•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...
Fresh developments in the financial sector have shown that despite the Central Bank of Nigeria, CBN’s move to ameliorate the cash crunch situation by suspending charges for cash withdrawals above regulatory limits, scarcity of currency notes in the banks nationwide has continued to hit harder, even after the Yuletide season. Findings revealed ...
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...
•CBN Governor Yemi Cardoso If there was a troublous period that characterised 2023, and which most Nigerians will never forget in a hurry, it is unarguably that of the period when Naira scarcity prevailed wherein not a few bankable and non-bankable Nigerians experienced difficulties in carrying monetary transactions by each passing day so much...
Naira has been rated among the world’s worst performing currencies in 2023. This is according to Bloomberg in its latest report. It said the currency is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024. Bloomberg noted that the Naira plunged 55 per cent this […]
The year 2023 has been a challenging year for the global economy as inflation, rising interest rates, tight labour markets and geopolitical shocks hit forecasts and caused uncertainties. Nigeria, the largest economy in Africa was not exempted from these challenges as the country’s financial sector witnessed some highs and lows in the year in r...
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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