News, Events, Entertainment, Lifestyle, Fashion, Beauty, Inspiration and yes… Gossip! The Only Place It Happens!
In 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 ReadingSince the arrest of another Nigerian socialite, Pascal Okechukwu (aka Cubana Chef Priest), I have come across jejune assertions justifying the Economic and Financial Crimes Commission’s pursuit of those spraying naira at parties. While reading comments made by a random commenter on social media but unsupported with sensible evidence is one thing, it is another […]
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 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 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 ReadingConsequent upon the recent directive by the Central Bank of Nigeria (CBN), restricting the operations of International Money Transfer Operators (IMTOs) to only inbound transfers, IMTOs have decided to halt dollar transfers to Nigerians, meaning, they will now only pay recipients in naira. In the published document addressed to IMTOs on January 31, CBN ordered […]
Continue ReadingNigeria’s Naira is currently trading above N1,300 to $1 on the Peer-to-Peer cryptocurrency window on Tuesday. This is as many traders on the parallel market confirmed that the national currency is trading close to N1,300 in that segment of the market. On the Binance platform, the Naira is currently quoted above N1,300 to $1. Some […]
Continue ReadingNigeria’s Naira, on Friday, depreciated to N1,260 per dollar in the parallel market, down from N1,240 per dollar on Thursday. In the same vein, the Naira depreciated to N890.54 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from Financial Markets Dealers Quotation (FMDQ) showed that the indicative exchange rate for NAFEM rose to […]
Continue ReadingSomeone recently said on social media, and I agree in toto, that the exchange rate has the biggest impact on the costs of goods and services in Nigeria — far more than the price of petrol. I somehow never dwelt on this fact, even though it is bleeding obvious that movements in exchange rates have […]
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 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 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 ReadingThe General Overseer of Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, has predicted the possibility of Naira bouncing back and this time even greater than the United States dollar. Based on findings in the black market, the buying rate of the dollar is about N915, and sells at N918 at the moment. Sequel […]
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 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 Reading