Experts advise Nigerians to tap into trillion-dollar forex market

Nigeria's May inflation figures grew by 11.40 per cent year-on-year from 11.37 per cent in April. Chioma Udu, Forex Dealer at GT Bank joins me to discuss this and other stories impacting Nigeria’s fixed income and forex market so far this week.

Nigeria's National Bureau of Statistics says consumer inflation increased by 11.37 per cent in April, which is higher when compared to the 11.25 per cent rise in March. Bankole Odusanya, Head of Fixed Income Trading at UBA joins CNBC Africa from the banking floor to discuss this and other stories impacting Nigeria’s fixed income and forex market.

As traders await results of on Tuesday’s bond auction, Olawale Hamed a currency Trader at UBA joins CNBC Africa for a review of trade at Nigeria’s fixed income and forex market so far this week.

The Central Bank of Nigeria has pledged to defend its current foreign exchange policy and the apex bank pumped a fresh 240 million dollars in the forex market on Monday.

Following criticism for pegging the naira at an artificially strong rate to the dollar despite heavy inflationary pressure, the Central Bank of Nigeria has called those opposing the current foreign exchange framework, 'unpatriotic'.

Nigeria plans to sell 117.2 billion naira worth of short-dated treasury bills at an auction this Wednesday.

The naira appreciated against the dollar in the parallel market over the weekend and begun the first day of the fourth quarter slightly higher at 476 to the greenback.

The FMDQ OTC Securities Exchange has confirmed the inflow of $270 million into Nigeria by foreign investors seeking to invest in Nigeria's local currency bonds.

The Central Bank of Nigeria has re-admitted United Bank of Africa to the foreign exchange interbank market, as the bank has remitted all outstanding deposits to the Treasury Single Account.

Nigeria's forex market reopened today with new rules guiding a new single market structure.

After weeks of waiting Nigeria's Central Bank on Wednesday announced a new framework for its forex market.