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By Kadiri Abdulrahman Nigerians are bothered at the unending depreciation of their legal tender, the Naira. The currency exchanged at N197 to a dollar in June 2015, but now exchanges at above N400. The Central Bank of Nigeria (CBN) recently devalued the Naira by seven percent against the dollar, in a bid to migrate towards […]
The foreign exchange crisis in the country may worsen soon, as anti-market schemes, speculation and hoarding, have taken firmer hold in the market, The Guardian has learnt.
RNS Number: 2634 A Savannah Energy Plc 28 May 2021 28 May 2021. Savannah Energy PLC, the African-focused British independent energy company sustainably.
FY 2020 Preliminary Annual Results Savannah Energy PLC ( Savannah or the Company ), the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, is pleased to announce its unaudited preliminary results for the year ended 31 December 2020. A copy of the Annual Report and Accounts will be finalised and posted to Shareholders shortly and a separate notification made in this regard. Andrew Knott, CEO of Savannah Energy, said: 2020 represented our first full year of ownership since the completion of the acquisition of our Nigerian assets and our financial results show just how transformational the acquisition has been for Savannah. Against a challenging backdrop, we recorded a robust financial and operating performance. We beat all of our original financial guidance metrics. Total Revenues[1] and cash collections rose for the fifth consecutive y
Nigeria’s central bank decision to unified foreign exchange (FX) rates is expected to unlock a $1.5 billion loan from the International Monetary Fund (IMF) which required the convergence of the monetary policy authority’s multi-tiered exchange rates as a pre-condition for disbursement. Move to unified rates comes
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Foreign Exchange Scarcity Hitting Buhari's Nigeria Hard thenews-chronicle.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews-chronicle.com Daily Mail and Mail on Sunday newspapers.
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TheCable understands that the decision was taken because exchange rates change daily and nobody uses the rate on CBN website.
This implies that the importer and exporter window (I&E) is now the default reference exchange rate for official transactions in the country.
The I&E FX window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.
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The window was
introduced in 2017 by the CBN to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all fx transactions.