NIGERIA: CASH REQUIREMENT FOR FORWARD DOLLAR PURCHASES CAUSES NAIRA SHORTAGE

[This Day] A Central Bank of Nigeria (CBN) requirement that companies back forward dollar purchases with naira is drying up supply of the local currency, a report by Bloomberg stated Thursday.

AllAfrica.com (Date:09/22/2017 11:59) Read full article >>

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Thursday: Thursday is the fourth or fifth day of the week, between Wednesday and Friday. According to the ISO 8601 international standard adopted in most western countries, it is the fourth day of the week. In countries that use the Sunday-first convention, Thursday is defined as the fifth day of the week. I
Bank: A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank is the connection between customers that have capital deficits and customers with capital
Central Bank: A central bank, reserve bank, or monetary authority is a public institution that manages a state's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a
Bloomberg: Bloomberg is a surname Anglicized from Yiddish or German: Blumberg. Notable people with the surname include: