Money

Naira closes at 380/$1, as CBN injects $100m into FX market

Ihesiulo Grace 1 June 2017 0

Following the closure of the official foreign exchange market for last week’s trading, which was extended to Monday 29 May, 2017, due to the holiday declared by the federal government for the 18th year uninterrupted democracy day celebration in the country, the Nigerian currency, the Naira, on

Money

Naira stable at 380/$1, after retention of status quo

Ihesiulo Grace 25 May 2017 0

A day after the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its two day bi-monthly meeting in Abuja, with all status quo unchanged, the Naira has been forced to remain stable at the same rate it has been trading since the foreign exchange market opened for the week. The last […]

Business

Naira steady 410/$1 at parallel market

Ihesiulo Grace 13 April 2017 0

The Nigerian currency, the naira on Wednesday closed at 410 to a dollar, the same rate it traded the previous day, which indicated a drop of five points from 405 it exchanged on the first trading day of the week at the parallel market. This was contrary to the widely expected new closing rate for […]

Business

How forex convergence rate may phase-out 3200 BDCs

Ihesiulo Grace 24 March 2017 0

Following the dramatic and continuous gain of the naira at the black market, with a new closing of the local currency at 399 per dollar at both the Bureau de Change segment and the parallel market on Thursday, indications are rife that no less than 3200 BDCs and over 30, 000 Nigerians may lose their […]