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Nigeria’s Naira, on Friday, depreciated marginally to N927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window. The rate represents a fall by 11.40 percent from the N832.32 recorded on Thursday. According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the […]
Continue ReadingNigerian naira appreciated against the United States American dollar, closing at N791.75/$1 at the official market. According to data from the FMDQ Securities Exchange, the naira rose by 5.87 per cent or N49.39 compared to the previous day’s rate of N841.14/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM). The naira’s gain was, however, expected […]
Continue ReadingIn spite of recent moves by the Central Bank of Nigeria (CBN) to strengthen the foreign exchange market, the Naira closed trading on the Investor & Exporter forex window on Thursday at N996.75 to $1. This is a 13.95 per cent decline from the N874.71 to $1 it closed trading on Wednesday. So far, the […]
Continue ReadingExchange rate between the naira and dollar opened the week at N1,200 per $1 on P2P platforms on Monday, Oct. 23, 2023. Effect of this is that the naira is 3.41 percent weaker than on Friday, Oct. 20, when it closed at N1,170 on the same market. This week, on the black market where the […]
Continue ReadingBusiness and Property Court in London on Monday halted the enforcement of the $11bn arbitration award in favour of P&ID against Nigeria in a case marked CL-2019-000752, according to Punch. In a judgment delivered by Justice Robert Knowles, it was held that the process through which P&ID secured a 2010 contract to build a gas […]
Continue ReadingAs CBN on Thursday lifted the ban on importers of 43 items restricted from accessing foreign exchange on its official platform, Investor & Exporter (I&E) forex window in Nigeria recorded a turnover of $53.02m on Friday, following the Central Bank of Nigeria’s forex ban lift on 43 items. It disclosed this in a statement titled, […]
Continue ReadingCentral Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of it’s commitment to boost liquidity in the foreign exchange market. Disclosing this in a statement, Director Corporate Communications, Department, CBN, Dr.Isa Andulmumin, said: “Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 […]
Continue ReadingNigerian Naira is among the worst-performing currencies in Africa, the World Bank has said. It noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation. The global bank explained in its report titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume […]
Continue ReadingThe Central Bank of Nigeria (CBN) is set to recover loans granted to some Nigerians to ameliorate harsh socio-economic realities. The loan initiative involved is the Targeted Credit Facilities (TCF), granted to them in 2020 to cushion the economic effect of COVID-19. Some facility beneficiaries, however, expressed concern about the manner of recovery. A beneficiary, […]
Continue ReadingThe naira on Tuesday appreciated against the dollar as it exchanged at N742.10 at the Investors and Exporters window. The local currency gained by 4.06 per cent compared to the N773.50 it exchanged for against the dollar on Monday. The open indicative rate closed at N761.24 to the dollar on Tuesday. A spot exchange rate […]
Continue ReadingTech giant, Apple, is set to unveil its latest iPhone product, the iPhone 15 on Tuesday, September 12. This model will be unveiled at the company’s “Wonderlust” event in Cupertino, California, United States Of America, and is expected to come in four variants: iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro […]
Continue ReadingComprehensive evaluation of the average rent of a three-bedroom apartment across 15 major cities in Nigeria has reached a new high of N750,000. Prices sourced from propertypro.ng and estate agents, showed that the cost of a three-bedroom flat in Lagos, Abuja and Port Harcourt went as high as N1.5m per annum. Minna, Lokoja and Ilorin […]
Continue ReadingDuring this period that is characterised by increased global connectivity, Canada has evolved with current realities by expanding its visa-free air travel policy and Can+ Visa Programme, which affects Caribbean countries offering Citizenship-by-Investment (CBI) programmes. However, not only Caribbean countries can benefit from this programme; it has been stated that Nigerians can also benefit from […]
Continue ReadingNigeria’s oil marketers, on Thursday, insisted on a possible increase in the pump price of Premium Motor Spirit (PMS), popularly called petrol, following a further plunge in the value of the naira against the United States dollar. The local currency weakened against the greenback at the black market from 900 per dollar on Wednesday to […]
Continue ReadingCentral Bank of Nigeria (CBN), on Wednesday, said the recent estimate of the bank’s financial accounts by JP Morgan was “out of context”, and assured that there was no cause for panic. CBN clarified that fluctuations and liabilities encumbrances to the reserves were only natural and normal, adding that the CBN built the reserves to […]
Continue ReadingCritic of the current federal government of Nigeria, David Hundeyin has advised against redenominating the Naira by knocking off the zeroes in the exchange rate against the Dollar. He gave the advice on his Twitter handle where he wrote: “I read somewhere that the brilliant chaps in Abuja running the economy are considering redenomination (arbitrarily […]
Continue ReadingLagos lawyer and rights activist, Femi Falana SAN, has said that the decision of the Central Bank of Nigeria (CBN) under President Bola Tinubu to float the naira is illegal and he is now challenging that in court. On June 14, at a time when the naira traded between 730 and 755 to the dollar […]
Continue ReadingNigeria’s oil marketers, on Sunday, indicated that the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680/litre and N720 per litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market. They also hinted that dealers seeking to import PMS were being forced […]
Continue ReadingNigerians on Twitter (X) have demanded that Buhari and former Central bank of Nigeria (CBN) governor, Godwin Emefiele be imprisoned for reportedly using Nigeria’s foreign reserve secretly as collateral for loans The CBN owes JP Morgan and Goldman Sachs a combined sum of $7.5 billion as of the financial year ending December 2022. Also included […]
Continue ReadingA Yoruba developer, Stephen Akintayo, has boasted on his online platform that he buys land for real estate businesses in the Nigerian Southeastern states. He wrote: “Some People Said , A Yoruba Man cannot own Real Estate in South East Nigeria. And I Vow to Open Estate in All the 5 South East State during […]
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