By Xinhua 09 January 2024 | 10:47 am The central parity rate of the Chinese currency renminbi, or the yuan, weakened four pips to 7.1010 against the dollar on Tuesday, according to the China Foreign Exchange Trade System. A Chinese bank employee counts 100-yuan notes and US dollar bills at a bank counter in Nantong in China’s eastern Jiangsu province on August 6, 2019. – The Chinese currency steadied on August 6, a day after Beijing let the yuan weaken against the dollar, sending markets into freefall and leading the US to formally designate China a “currency manipulator”. (Photo by STR / AFP) / China OUT The central parity rate of the Chinese currency renminbi, or the yuan, weakened four pips to 7.1010 against the dollar on Tuesday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market, each businessday. 4 mins ago The central parity rate of the Chinese currency renminbi, or the yuan, weakened four pips to 7.1010 against the dollar on Tuesday, according to the China Foreign Exchange Trade System. 7 hours ago United Bank for Africa (UBA) Plc, yesterday, joined the elite group of companies with market capitalisation of over N1 trillion just as its share price value hits N29.9 per share. 7 hours ago The 12 per cent return on investment recorded by the industrial goods segment of the Nigerian Exchange Limited (NGX), ranking the sector as the worst performing in the bourse last year, is unsettling investors. 7 hours ago The Nigerian Communications Commission (NCC) has warned against the unauthorised use of the 5.4GHz frequency band. 1 day ago Deposit money banks (DMBs) have continued to inform their customers about the directive handed them by the Federal Inland Revenue Service (FIRS) to deduct the backlog of the Electronic Money Transfer Levy (EMTL) on previous foreign currency transactions carried out by January 31, 2024. 1 day ago Last year witnessed a deceleration in Nigeria’s gross domestic product (GDP) growth, dropping to 2.6 per cent from the 3.3 per cent recorded in 2022. The slowdown is a result of various factors, including the services sector’s poor performance 1 day ago The National Insurance Commission (NAICOM) has advised underwriting firms to ensure that premium quotes/rates for government assets are driven by appropriate data to enhance market efficiency. 1 day ago Three banks’ stocks – Fidelity Bank Plc, FCMB Group Plc and Sterling Financial Holdings Company Plc – dominated activities in the financial service sector of the capital market last week. 1 day ago It was a harvest of capital gains for the shareholders of Transport Hotels Plc, Chams Holding Company Plc and CWG Plc, as they led the 10 companies that topped the winners’ chart on Nigeria Exchange Limited (NGX) in capital appreciation in 2023 1 day ago To enhance the impact of the budget on economic growth, there is a need for the government to adopt cost-cutting initiatives, increase investment in capital projects and keep to fiscal discipline guidelines.
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