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 investors and importers who are […]
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 […]
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 […]
.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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]