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The naira exchange affliction of 1984 rose up a second time in 2022 and spilled into 2023 because it has always been the choice of Nigeria to submit to vultures. Don’t fail to listen to Chief Bola Tinubu who philosophised in Osogbo last week that despite the rains beating the vulture since the very beginning, […]
Continue ReadingFears of a further devaluation of the nation’s currency, the Naira, heightening on Monday as the Dollar exchanged at N600 at the parallel market. The rate at the Importers and Exporters Window was, however, N415.75 on Monday, widening the exchange rate spread to N184.25. Punch reports that, at Zone 4 in Abuja, which is the […]
Continue ReadingThe lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590 against $1 This is coming, over eight months after the Central Bank of Nigeria (CBN) stopped the sale of forex to Bureau de Change operators and promised to boost liquidity […]
Continue ReadingA Nigerian pastor, Prophet Ikechukwu Samuel, who is the General Overseer of the Abuja based ministry, Shiloh Word Chapel, has reeled out the prophecy for 2022 in view. In a media chat he had with Vanguard correspondent earlier this week at his Abuja office before he headed to prayer mountain he said: “I have even […]
Continue ReadingWhen you sow the wind, you reap the whirlwind. This always comes to mind anytime there is an outbreak of debate over the naira. It is a discussion we have been having since, I think, 1986 when Gen Ibrahim Babangida, then military president, launched the structural adjustment programme (SAP) essentially to develop the non-oil sectors. […]
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 $1 rate it exchanged on Tuesday. So, at the black […]
Continue ReadingThe ultimate question we need to ask ourselves is whether we believe we are worthy enough as a people and as a nation, to have and to manage a currency, or if we feel too worthless to have one. One-track-minded philistinism leaves us all wretched, one way or another. I have been struggling to write […]
Continue ReadingNigeria’s Naira fell further against the dollar at the parallel market on Wednesday after staying steady at 515/$ in recent days. It now fell to 517 against the US currency at the parallel market. The Naira weakened at the Investors and Exporters’ window by 0.06 per cent to close at 411.75/$ on Wednesday, according to […]
Continue ReadingCentral Bank of Nigeria (CBN) has explained why there is recent sharp depreciation of Naira against the United States Dollar. Responding to questions from members of the House of Representatives Committee on Finance during the 2022-2024 MTEF/FSP stakeholders interactive session on Monday August 16, CBN Deputy Governor, Corporate Services, Edward Adamu blamed the depreciation on COVID-19 pandemic, shortage […]
Continue ReadingMoney makes the world go round. The strength of a country — its prosperity and flourishing — is best measured by the standing of its currency. The American business magnate and politician, Ross Perot, observed that, “a weak currency is the sign of a weak economy, and a weak economy leads to a weak nation”. […]
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 ReadingNigeria’s currency, the Naira has crashed to a four-year low in the parallel market after the Central Bank’s efforts to coax banks to sell more Dollars to customers failed to bridge the widening gap between the official and street rates. Prohibited dealers were offering the naira at 502 per dollar on Wednesday, June 16, from […]
Continue ReadingNigeria’s naira exchanged to the dollar at N490/$ at the parallel market on Thursday. According to naijabdcs.com, the official exchange rate website of the Central Bank of Nigeria for the Bureau de Change operators, the country’s currency was bought and sold at N488/490 to the dollar as of Thursday evening. The naira had earlier exchanged […]
Continue ReadingCentral Bank of Nigeria (CBN) has officially devalued the naira to 410.25/$ after the country’s currency defied all interventions to retain its value. Experts, in reaction, have said that the last resort employed by the CBN to adopt the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the […]
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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