s efforts to steady the nation’s battered currency, Governor Olayemi Cardoso said.

Foreign portfolio investors “have already begun to supply the much-needed foreign exchange to the economy,” he told senators in a banking committee hearing Friday. In “the past few days, we have had over $1 billion that have come into the market,” he said, adding that this reflects “a solid sign of return to confidence in our economy.”

The Abuja-based bank implemented measures aimed at boosting market liquidity, pricing and investor confidence, which initially saw the naira plunge about 40% but has since moderated volatility and increased foreign-currency inflows.

Cardoso allowed a change in the method for setting the foreign-exchange rate to reflect more efficient pricing, removed caps on transactions rates for international money transfers, barred lenders from holding excess dollars on their balance sheets and this week raised interest rates on short-term debt obligations.

“Our measures aimed at improving US dollar supply into the Nigerian economy have significant potential in taming the volatility of the exchange rates and, in turn, moderating inflation,” Cardoso said. “However, for these measures to be sustainable, we must — as a country — moderate our demand for foreign exchange.”

Authorities in the West African nation commenced foreign-currency reforms in June to lure back investors that exited after a prolonged period of capital controls. Although the changes led the naira to slump about 50% last year, it failed to attract the needed inflows. A scarcity of dollar supply exacerbated volatility and widened spread with the parallel market rate.

RelatedPosts

Gold Price Hits Record High as Investors Seek Safety

Nigeria: Forex Traders Say Chinese Traders Now Collecting Naira Instead of Dollars

Chinese Firm Faces $420 Million Zambia Mine Spill Damages Claims

The naira has traded between 1,348 and 1,479 per dollar since Jan. 29, according to Lagos-based FMDQ, which tracks the data. It narrowed the gap with parallel market rate to 2.3% from about 30% in January, as it traded 1,485 naira a dollar on the streets of the commercial capital.

 

Source: bloomberg
Via: norvanreports
Tags: $1 billion inflowsNigeriaNigeria attracts $1 billion of inflows in two weeks since revamp
No Result
View All Result

Highlights

60% of Africans Don’t Believe Democracy is Working in Their Interests – How Parliaments Can Fix The Problem

Banking Sector the Most Robust and Advanced Sector in Fight Against Money Laundering – Report

West Africa: Ghana Flagged as Target for Illicit Financial Flows in Latest National Risk Assessment

Central Bank Raises GH¢2.34bn in Short-Term Bill Sale at Nearly 25% Yield

Summer 2025 Transfer Window: Record-Breaking Moves Reshape European Football

Chamber of Mines Cautions Government Against Halving Mining Lease Tenure

Trending

Business

Gold Price Hits Record High as Investors Seek Safety

September 2, 2025

Gold Price Hits Record High as Investors Seek Safety The price of gold has hit a record...

Nigeria: Forex Traders Say Chinese Traders Now Collecting Naira Instead of Dollars

September 2, 2025

Chinese Firm Faces $420 Million Zambia Mine Spill Damages Claims

September 2, 2025

60% of Africans Don’t Believe Democracy is Working in Their Interests – How Parliaments Can Fix The Problem

September 2, 2025

Banking Sector the Most Robust and Advanced Sector in Fight Against Money Laundering – Report

September 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.