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The value of Nigeria’s naira has again weakened further against the United States dollar at both the official and parallel foreign exchange markets. So, officers of the Economic Financial Crimes Commission (EFCC), on Tuesday, expanded its clampdown on Bureau De Change operators, arresting traders in Abuja, Lagos, Kano and Port Harcourt. Activities of currency speculators […]
Continue ReadingIn spite of the on-the-spot raid of Bureau De Change (BDC) operators by Economic and Financial Crimes Commission (EFCC) on Monday, the naira began the week on a negative note against the United States dollar closing at N1419.11/$ on Monday indicating signs of a turbulent week. At the official market on Monday, the naira traded […]
Continue ReadingNigeria’s naira has demonstrated signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday. This came as the Senate through its Committee […]
Continue ReadingNigeria’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 ReadingNigeria’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 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 ReadingBetween June 2021, and June 2022, dollar-to-naira exchange rate has risen from N500 to N603 at the parallel market, signifying the greenback appreciated by 21 per cent within the one year period. Dollar exchanged at N603 (average) at Lagos and Abuja parallel markets on Tuesday, indicating a worsening liquidity crisis in the foreign exchange market […]
Continue ReadingRussia currency, the Ruble has crashed by 30% against the US dollar, after the US and its allies announced new sanctions against Russia over its invasion of Ukraine. The new record low for the Russian currency is coming after some of the country’s major banks were banned from using the Swift international payment system over […]
Continue ReadingNigerian currency, the Naira fell significantly against the U.S. dollar at the official market on Wednesday as it exchanged hands with the greenback at N415.10 per $1, the lowest rate ever recorded at that market segment, implying a N0.80 or 0.20% devaluation from N414.30 per $1 rate it exchanged on Tuesday. So, at the black […]
Continue ReadingNigeria’s Naira pared some of its recent gains against the dollar at the parallel market on Wednesday amid the lingering scarcity of the greenback in the country. Nigerian currency, the Naira fell to 515 against the dollar at the parallel market from 510 on Tuesday. The naira had strengthened to 506/$ on August 4 after […]
Continue Reading“One hundred thousand naira is now behaving like ten thousand naira; and no one is saying anything about it!” -Anonymous Social Media Blogger Exchange rate is very important particularly for a country like Nigeria, whose currency is not convertible. According to Investopedia, a convertible currency, is any nation’s legal tender that can be easily bought […]
Continue ReadingNigeria’s currency, the Naira on Wednesday fell to N493 per dollar at the parallel market, shading N6 from the N487/$ it exchanged on Tuesday, May 25, 2021. When compared to the N486/$1 that was recorded on Monday, the local unit had dropped N1 The pressure on Nigeria’s currency is attributed to black market speculators who […]
Continue ReadingPublisher of news website Daily Nigeria, Jafar Jafar, today had a meeting with Kano State House of Assembly Committee investigating the bribery allegation against Governor Abdullahi Ganduje. A few weeks ago, the journalist published a video clip showing Kano Governor Ganduje allegedly receiving a bribe from contractors, a claim the governor has denied.
Continue ReadingNigerian currency, the Naira, Friday, traded strong after the Central Bank of Nigeria (CBN), Thursday, August 23 and Friday, August 24, 2018, injected a total sum of $543.22 million and CNY 63.21 million into the inter-bank foreign exchange market. Naira gained N0.25k against the U.S dollar as it closed at N362.35k per dollar compared to […]
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