Breaking: Naira collapses to N730/$ at parallel market

September 29, 2022 Solomon Arowolo 0

The Nigerian naira has collapsed to a new record low, trading at a minimum of N730/$1 on Thursday morning at the open market, a 0.69 percent drop from the previous day. The fall in the exchange rate is following the move by the apex bank to raise the interest rate to a 20-year high of 15.5%, representing 150 basis points Read More

Naira crosses N700/$ mark, may impact debt service

August 30, 2022 blessing Anaro, Lagos 0

The naira has continued its downward trend, falling to N702 per dollar at the parallel market on yesterday. Ana;ysts warn that, extension to the official exchange rate may impact service negatively. The figure represents N10 or 1.4 percent depreciation compared to the N692 it traded last week. Bureaux De Change (BDC) operators in Lagos and Abuja, who spoke to TheCable, Read More

Naira begins new week on shaky ground as forex scarcity persists

July 10, 2022 Segun Odunewu 0

The Naira has fallen to low levels during the week, exchanging for N428.16/US$ at the investors and exporters window as traders adjusted prices to reflect the rate Central Bank of Nigeria sold the currency amidst the ongoing dollar scarcity. Nigerian currency last week dropped to its biggest low against the US dollar in the last seven months at the official Read More

Naira drops to another low as FX volatility worsens

June 29, 2022 Segun Odunewu, Lagos 0

The Nigerian naira has dropped to N614 against the dollar at the parallel section of the foreign exchange market as FX volatility worsens in the country. The figure signifies a depreciation of N7 or 1.2 percent compared to the N607 it traded last two weeks. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke in Lagos on Tuesday, Read More

Rising inflation, interest rate hike compounds naira volatility – Gwadabe

June 26, 2022 Blueprint 0

President, Association of Bureaux De Change Operators of Nigeria (ABCON) Alhaji Aminu Gwadabe has said that despite foreign exchange intervention by the Central Bank of Nigeria (CBN), Naira volatility is being compounded by rising inflation, interest rate hike and slow economic growth with consequences for middle- and low-income earners. Speaking in Lagos over the weekend, Gwadabe said the unfolding scenarios Read More

Naira falls to N611/$1 at the black market as FX liquidity worsens

June 24, 2022 Segun Odunewu 0

Naira continued to suffer a serious beating in the unregulated foreign exchange markets as Forex liquidity worsens. The Naira exchange rate at the parallel market depreciated by 0.66 per cent to trade at N611/$1 on Thursday from N607/$1 recorded as of the previous trading session. This is according to information from BDC operators. At the peer-to-peer market, Naira recorded a Read More

Naira falls to N604/$ at parallel market

May 20, 2022 Segun Odunewu, Lagos 0

The Nigerian Naira fell to N604/$ at the parallel from N565 at the start of the year despite the Central Bank of Nigeria (CBN) interventions aimed at strengthening the local currency. This is based on information acquired from Nigerian BDCs, who attribute the increase in dollar demand to the election season as politicians stocking up on dollars before Nigeria’s primary Read More

ABCON unveils roadmap on ‘save the naira’ campaign

May 12, 2022 Amaka Ifeakandu, Lagos 0

The Association of Bureaux De Change Operators of Nigeria (ABCON) has developed a roadmap campaign plan needed to save the naira from further decline and enhance exchange rate stability. The ABCON National Executive Council said the move to save the naira was agreed by the body at the conclusion of its meeting in Lagos, where it unveiled strategies for save Read More

Naira stumbles as volume of dollar traded hits $14.53bn

May 6, 2022 Segun Odunewu, Lagos 0

In the first four months (January to April) of 2022, the volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the foreign exchange market rose to $14.53 billion. This is a 201.5 per cent increase, year-on-year (YoY) compared to $4.82 billion in the corresponding period of 2021. According to the monthly turnover from FMDQ securities where Read More

‘US possible rate hike to put more pressure on naira’

May 4, 2022 Segun Odunewu, Lagos 0

Due to the US dollar integration into the global economy, its gains are putting more pressure on businesses and governments as they prepare for rising interest rates on their dollar debt, particularly in nations like Nigeria that rely heavily on imports. This week, all eyes will be on the Federal Reserve, as Chairman Jerome Powell is likely to announce a Read More

Naira falls to lowest year-to-date as forex supply declines

April 21, 2022 Segun Odunewu, Lagos 0

Naira fell to its lowest level since 4th January 2022, depreciating by 0.32 per cent on Thursday to close at N418.33/$ compared to N417/$ recorded in the previous trading session. In the same vein, the total amount of forex sales declined by 2.81 per cent to $151.07 million. The exchange rate at the peer-to-peer market appreciated by 0.269 per cent Read More

Naira hits N590/$1 at parallel market ahead of Easter break

April 14, 2022 Segun Odunewu 0

With the declaration of April 15 and 18, 2022 as a public holiday to mark the Easter celebration, Nigeria’s local currency has further depreciated against the Dollar, exchanging for N590 to a Dollar at the parallel market. The figure represents a depreciation of N3 or 0.5 per cent from the N587 it traded for the last two weeks. According to Read More

Experts predict further Naira depreciation, rise in inflation

April 5, 2022 Segun Odunewu 0

Economic experts and financial analysts have predicted a further depreciation of the Naira, while also forecasting that the country’s Gross Domestic Product will grow by almost three per cent in 2022. According to data, the Naira depreciated by 0.11 per cent or 46 kobo against the American currency, to close the first day of April at N416.63/$1 compared with last Read More

CBN policies crippling Naira – Expert

January 25, 2022 Segun Odunewu 0

An economist and founder of Agusto &Co, a credit rating agency, Bode Agusto has warned that the Naira faces more depreciation in 2020 unless the Central Bank of Nigeria retracts some of its tough policies. Agusto gave the advice while speaking at a webinar on Monday titled: “Nigeria in 2022 – Will 2022 Be a Year of Strong Growth Driven Read More

Naira depreciation and 2022 budget

October 25, 2021 Adefolarin A. Olamilekan 0

Regrettably, naira depreciation does not hold any assurance of better things economically for Nigerians. There is obviously misguided and unrealistic call that the naira be devalued in expectation that matching “official rates with parallel market exchange rates will attract foreign investors or ensure competitiveness of the Nigerian economy”. Conversely, foreign investors are ‘smart guys’ investing chiefly in economically and minimally Read More

Buhari set to unveil eNaira

October 24, 2021 Editor 0

The Central Bank of Nigeria (CBN) has announced that President Muhammadu Buhari will formally unveil the much talked about digital currency, known as the eNaira, on Monday. CBN Director, Corporate Communications, Osita Nwanisobi, who disclosed this in a statement on Saturday said the President will perform the unveiling ceremony inside the State House, Abuja. “Following series of engagements with relevant stakeholders Read More

eNaira may threaten banks’ source of income

October 18, 2021 Segun Odunewu 0

As Nigerians await the launch of Central Bank Nigeria’s digital currency, eNaira, some financial experts have argued that while the introduction may deepen the financial inclusion drive in the country, it may also erode the profitability of some banks in Nigeria. The eNaira which will be an electronic version of the local paper naira currency, equal in value and issued Read More

How Ajulo rescued teenager sentenced to death for stealing phone

October 8, 2021 Bode Olagoke 0

An Abuja based lawyer, Dr. Kayode Ajulo, has confirmed that a Court of Appeal sitting in Ado Ekiti Judicial Division has discharged and acquitted a teenager Adeolu Bamiteko, who was sentenced to death by a High Court for stealing phone. Bamiteko with one Ayobami Ojo were arraigned in Charge No. HAD/15C/2014 before the High Court presided over by Justice J.O Read More

Police nab robber, bank staff for attempted robbery in Ogun

October 5, 2021 Hakeem Adegbenro 0

The Ogun state police command have arrested one, Olagoke Dare, a staff of Abestone Microfinance bank located in Abeokuta for planning with one, Idowu Tunde to him of a cash sum of N3million belong to the bank. The police spokesperson, DSP Abimbola Oyeyemi in a press statement made available to Blueprint Tuesday, stated that the duo were arrested following the confessional Read More

Still on business owners’ concerns over soaring prices of materials

October 1, 2021 Blueprint 0

Over the years, businessmen have been lamenting the effects of poor infrastructure, multiple taxations, power on the cost of conducting business in Nigeria, but with the depreciation of the Naira against the Dollar, an already bad situation has been worsened; BENJAMIN UMUTEME reports. Over a week now, manufacturers of sachet water popularly referred to as ‘pure water’ in Jikwoyi, have Read More

Economy: Coalition stages rally, hails Buhari, Emefiele

September 22, 2021 Editor 0

Teaming members of Coalition of Civil Society Groups on Wednesday September 22, 2021, staged a solidarity rally in support of President Muhammadu Buhari and the Governor of the Central Bank of Nigeria (CBN, Mr. Godwin Emefiele for their tact in handling Nigeria’s economy amidst global pandemic COVID-19. In his address during the rally held at the Unity Fountain in Abuja, Read More