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Business Nigeria: Naira Crashes to N480/$ as DSS Forces BDCs Underground
The Nigerian Naira on Tuesday crashed to 480 units per dollar at the parallel market. Last week the naira was relatively stable, trading in a N465 - N473 band to the greenback. However, DSS' recent clampdown on BDC operators forced the exchangers underground, making a scarce commodity scarcer...- LequteMan
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Business CBN Crashes Naira Against Dollar
The Naira on Tuesday depreciated against the dollar in reaction to key moves taken by the Central Bank of Nigeria, CBN. The currency weakened against the greenback few hours after the apex bank maintained its benchmark interest rate and endorsed the crackdown on parallel market traders by...- LequteMan
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Business Naira Falls to 467 Per Dollar at Parallel Market
The Nigerian naira on Wednesday dropped to 467 units per dollar at the parallel market. It also depreciated at the interbank market, exchanging at 306 units per dollar. This is in contrast to recent performances of the currency, which has been appreciating slightly against the greenback...- LequteMan
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Business List of People Making Money From Dollar Scarcity in Nigeria
Every Nigerian, government agencies and several small and big private businesses have been impacted in one way or the other, mostly negatively though, by the continued scarcity of dollar in the country. The scarcity caused an increase in demand which in turn resulted into a hike in the value of...- LequteMan
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Business Naira is Undervalued, No Need for Devaluation - Emir Sanusi
The Emir of Kano, Muhammadu Sanusi II, has stated that the Nigerian naira is undervalued at N300 per dollar. “My public position is that if the Central Bank can improve on its management of foreign exchange, provide liquidity to the parallel market, get a convergence between the BDC rate and...- LequteMan
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Business Overwhelmed, Travelex Speaks on Dollar Sale to Nigerians
Reports have emerged that Travelex, now known for meeting the dollar needs of regular Nigerians, is getting overwhelmed by demand for the greenback. Travelex was recently appointed sole distributor by CBN to Bureau de Change operators. However, the firm is active in Lagos only, which has a...- LequteMan
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Business Naira Appreciates Further, Now 455/USD At Parallel Market
The naira on Monday appreciated further following the Central Bank of Nigeria’s approval of dollar sale to Bureau De Change operators. The CBN has approved First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale of dollars to the BDC operators. The...- ProfRem
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Business Nigerian Banks Suspend Use of ATM Cards Abroad
Several commercial banks in the country have suspended the use of their naira ATM cards abroad by their customers. On Friday, Stanbic IBTC Bank and Standard Chartered Bank Nigeria announced that customers won't be able to use their naira cards abroad anymore. Customers also won't be able to use...- LequteMan
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Business Nigeria: CBN is Bracing for a Naira Depreciation of N500 Per Dollar
The Central Bank of Nigeria, CBN, seems to be getting ready for worse economic conditions following naira's steady fall against the dollar. The apex bank, according to financial sources, recently conducted a stress test for banks to see if they can manage a naira fall 500 per dollar, Reuters...- LequteMan
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Business Naira to Appreciate as CBN Sacks All Banks Except First Bank
The Central Bank of Nigeria, CBN, has terminated the role of all commercial banks acting as agents of international money transfer operators to always sell foreign currency remittances to licensed Bureau De Change (BDC) operators. All but First Bank were sacked. A source in the banking...- LequteMan
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Business Naira Appreciates 3.14% to 310/USD1 At Inter-Bank Market
Nigerian naira appreciated 3.14% against the United States Dollar to close at N310. 24 at the Inter-bank foreign exchange market, seventy-two days after the Central bank of Nigeria removed peg on the country's currency. At the parallel market, the currency appreciated slightly tot 475 from 476...- ProfRem
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Business Naira Strengthens 0.1% to 315.50 Per US Dollar
Nigerian naira strengthen 0.1% to 315 per United States dollar as of 11:26am in Lagos, the commercial nerve center of the country. Naira 3-month non deliverable forwards rose 0.3% to 339.50 to a US dollar. The yield on Nigeria's benchmark on government bond due for July 2023 rose 5 basis...- ProfRem
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Business Naira Watch: Tracking Nigeria's Currency [Day 58]
Nigerian Naira depreciated by 1.54% against United States dollar fifty-eight business days after the Central Bank of Nigeria removed peg on the Nation's currency. The currency today traded at the inter-bank foreign exchange market to close at N315.50. The naira has been under pressure as the...- ProfRem
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Business Naira Watch: Tracking Nigeria's Currency [Day 57]
Nigerian Naira depreciated by 0.86% against United States dollar to close at N310.64 at the Interbank foreign exchange market, fifty-seven business days after the Central Bank of Nigeria removed peg on the Nation's currency, June 20. At the parallel market, the naira also depreciated 0.36% to...- ProfRem
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Business Naira Watch: Tracking Nigeria's Currency [Day 56]
Nigerian Naira depreciated against the United States dollar to close at N325.25 at the inter-bank market, fifty-six days after the Central bank of Nigeria removed peg on the nation's currency. Meanwhile, the National Council of State of Wednesday said that it approved the steps being taken by...- ProfRem
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Business Naira Appreciates 3.3% to 314 Per Dollar, Biggest Gain Since August 31
Nigerian Naira appreciated 3.3 per cent to 314 to the dollar at the inter-bank market as of 11:39 a.m in Lagos, the commercial nerve centre of the country. The currency at mid day trading posed the biggest intra-day gain since August 31, 2016, according to data compiled by Bloomberg. Nigerian...- ProfRem
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Business Naira Watch: Tracking Nigeria's Currency [Day 55]
Nigerian Naira appreciated 0.18% against the United States dollar to close at N314.35 at the inter-bank market, fifty- five days after the Central bank of Nigeria removed peg on the nation's currency. At the parallel market, the naira closed flat at N422.00 against the Dollar. Traders are...- ProfRem
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Business Naira Watch: Tracking Nigeria's Currency [Day 54]
Nigerian naira on Tuesday maintained trading rate to 314.75 to a United States dollar, the same price it closed the previous day at the inter bank market, fifty- four days after the Central bank of Nigeria removed peg on the nation's currency. Meanwhile, Godwin Emefiele has reacted to the...- ProfRem
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Business Naira Watch: Tracking Nigeria's Currency [Day 12]
Nigerian Naira, Monday fell against the dollar, trading at 282.75 to a US dollar, twelve official business day after the Central Bank of Nigeria removed peg on the country's currency rate. Naira traded 28o.67 to a United States Dollar as of 10:15am in Lagos, nation’s commercial hub, according...- ProfRem
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Business Naira Gains Strength Against Dollar At Parallel Market
The Naira on Tuesday appreciated further against the dollar at the parallel market. The Nigerian currency gained N9 at the close of trading on Tuesday to exchange at N335, from N344 it traded on Monday. The Naira also appreciated against the Pound Sterling and the Euro as it traded at N450...- ProfRem
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