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 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...
Bureau De Change operators (BDCs) in Abuja got a rude shock yesterday as security operatives swooped on them in a sting operation designed to arrest the free fall of the naira, believed to be fuelled by the antics of currency speculators. The security agencies, working in cahoots with the Central Bank of Nigeria (CBN), quizzed […]
Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest today, Thursday February 1, 2024. The CBN, which made the disclosure in a new circular released yesterday, also warned lenders against hoarding excess foreign currencies for...
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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