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
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
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
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 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/$1 recorded as of the previous trading session. This is according to information from BDC operators. At the peer-to-peer market, Naira recorded a Read More
The Nigerian Naira fell to N604/$ 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
For the first time in nine months, Nigeria’s foreign reserves have dropped below $39 billion following the Central Bank of Nigeria (CBN) continuous withdrawal to defend the Naira. The decline in the external reserve level can be attributed to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. Read More
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
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 $4.82 billion in the corresponding period of 2021. According to the monthly turnover from FMDQ securities where Read More
Due to the US dollar integration into the global economy, its gains are putting more pressure on businesses and governments as they prepare for rising interest rates on their dollar debt, particularly in nations like Nigeria that rely heavily on imports. This week, all eyes will be on the Federal Reserve, as Chairman Jerome Powell is likely to announce a Read More
Naira fell to its lowest level since 4th January 2022, depreciating by 0.32 per cent on Thursday to close at N418.33/$ 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
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
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
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
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
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
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
The Nigerian Ethnic Youth Leaders Council (NEYLC) has faulted the position of the Vice President, Prof Yemi Osinbajo, who on Monday called on the Central Bank of Nigeria (CBN) to devalue the naira. The council, which is made up of the Arewa Consultative Youth Movement, Ohanaeze Ndigbo Youth Movement, Oduduwa Youths and Middle Belt Youths, noted that with his suggestion, Read More
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
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
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
The Nigerian naira hit a record low of N573 against the dollar on the black market on Monday, shrugging off news of the country’s Eurobond sale, meant to boost its currency reserves, traders said, weighed by a recent clampdown on retail forex operators. The West African country sold $4 billion via Eurobonds last week after investors submitted bids of $12.2 Read More
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
Director General of the Progressive Governors Forum (PGF) Salihu Moh Lukman, has asked the Central Bank of Nigeria (CBN) to urgently take every measure necessary urgently and expeditiously stablise the Naira exchange rate. The All Progressives Congress (APC) chieftain also appealed to all functionaries of the federal government, especially in ministries of Finance and National Planning to provide all the Read More
Bamidele Salam, the legislator representing Ede North, Ede South, Egbedore and Ejigbo Federal Constituency in the House of Representatives, has decried the continuous fall of the value of Naira against dollar. Salam, in an interview on Tuesday in Abuja decried the continuous devaluation of the Naira, saying that the Nigerian currency was doing badly when compared to other currencies of Read More
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