Monthly Archives: September 2020
NNPC Records N20.36bn Trading Surplus in July
According to the July 2020 Monthly and Financial Organization Report (MFOR), the Nigerian National Petroleum Corportion (NNPC) recorded an increase in trading surplus of N20.36 billion in July 2020 compared to the N2.12 billion surplus earlier recorded in June 2020 in it operations.
CBN cuts down minimum interest rate on savings deposit
In a directive to banks signed by Bello Hassan, Director of Banking Supervision CBN “All deposit money banks are hereby informed that effective September 1, 2020, interest on local currency savings deposit shall be negotiated subject to a minimum of 10 percent of Monetary Policy Rate (MPR)”. This cuts down the savings interest rate from 3.9 percent to 1.25 percent per annum.
Dollar Falls To N430 at BDC Market
Ahead of business reopening on Monday as the Central Bank of Nigeria(CBN) is set to resume forex sales after a long pause due to the imminent lockdown necessitated by the COVID-19 pandemic, Naira seems to be gaining momentum again with an uptrend in value since the beginning of the week.
Naira appreciates against dollar in the parallel market
Naira appreciated against the United States Dollar on the parallel market on Monday, having stagnated at N477 against the greenback for some days. The local currency exchanged for N465 to the dollar, representing a N12 gain over the closing rate of the previous session, according to abokiFX, which collates rates from informal currency traders. Meanwhile,…