Nigeria, naira, foreign exchange. The Central Bank of Nigeria has issued fresh guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System, mandating a minimum trade value of $100,000. The directive, dated 25 November 2024 and signed by Dr Omolara Duke, CBN’s Director of the Financial Markets Department, is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market. Punch.
Central Bank of Nigeria. Guidelines for the Electronic Foreign Exchange Matching System. CBN.
Central Bank of Nigeria. Implementation of the Bloomberg BMatch System for Foreign Exchange Trading. CBN.
Trump, foreign exchange, multinationals. Multinational companies are beefing up their foreign exchange hedging strategies to guard their overseas earnings from larger currency swings that could come from a second Donald Trump presidency. Reuters.
Foreign exchange, fraud. Bryant Edwin Sewall, 57, formerly of Little Elm, Texas, was sentenced to 23 years in federal prison after being convicted of 14 counts of wire fraud and one count of conspiracy to commit wire fraud, the U.S. Attorney’s Office for the District of Colorado announced Wednesday. The charges stem from a $179 million foreign currency investment scheme that defrauded investors through false promises and manipulated account statements. Shore News Network.
Foreign exchange, strong dollar, Trump. Global political economy and impact on the dollar. CNBC.
Foreign exchange, Canadian dollar, U.S. dollar. President Trump announced possible tariffs on two countries with currencies trading at multi-year lows. With a weak currency and potential tariffs, the Canadian dollar seasonal sell pattern may have a fundamental catalyst needed for traders to profit. MSN.
Bank of Canada, Rhy Mendes, inflation. “Our job at the Bank is to keep inflation low and stable, so we aim to keep it centred on a 2% target. This is how we ensure the economy works best for all Canadians. Inflation has now come down significantly and is back at 2%. We want it to stay there. For this reason, we decided last month to lower our policy interest rate by 50 basis points to 3.75%. Our focus now is on ensuring that inflation remains low, stable and predictable. We need to stick the landing.” — Deputy Governor Rhy R. Mendes. Bank of Canada.
Federal Reserve minutes. The Federal Reserve on Tuesday released the minutes of the Federal Open Market Committee meeting that was held on November 6–7, 2024. Board of Governors-Federal Reserve System.
Foreign exchange rates, per Reuters, as of 10:45 pm EST
AUD/USD=0.647
EUR/USD=1.0485
GBP/USD=1.2572
USD/JPY=152.6
10-year bond yields
Australia- 4.438%
Germany-2.184%
United Kingdom-4.339%
France-3.043%
Greece=3.114%
Japan-1.070%
Alton Drew
26 November 2024
Need legal research done in the area of foreign exchange? Book an appointment with me at altondrew@altondrew.com.
Lawyers Write the Bets. Bankers Sell the Bets. 