The foreign exchange crisis worsened yesterday as the local currency further depreciated, exchanging at N1,600 to a dollar at the parallel market, findings have shown. This was coming a few days after the local currency hit an all-time low at the official market, crossing N1,500 to one dollar, reports Daily Trust. The naira has come […]
The naira depreciated to N1,534 per US dollar in the official foreign exchange market yesterday, February 12, 2024 from N1, 469.97/US$ on Friday and N1,479.47/US$ on Thursday last week. Data from FMDQ showed that the indicative exchange rate for the Nigerian Foreign Exchange Market (NAFEM) fell below that of the unofficial market, reports Nige...
The naira yesterday depreciated to N1,455 per dollar in the parallel market from N1,440 per dollar last week Friday. However, the naira fell to N1,419.86 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,419.86 per dollar from N1,435.53 per dollar last [&hel...
•CBN Governor Yemi Cardoso In a move aimed at addressing the persistent backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has injected another $500 million into the market. This comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufactur...
The naira has hit a record low at the parallel section of the foreign exchange market. The local currency closed at N1,415 yesterday compared to N1,365 to the greenback exchanged on Wednesday, January 24, 2024, reports Nigerian Tribune. Currency traders, also known as Bureau de Change (BDC) operators, put the buying rate of the greenback [&hel...
Dangote Cement reached N10tn market capitalisation at the close of business today, Monday, January 22, making it the first firm on the Nigerian Exchange to reach that milestone. It closed trading with a N10.098tn market cap. Recall that, it displaced Airtel Africa as the most capitalised stock on the local stock exchange earlier this month. [&...
The naira is currently trading above N1,300/$ on the Peer-to-Peer cryptocurrency window today. 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, reports The PUNCH. On the Binance platform, the naira is currently quoted above N1,300/$. Some Bureau de [&h...
The inability of the foreign airlines to repatriate their trapped $800 million from ticket sale accruals has cost Nigeria a blistering 40 per cent loss in air travel market share in one year. For two years running, the offshore carriers have been at loggerheads with the federal government over their detained funds and the $60 […]
The naira yesterday depreciated to N1,240 per dollar in the parallel market from N1,235 per dollar on Wednesday. However, the naira appreciated to N895.23 per dollar in the Nigerian Foreign Exchange Market (NAFEM), thus widening the gap between the official and parallel market exchange rates to N344.77 per dollar yesterday from N199.88 per dol...
The entrance to the Lagos State House of Assembly was barricaded by protesters who are members and traders under the aegis of the Orilowo Perishable Food Market Association for ignoring her petition. The protest, led by the Centre for Human and Socio-Economic Rights (CHSR), in collaboration with civil society stakeholders, demanded immediate a...