Money

Naira crashes in value, at N420 to a Dollar

Ihesiulo Grace 15 May 2020 0

The Nigerian naira has continued on a downward slide against the dollar amid coronavirus pandemic. The naira continued its crash against the dollar on Thursday as it exchanged at N450 to dollar at the parallel market. The latest metric is as a result of high demand for dollar from foreign

Business Featured Headlines

Excess liquidity in banking system threatens naira stability, inflation – MPC member

Ihesiulo Grace 13 February 2020 0

A member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) and Deputy Governor, Corporate Services, Central Bank of Nigeria (CBN), Edward Adamu, has said that excess liquidity in the banking system is a real threat to the stability of the naira exchange rate just as it is to inflation. The […]

Business Featured Features

Diaspora Remittances: Why exchange rate stability is key to Nigeria’s growth agenda

Ihesiulo Grace 6 January 2020 0

There is no doubt about the effects of the Bureaux De Change (BDCs) contributions towards Nigeria’s economic growth agenda and the Central Bank of Nigeria (CBN’s) commitment to exchange rate stability over the years. MOTOLANI OSENI writes on the BDCs access to multiple streams of forex earnings to deepen the market, keep the naira stable […]

Business Money

Naira gains at official FX, loses against Euro at official FX

Ihesiulo Grace 13 March 2018 0

.As I&E window records $201.2m turnover The Naira, on Monday, 12 March, 2018, appreciated slightly against the US Dollar to close at N305.75 against N305.80 and N305.85 traded throughout last week at the official spot market, but remained stable at N362 at the parallel segment of the forex market, even though it dropped two point […]

News

Naira drops at investors’ window, stables at official, unofficial forex markets

Ihesiulo Grace 19 January 2018 0

Nigeria’s currency Naira on Thursday dropped slightly at the Investors and Exporters (I&E) foreign exchange window at N 360.75 against N360.56 traded on Wednesday, data obtained from the FMDQ OTC has showed. The autonomous FX window, had opened trading at N360.20, the same rate recorded on Wednesday before settling at a weaker closing rate compared […]

Money

Naira gains at official forex market as NAFEX records $209m turnover

Ihesiulo Grace 11 December 2017 0

The Nigerian currency, Naira on Monday, gained further at the official foreign exchange market, with the new closing rate of 306.35 compared to 306.40 to the US Dollar sold on Friday. Even as the Nigerian Autonomous Foreign Exchange (NAFEX) window closed the day with a total transactions turnover of $209.05 million. Contrary to this development, […]

Business

Naira gains at official market, records $179.8m turnover at NAFEX

Ihesiulo Grace 28 November 2017 0

The Nigerian currency, Naira, on Monday extended its gain over US Dollar at the official foreign exchange market, with closing rate of 305.80 against 305.85 traded on Friday and stronger than 305.90 sold the previous day. This is even as the Nigerian Autonomous Foreign Exchange (NAFEX) widow, recorded transactions turnover of $179.78 million at the […]

Business

Naira gains over Pound, Euro at parallel market

Ihesiulo Grace 24 November 2017 0

The Naira, at the end of Thursday’s foreign exchange trading activities, appreciated slightly against the Pound Sterling and Euro at the closing rates of 475 compared to 476 exchanged on Wednesday and 425 against 426 sold per Euro on the same period at the parallel market. Although, the local currency, was seen unchanged at 364 […]

News

BDCs rally support for CBN’s exchange rate initiatives

Ihesiulo Grace 11 April 2017 0

As part of efforts to achieve official and parallel market rate convergence, over 3,000 directors of Bureaux De Change (BDC) operators in the country met on Monday, 10 of April, 2017 in Lagos to rally support for the Central Bank of Nigeria’s (CBN’s) exchange rate stability objectives. Speaking at the emergency meeting of Managing Director/Chief […]

Business Headlines

BREAKING: CBN to Give Banks $20million FOREX Weekly

Ihesiulo Grace 18 February 2017 Post a comment

In apparent response to recent outcry over the hardships encountered by the business community in sourcing foreign exchange for transactions, the Central Bank of Nigeria CBN has agreed to release $20 million weekly to selected 20 banks. The body has also fixed Monday, the 20th of February for the effective takeoff of the new policy […]

Business Money

Naira closes at 500/$1, traders anticipate further stability next week

Ihesiulo Grace 10 February 2017 0

The Naira yesterday closed at 500 per US dollar, the same rate it exchanged on Wednesday when it recorded first depreciation of the week, but foreign exchange traders are optimistic that the Naira holds steady outlook by next and may not drop further at the parallel market. The naira, late yesterday, was bought at 498 and sold at […]

Business Money

Naira remains 490/$1 at parallel market

Ihesiulo Grace 3 January 2017 0

Contrary to some financial analysts’ prediction that the Naira would hit 500 per dollar before the New Year, the currency has remained steady at N490 against the dollar.   The naira has maintained the N490 per dollar rate it traded on the last day of 2016 and has held steady for the first two days […]

Business

Exchange rate control is not solution to Nigeria’s economic woes- Expert

Ihesiulo Grace 17 October 2016 0

In a bid to salvage the plunging position of the Nigerian economy across the globe many experts have proffered several policies one of which is the floating of the naira to strengthen foreign investor confidence which was projected to boost the performance of indigenous firms and in turn the value of the most populous African […]

Headlines Politics

Buhari Pledges to Make Naira at Par with Dollar

Ihesiulo Grace 24 March 2015 0

Nigerians agonising over the crashing value of the naira relative to the dollar may soon have cause for cheer. That is, if the pledge of the All Progressives Congress (APC) presidential candidate, Gen. Muhammadu Buhari, is anything to go by. Buhari has also made a passionate plea to the South-East electorate not to cast their […]