Controller of the Ilorin branch of the Central Bank of Nigeria (CBN), Mr Onoriode Olotewo has said any person caught selling Nigerian currency or mutilating it will be liable to six months imprisonment .
THE Reserve Bank of Zimbabwe has liberalised the foreign currency market by introducing an interbank trading system that will result in exchange rates being determined by the forces of supply and demand to encourage inflows into the formal market.
THE huge liberalisation and simplification of the foreign currency markets announced yesterday, and the effective creation of a single market-driven exchange rate for almost all commercial transactions, remove at a stroke many business constraints and end many of the damaging
EUR/JPY's fall from 164.97 extends further to as low as 161.10 before recovering mildly. At this point, intraday bias remains on the downside as long as 162.84 minor resistance holds. Break of the short term rising trend line (now at
GBP/JPY's consolidation from 208.99 continues today as expected and is pressing 203.35 support again. At this point, further decline cannot be ruled out as long as 205.63 minor resistance holds. But above 205.63 will be the first signal that consolidation
While dollar finds some strength after better than expected growth data in early US session, the Japanese is the main market mover as it's sold off on improved risk appetite in the markets. Q1 GDP growth was unchanged at 0.6%
USD/JPY's strong rebound in early US session and the brief break of 104.82 argues that recent rebound from 95.77 has resumed. At this point, intraday bias remains mildly on the upside as long as 103.18 support holds. Further rise could
USD/CHF has another attempt to 1.0430 today but again is still struggling around mentioned 1.0352/83 resistance zone decisively. Outlook remains neutral so far. On the upside, above 1.0430 will indicate rise from 0.9907 and rebound from 0.9634 has resumed for
EUR/USD edges further lower to 1.5516 in early US session. While EUR/USD is losing some intraday downside momentum, bias remains mildly on the downside as long as 1.5664 minor resistance holds. As discussed before, EUR/USD should have at least made
Cable rebounds strongly after diving to 1.9624 earlier today. Though, with cable staying below 1.9770 minor support, another fall could not be ruled out. But still, the outlook is not outright bearish and is still mixed. As mentioned before, the
AUD/USD recovers strongly in early US session but after all it's still staying in tight range of 0.9271 and 0.9406. Outlook remains mixed at this moment. On the downside, though, break of 0.9271 will complete an intraday head and should
USD/CAD dives again in early US session and break of 1.0059 minor support argues that consolidation from 1.0326 is still in progress and will extend further. Intraday bias is now on the downside for further decline to 0.9987 support and
The FOMC cuts the federal funds rate by 25bps to 2.00% as widely expected. Two members, Fisher and Plosser, voted against the rate cut, favoring no action. In the accompanying statement, the Fed described the cumulative 325bps cut as "substantial".
