The depreciation of the naira has caused the country’s foreign loans to balloon. Nigeria’s external debt stock (debt owed to foreign entities) has increased by N28tn due to the devaluation of the Nigerian naira against the United States dollar, findings reveal. According to the latest debt profile data published by the Debt Management Office, ...
The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has said the decision to float the nation’s currency is the major cause of the hardship, mass suffering, and other economic woes confronting the country, describing it as the worst economic decision-taking by the government. President of PENGASSAN, Engineer Felix Osi...
•Prof Olofin (R) addressing Reporters A Professor of Economics, Professor Sam Oladapo Olofin has called on the federal government and other major stakeholders in economic society across the country to save naira from imminent collapse. The former special adviser to the President on Economic Matters, Olofin while speaking at a public lecture Or...
The National Security Adviser, Nuhu Ribadu, has directed operatives of the Nigeria Police Force, the Economic and Financial Crimes Commission, the Nigeria Customs Service and the Nigeria Financial Intelligence Unit, to clamp down on forex market speculators. This, he said, is part of efforts to safeguard Nigeria’s foreign exchange market and c...
•Naira notes Amid current hardship ravaging the country, Nigeria’s local currency is currently exchanging above 2,000 naira against the Great Britain Pound at the parallel market. A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates today, reports The PUNCH. He said, Yes it is true, we are currently selling above [&he...
Despite efforts by the Central Bank of Nigeria (CBN) to restore sanity in the foreign exchange market by rolling out three new circulars, the naira suffered a further slide at the weekend. The naira experienced another decline in both the official and parallel foreign exchange markets on Friday, reports Daily Independent. At the parallel mar...
•Femi Falana As a way to strengthen the naira against the dollar, human rights lawyer, Femi Falana, has urged the federal government of Nigeria to join economic bloc BRICS and sell the Nigerian crude to foreigners in naira and not in the United States’ currency. He also said the federal government should reduce its reliance […]
•Speaker Obasa The Lagos State House of Assembly has decried the continued downward slide in the value of the naira against the dollar. As at today, a dollar hovered between N1,474 and N1,500 and the lawmakers, at plenary, advised the federal government and the Central Bank of Nigeria (CBN) on some bold steps to take […]
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...
A political economist Pat Utomi says what he described as “missteps” from the Central Bank of Nigeria (CBN) contribute to the tumbling value of the naira. The naira exchanges for about N1,400 to a dollar in the parallel market as of now and has been on a downward slide against major world currencies in the […]
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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