Money

Naira rises to N1,600/$ as FX liquidity boosts official market

DailyTimesNGR DailyTimesNGR 27 October 2024 0

Increased US dollar liquidity in the foreign exchange market has strengthened the naira, which appreciated by 0.07 per cent, closing at N1,600 per dollar in the official market this week. The currency gained momentum as demand for foreign currency eased ahead of the Central Bank’s November test

News

Naira predictions for 2025

Ihesiulo Grace 16 October 2024 0

Predicting the exact price of a currency is impossible. However, it is entirely possible to anticipate certain scenarios according to fundamental analysis. By analyzing important macroeconomic and political events and policies, we might be able to list several most likely scenarios for Naira. The Naira is a fat currency of Nigeria, a country in the […]

News

Sustaining Naira Rally

DailyTimesNGR DailyTimesNGR 23 April 2024 0

By Uche Nworah, Ph.D Whatever the federal government is doing to stabilize the naira, they should keep it up. Kudos! The news this morning is that the World Bank has pre-qualified Nigeria for a ‘friendly’ $2.25B loan. It is ‘friendly’ because it comes at 1% interest rate over a 40-year term with 10 years moratorium. […]

Headlines

CBN’s liquidity challenges hampering support for Naira–EIU

DailyTimesNGR DailyTimesNGR 12 March 2024 0

By Temitope Adebayo Economist Intelligence Unit (EIU) has said that the Central Bank of Nigeria (CBN) faces a significant liquidity crisis in supporting the naira, as nearly $20 billion of its $33 billion in foreign reserves is tied up in various derivative deals. EIU revealed this in its latest Country Report on Nigeria, highlighting the […]

Business

Naira strengthened by 7.62% to N2100 per GBP in parallel market

DailyTimesNGR DailyTimesNGR 27 February 2024 0

The naira experienced a significant uptick on Monday, reaching a peak of N2100 per Great British Pound (GBP) in the parallel market, commonly referred to as the black market. This surge marked a notable increase of 7.62%, with the currency strengthening by N160.00 compared to the previous day’s closing rate of N2,260. This surge aligns […]

Headlines

Naira closes week at N1,665.50/$1 amidst demand pressure

DailyTimesNGR DailyTimesNGR 26 February 2024 0

By Temitope Adebayo The Naira experienced a decline against the US Dollar in the official market, concluding the week at N1,665.50/$1, amid sustained demand pressures that continued to exert downward pressure on the currency’s value. This decrease in the exchange rate coincided with a notable downturn in forex turnover, which plummeted by 21 per cent […]

Business

Naira falls to N1720/dollar at parallel market

DailyTimesNGR DailyTimesNGR 20 February 2024 0

By Temitope Adebayo Having declined by 4.4 per cent and 9.5 per cent at the official and parallel markets respectively, the value of the naira continued to plummet reaching new lows at both ends of the market. By the close of business on Monday, the naira was selling at N1,720 on the streets. This is […]

Headlines

Naira strained by $2.4bn invalid forex claims -Cardoso

DailyTimesNGR DailyTimesNGR 6 February 2024 0

By Temitope Adebayo The Central Bank of Nigeria (CBN) said it uncovered invalid foreign exchange overdue claims totaling $2.4 billion. This had pressured the Naira for long and spooked the currency market, Central Bank Governor Olayemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the […]

Headlines

Naira depreciation: Expert demands reforms to tackle FX abuse

DailyTimesNGR DailyTimesNGR 29 January 2024 0

BY TEMITOPE ADEBAYO To strengthen the Naira against foreign currencies, especially the United States dollar, a financial expert, over the weekend, called on the government to immediately come out with new reforms, regulatory frameworks and guidelines for the nation’s foreign exchange market. Speaking on a radio programme monitored by our Correspondent, Samuel

Headlines

Buhari’s nephew fingered in naira redesign controversy

DailyTimesNGR DailyTimesNGR 23 December 2023 0

…as Nigerians bemoan shortage of notes at Christmas BY ORIAKU IJELE Fresh facts which emerged yesterday have pointed accusing fingers at Tunder Sabiu, a nephew to former President Muhammadu Buhai as the mastermind of the flopped naira redesign project embarked upon by the Central Bank of Nigeria, CBN during the reign of embattled Godwin Emefiele, […]

Business

Naira slips further at black market

DailyTimesNGR DailyTimesNGR 18 October 2023 0

The Nigerian currency, Naira, on Tuesday fell substantially to N1,050 to a dollar at the unofficial foreign exchange market. The rate implies N10.00 depreciation from N1,040 the local unit exchanged at the unauthorised window on Monday. Meanwhile, the naira is sold at N1,060 per $1 at the parallel market segment, as demand for the greenback […]

Business

Naira volatility, unofficial FX market rates projected to hit N985/$

Ihesiulo Grace 22 September 2023 0

By Motolani Oseni Stears’ Africa FX Monitor has revealed that Nigerians should brace for continued downward pressure on Nigeria’s FX rates, this is even as it projected that the volatility of the Naira will persist in the coming days, with black market rates projected to trade as high as N985 per US Dollar in the […]

Business

Naira up 5.6% to close at N663.04/$

Ihesiulo Grace 19 June 2023 0

As analysts project FX market to remain volatile in near term By Motolani Oseni Nigerian currency, Naira, on Friday, reclaimed about 5.6 per cent of value lost at the Investors, Exporters’ foreign exchange (FX) market, to close at N663.04 on Friday, against N702.19 reported on Thursday. This is even as analysts have predicted that the […]

Headlines

Naira redesign and challenge of currency management

Ihesiulo Grace 28 March 2023 0

BY KADIRI ABDULRAHMAN When the Central Bank of Nigeria (CBN) introduced the Naira redesign policy in October, 2022, it informed the public that it was meant to check abuse of naira, contain inflation and ensure control of the volume of naira notes in circulation. Among other gains, Emefiele said the step would also help to […]

Headlines

Naira Redesign: Relief as Nigerians get cash across counters, ATMs, PoS

Ihesiulo Grace 27 March 2023 0

By Motolani Oseni and Temitope Adebayo Following the Central Bank of Nigeria (CBN) directive to Deposit Money Banks (DMBs) operating in the country to open for business throughout the weekends in an effort to ease the cash scarcity, The Daily Times checks have shown that most of the banks Automated Teller Machines (ATMs) were dispensing […]

News

CBN cashless policy: Deltans bemoan buying Naira, say Nigeria Is failed state

Ihesiulo Grace 4 March 2023 0

BY NOSA AKENZUA Deltans, particularly residents of Warri South and Uvwie Local Government Areas of Delta State, have bemoaned the practice of buying Naira with Naira, describing Nigeria as a failed state. The President General of Uvwie General Improvement Union (UGIU), Chief Abovi Hope Erute, noted that the practice was an indication that the Nigeria […]

Headlines

Old Naira notes controversy: 10 state govts ask Supreme Court to void Buhari’s Feb 16 broadcast

Ihesiulo Grace 20 February 2023 0

By Andrew Orolua The tussle over the legal tender status of old N200,N500 and N1000 Naira notes has deepened as ten state governments have asked the Supreme Court to void President Buhari’s special broadcast of February 16, 2023, alleging that it varied with the order of the apex court on the matter before it. President […]

Headlines

Buhari says security, corruption at stake with new cash policy

Ihesiulo Grace 17 February 2023 0

By Ukpono Ukpong President Muhammadu Buhari insists that the cashless policy and Naira swap by the Central Bank have short and long term benefits for the country in dealing with insecurity and corruption, but agrees that the apex bank should take the recommendation of a parliamentary Committee to rectify identified problems. His comments came as […]

Headlines

Naira Scarcity Crisis: Arrest Oshiomhole now for instigating Edo protests-Obaseki

Ihesiulo Grace 16 February 2023 0

*Arson, vandalism spread to Kogi, Ondo, Kwara, Oyo, Delta BY TITUS AKHIGBE The scarcity of old and new Naira notes occasioned by CBN’s new policy on currency redesign took a dangerous turn across some states of the Federation yesterday. Daily Times can authoritatively report that there were incidents of protests in states like Oyo, Ondo, […]

Headlines

Naira Scarcity: Agony, suffering persist as CBN insists on February 10 deadline

Ihesiulo Grace 15 February 2023 0

*Banks stop receiving old naira notes *As Nigeria’s cashless transactions up 45% to N39trn By Temitope Adebayo Contrary to expectations that the suffering and agony experience by Nigerians, due to the scarcity of both the old and the new naira notes would subsidize this week, it was surprising that the Central Bank of Nigeria (CBN), […]