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...
•Yemi Cardoso The Senate today Wednesday, January 31, summoned the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, to appear before it on Tuesday next week over the state of the economy and free fall of the Naira. The Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator […...
•Forex The naira fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market yesterday. This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according to data from the FMDQ Securities Exchange, reports The PUNCH. Yesterday’s official rate is the wo...
Financial experts say the naira may hit N2000 to a dollar exchange mark in a matter of months considering how the currency continues to depreciate both at the official and parallel markets despite efforts being made by the Central Bank of Nigeria (CBN). The naira was N1,120/$ on December 31, 2023. It went down to […]
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...
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...
Despite recent efforts by the Central Bank of Nigeria (CBN) to bolster the foreign exchange market through interventions, the currency’s downward trend persists, prompting concerns about its potential impact on the broader economy. The depreciation of Nigeria’s currency is despite the federal government receiving a $2.25bn foreign exchange sup...
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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