The bank disclosed this in its latest report on Nigeria titled “Nigeria: Reform pause rather than fatigue”. The bank noted that the lower-than-reported FX reserve is the result of larger currency swaps and borrowings against the FX reserve.
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Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion Euros ($1.2 billion) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market.
Real Madrid’s plans to give its iconic Santiago Bernabeu stadium a dramatic overhaul are moving closer after it was reported the Spanish soccer side has secured a loan for the redevelopment.
A financial analyst, Prof. Sheriffadeen Tella of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, attributed the current fluctuation in the parallel market to the activities of currency speculators
Anders Faergemann, senior sovereign portfolio manager at PineBridge Investments, said he was surprised that Buhari had not started tackling the country’s economic problems more than three months into his tenure.
The CBN insisted that there is liquidity and transparency in the market and that the market for FGN Bonds remains strong and active due primarily to the strength and diversity of the domestic investor base