Foreign Exchange Archives

ZIMBABWE TO LAUNCH INTER-BANK FOREX MARKET

Posted on February 21, 2019February 21, 2019 by Gambeta News

Zimbabwe to soon launch new inter-bank Forex market. On the 20th February, 2019, John Mangudya Zimbabwe’s Central Bank Governor, said the establishment of a new inter-bank Forex market is in the process. He also said; the new Forex market will help remove the fixed exchange rate between the US dollar and its highly liquidable currency. The Central Bank Governor also said; the inter-bank Forex market will be of help to the Southern African to restore price…

THE RISKS IN NIGERIA-CHINA US$2.5bn CURRENCY SWAP DEAL

Posted on May 14, 2018May 14, 2018 by Gambeta News

Nigeria needs to increase exports to fully benefit from the US$2.5bn bilateral currency swap deal with China. The Central Bank of Nigeria (CBN), recently signed a bilateral currency swap deal with the People’s Bank of China (PBoC) worth about US$2.5 billion. In local currencies, the swap is worth about 15 billion Renminbi (RMB) or N720 billion. The deal’s aim is to reduce the demand for U.S. Dollar by Nigerians importing from China, and consequently strengthen…