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![Today's Naira Rate [31-01-2025]: CBN Interventions Boost Naira as Exchange Rate Improves to N1,493/$](/data/attachments/212/212954-58e780ec025feefde8bfa331a3d70815.jpg?hash=PERHMQHP25)
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![Today's Naira Rate[11-09-2024]: Naira Strengthens to N1,555.75 as FX Market Sees Turnaround](/data/attachments/208/208188-d65d1a8ea84f6b7385c21520f231e9b8.jpg?hash=PERHMQHP25)
The Naira gained N81 against the dollar, earning N1,555.75 from N1,637.59 within 24 hours. Bureau de Change operators confirmed a similar improvement, with rates improving to N1,650 per dollar. Foreign exchange transaction turnover also increased, reaching $221.24 million on Wednesday, up from...
![Today's Naira Rate[10-09-2024]: Naira Woes Deepen as Dollar Hits N1,650 in Parallel Market](/data/attachments/208/208150-466ee9631def3fb98efb68478df9fb1d.jpg?hash=PERHMQHP25)
As of September 9, 2024, Nigeria’s black market exchange rate for the US dollar hit N1,650, while the Central Bank’s official rate stands at N1,629. Economic instability, forex shortages, and policy shifts continue to fuel the gap between official and parallel rates, signaling deep-rooted...
Aliko Dangote announced Nigeria will halt polypropylene imports starting October, as the Dangote refinery prepares for full operations. This move aims to meet local demand, reduce reliance on foreign suppliers, and boost the domestic manufacturing sector, ultimately benefiting Nigerian...
![Today's Naira Rate[09-09-2024]: Naira Under Pressure: Black Market Dollar Exchange Hits N1,650](/data/attachments/208/208110-c6836094039870406a4c9c067d1b5038.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[09-09-2024]: Naira Under Pressure: Black Market Dollar Exchange Hits N1,650
As of September 9, 2024, the black market exchange rate for the US dollar to the Nigerian naira stands at N1,650. The rate varies from the Central Bank of Nigeria's official exchange rate of N1,629, reflecting growing economic challenges, currency shortages, and pressures on Nigeria's forex...
Wale Edun, Nigeria's Minister of Finance, confirmed that the Value-Added Tax (VAT) rate remains at 7.5%, contrary to rumors of an increase to 10%. He emphasized the government's commitment to fostering economic growth and reducing poverty through supportive fiscal policies and tax regulations...
The Federal Government imposes a N50 levy on electronic money transfers of N10,000 and above, affecting Opay, Moniepoint, and other fintech platforms. The charge, enforced by the Federal Inland Revenue Service, begins on September 9, 2024, and applies to both personal and business accounts...
The Nigerian National Petroleum Company (NNPC) has denied claims of being the sole distributor for Dangote Refinery. Refuting allegations from MURIC, NNPC clarified that product pricing is determined by global market forces, and Dangote Refinery remains free to sell to any marketer in a...
The Central Bank of Nigeria (CBN) has approved the sale of dollars to Bureau de Change (BDC) operators at N1,580 per dollar, providing each BDC with $20,000 to enhance market liquidity. This move aims to address the demand for invisible transactions amidst ongoing economic challenges.
The...
Heineken Lokpobiri, Nigeria's Minister of State for Petroleum, clarified that the federal government does not fix petrol prices as the sector is deregulated. He assured citizens of adequate supply, urging against panic buying, and stated that prices will stabilize with improved product...
![Today's Naira Rate[05-09-2024]: Urgent Reforms Needed as Naira Hits New Low of N1,639.41 Against Dollar](/data/attachments/208/208013-2a546975747c9bbf4d31db0627e3dd8b.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate[05-09-2024]: Urgent Reforms Needed as Naira Hits New Low of N1,639.41 Against Dollar
The naira plummeted to N1,639.41 per dollar in the official market, marking a significant decline of N34 from the previous day. The black market rate also fell, reflecting broader economic instability and inflation concerns, prompting calls for urgent government reforms to stabilize the...
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