•Naira and Dollar For the umpteenth time, Nigerian currency Naira yesterday depreciated at the official market, trading at N1,300.15 to the Dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N65.66, reports Nigerian...
•Naira and Dollar The naira depreciated in its value against the United States dollar to N1,234 at the official foreign exchange market yesterday, according to data obtained from the FMDQ securities exchange. The exchange rate means the naira fell by N65 or 5.26 per cent from N1,169.99/$1 recorded on Friday, reports The PUNCH. The local [&hell...
•Dangote Refinery The federal government has eventually complied with the demands of domestic crude oil refiners and other operators in the sector, as it declared yesterday that indigenous refineries can now buy crude oil in naira or dollars. It also declared that the total crude oil and condensate reserves in Nigeria increased to 37.5 billion...
Despite widely reported Naira’s rebound, Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%. This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released today. “Looking at the movement, the March 2024 headline inflation rate s...
•Tinubu and Ezeobika A former National Legal Adviser of Inter Party Advisory Council of Nigeria (IPAC), Barrister Chukwudi Ezeobika, has criticised the All Progressives Congress ( APC) administration led by President Bola Tinubu for continually deceiving “Nigerians amidst the glaring economic recession and crisis.” Barr. Ezeobika said that rep...
The Central Bank of Nigeria has written to all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans. It disclosed this in a circular titled, “The use of foreign-currency-denominated collaterals for naira loans” with ref number: BSD/DIR/PUB/LAB/017/004. The circular was signed by the apex bank’s acting Director, ...
•Naira and Dollar The recovery of the nation’s currency, the naira, against the dollar in the last two months have been described as artificial and cosmetic by analysts. This is despite the claim by the Association of Bureau de Change of Nigeria (ABCON) that the naira recovered because of the clearance $7 billion forex backlog […]...
Following the depreciation of the Nigerian currency(Naira) in the past few months, further setbacks have hit the West African market region’s local currency as trans-border traders have started rejecting the currency. Findings across the Seme border show that the traders on both sides are now preferring either the CFA or the domestic currency ...
The naira yesterday closed at N1,240 to dollar in the parallel market. It closed at N1,245 to dollar on Wednesday, representing N5 to dollar appreciation. The local currency has of recent commenced rapid recovery, as volatility in the market dropped after the Central Bank of Nigeria (CBN) commenced dollar sales to bureau de change operators, [...
Recently, the naira has continued to gain against the dollar at the parallel market, while Nigerians have high expectations that the prices of foodstuff will reduce. A recent market survey conducted by this paper has a contrary view as some prices have remained the same from last week till this week, while some prices of […]
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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