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    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

    Why CBN should not extend naira swap deadline – Atiku

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    They want to starve us of funds – IPOB DOS cries out

    ‘Elements’ in Aso Villa want APC to lose election –  El-Rufai

    ‘Elements’ in Aso Villa want APC to lose election – El-Rufai

    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
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    • All
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    • Cryptocurrencies
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    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

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    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

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    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

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    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

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    2023 Bible Lessons on Setting your Financial/Investment Goals

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    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

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    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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Russian ruble hits 7-Year high, threatening export competitiveness

Tuesday, 21 June 2022, 11:07 pm
in Economy, Forex, Markets, News, Policies, World
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Russian ruble hits 7-Year high, threatening export competitiveness
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The Russian ruble surged to a seven-year high on Monday, and sparked a debate in Moscow on whether the central bank should cap the exchange rate at an “optimal” value.

The currency was up as much as 1.7% to 55.44 per U.S. dollar, marking its strongest level since July 2015 based on Moscow Exchange prices. Year-to-date, the currency is now up by 35%, a world-beating gain that has continued unabated even after policymakers lowered the benchmark rate by 1,050 basis points and relaxed capital controls imposed in response to Western sanctions.

Also read; Bullish Sentiment Resumes as NGX-ASI records 0.66% in Profit

Government officials are growing increasingly wary of an advance that has the potential of undermining the nation’s export competitiveness and budget finances.

Top officials in the government and central bank put forward opposing views Monday on a target for the ruble exchange rate. First Deputy Prime Minister Andrey Belousov said authorities discussed a set goal for the ruble and prioritizing economic growth. An “optimal” rate is between 70 to 80 rubles per dollar, he said.

Hours after Belousov’s comments surfaced, a senior central banker warned against such a policy shift.

“If implemented, any ideas related to the targeting of the exchange rate will inevitably lead to a decrease in the effectiveness and loss of the sovereignty of the economic policy pursued,” Deputy Governor Alexey Zabotkin said at a parliamentary budget hearing. Russia floated the ruble in November 2014.

Putin’s former finance minister, Alexei Kudrin, said Russia was unlikely to consider the targeting option. According to analysts, authorities lack the means to influence the Russian currency, even if they wanted to. Allowing foreigners to sell assets could weaken the ruble, but would be politically impossible, according to Dmitry Polevoy, an economist at Locko Bank JSC.

At the inception of the Russian invasion of Ukraine, the ruble was routed, plunging to a record low of 121.5275 per dollar on March 10, as the US and her European allies sought to isolate the country from the international financial system.

In response, Moscow imposed mandatory foreign-exchange sales on exporters and required some buyers of energy products to pay in rubles. These measures has facilitated in the currency turning around to post a 118% rally.

The strengthening ruble undercut export revenues in local-currency terms and made the country’s goods more expensive abroad.

The central bank responded by easing capital controls, but the currency gains have continued unabated.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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Security features of the new naira notes revealed by the CBN

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