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Nigeria’s Naira depreciated on Tuesday, April 23, in the Nigerian Foreign Exchange Market (NAFEM), to N1,300.15 per dollar, exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. Similarly, […]
Continue ReadingNigeria’s Naira strengthened against major world currencies on Monday, April 15. Reports say, the local currency exchanged at below N1,000 at some segments of the parallel market as of late Sunday. Bashir Ahmad, former aide on digital communications to ex-president, Muhammadu Buhari, took to X to celebrate this, and wrote: “I can authoritatively confirm that […]
Continue ReadingThe exchange rate of Nigeria’s currency, the Naira has continued to appreciate to the dollar in response to the fiscal and monetary policies of President Bola Tinubu’s administration. According to data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Friday revealed that […]
Continue ReadingGovernor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has sacked a fresh batch of 40 staff mostly from the Development Finance Department (DFD), in furtherance of its ongoing restructuring. The Daily Trust reports that deputy directors and assistant directors were mostly affected with 22 from the DFD and the remaining 18 from the […]
Continue ReadingIn a circular signed by Dr. W.J. Kanya for Director, Trade & Exchange Department which was uploaded to its website on Monday, April 8, 2024, the Central Bank of Nigeria (CBN) has again announced the sales of dollars to eligible Bureau De Change (BDC) operators. The apex bank said it is set to sell $10,000 […]
Continue ReadingOnce upon a time, the Nigerian Naira was a king over the United States Dollars. This was the case in 1975, when a brand new Peugeot 504 car would be purchased from the showroom with only N1,500, an amount that cannot buy a loaf of bread this year 2024. A loaf of bread is sold […]
Continue ReadingAccess Holdings Plc announced growth in its profits before tax on Thursday, posting N729bn in 2023, representing a 335 per cent year-on-year increase from 2022. The group, in its consolidated and separate financial statements for the year ended December 31, 2023, also reported 87 per cent increase in gross earnings to N2.59tn, up from N1.38tn […]
Continue ReadingIn order to further crash the FX rate, Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators in Nigeria, informing them that $10,000 have been made available to each qualified BDC at a rate of N1,251 per US dollar. The apex bank also reportedly instructed each BDC to sell […]
Continue ReadingNigerian Naira rebounded against the United States Dollar on Wednesday both at the official and parallel markets, with the local currency recording a significant gain against the greenback at the black market. This came as the Central Bank of Nigeria (CBN) announced the final settlements of all valid foreign exchange backlogs, fulfilling a key pledge […]
Continue ReadingBitcoin hit a fresh record above $71,000 on Monday as demand for the cryptocurrency picks up amid optimism that the Federal Reserve will cut interest rates the year. The unit hit a peak of $71,432 in afternoon Asian business, according to Bloomberg data, meaning it has advanced almost 70 percent this year. (AFP)
Continue ReadingGlobal company, Binance Holdings Ltd., branded Binance, a Cryptocurrency exchange concern, has announced plans to discontinue all services related to the Nigerian naira. The cryptocurrency exchange platform, Binance, was accused of exploiting the Nigerian currency, the Naira, leading to its free fall in value in recent time. The company is, in addition, facing allegations of terrorism […]
Continue ReadingBank of Ghana (BG) has suspended the Foreign Exchange Trading Licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited. The suspension, which will take effect from March 18, 2024, for one month, was announced in a statement, on Monday, by the Ghanaian apex bank. That measure comes in response to […]
Continue ReadingAs he spoke against frivolous Naira printing during the Buhari administration, the Governor of Edo State, Mr. Godwin Obaseki, has again faulted the Central Bank of Nigeria for (CBN) raising the Monetary Policy Rate by 22.75 per cent. Obaseki contended that the decision is not the answer to the ongoing economic challenges in the country. […]
Continue ReadingCentral Bank of Nigeria (CBN) on Friday revoked the licenses of 4,173 Bureaux De Change (BDC) Operators, accusing the affected institutions of failing to observe regulatory provisions. The move is part of efforts to restore confidence in the nation’s foreign exchange market, according to the apex bank. See below the full list of the affected […]
Continue ReadingCentral Bank of Nigeria (CBN), on Friday, revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines. The apex bank disclosed this in a statement by its acting Director, Corporate Communications, Sidi Hakama. This means there will now be 1,517 operational BDCs from the initial 5,690. In the CBN […]
Continue ReadingIn an interview with the BBC, Special Adviser to the President on Information and Strategy, Bayo Onanuga has said that Nigerian Government may demand over $10bn from Binance as a penalty amid moves to salvage the value of the naira. Onanuga alleged that Binance profited substantially from its “illegal transactions” in Nigeria while the nation […]
Continue ReadingCentral Bank of Nigeria (CBN) has sold over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The naira appreciated against the dollar to 1,582/$ at the close of trading activities at the official market on Monday. According to data obtained from FMDQ securities, the […]
Continue ReadingNigeria’s Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts. Mr. Edun, who disclosed this on Friday in an interview on Channels Television, said Nigerian Government plans to rectify the economic imbalances that disproportionately favour a small […]
Continue ReadingThere is heavy manipulation going on at the Binance P2P. And from my deductions, most of the big Binance P2P merchants are united in carrying out this manipulation. Some of them even have over $2 million worth of USDT in their wallet which begs the question of whether these people are truly Nigerians or probably […]
Continue ReadingForeign capital inflow into Nigeria dipped by 26.4% to $3.9 billion in 2023, plunging to a 17-year low since 2007 when capital importation stood at $5.3 billion. Latest data released by the National Bureau of Statistics (NBS) showed that foreign portfolio investment (FPI) in 2023 was $1.15 billion, indicating 29.5 percent of the $3.91 billion […]
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