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Business Why Naira May Appreciate This Week
The Naira is expected to appreciate on the street this week, following the Central Bank of Nigeria’s plan to increase dollar sale to retail currency bureaus. The Central Bank is planning to raise dollar sales to Bureau De Change to $40,000 from the present $20,000, which will improve liquidity...- ProfRem
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Business Naira Crashes To 410 Per Dollar At Parallel Market
Nigerian naira on Tuesday crashed to 410 per dollar at the parallel market, despite Central Bank of Nigeria, CBN's efforts to close gap between the official and black market rates. The currency closed flat at 490 against the Pound sterling but depreciated by N5 to close at 430 against the Euro...- ProfRem
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Business Naira Depreciates By 1.94% To 413 Per Dollar
Nigerian naira on Monday crashed further by 1.94 per cent to 413 per dollar at the parallel market. The currency closed flat at 490, 425 against the Pound sterling and Euro respectively at the black market segment. At the official market, the currency closed flat after losing about 7 per cent...- ProfRem
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Business CBN Auctions $418m At 310 Per Dollar To Aviation, Agric, Petroleum Sectors
The Central Bank of Nigeria (CBN) has auctioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors. The Acting Director, Corporate Communications Department, CBN Mr. Isaac Okorafor, stated on Sunday that the $480 million...- ProfRem
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Business 5 Reasons Why Naira is Depreciating Against Dollar
The CBN in recent months had injected dollars to the inter-bank and Bureau de Change foreign exchange market in its bid to sustain forex supply to different categories of users. The Apex Bank auctioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and...- ProfRem
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Business Why CBN Intervention May Worsen Naira Against Dollar – Prof. Ukpong
The Naira will get worse if Nigeria’s External Reserves are depleted, a Professor of Financial Economics at the University of Uyo, Awka Ibom State, Leo Ukpong, has stated. Ukpong, said forex exchange should be channelled towards economic activities that create values in the domestic economy...- ProfRem
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Business Naira Depreciated By 3.7% In 1-Week
Nigerian Naira depreciated by 3.7 per cent to the dollar in a week's trading as Central Bank Of Nigeria, CBN pumped and adjusted foreign exchange policy for the Bureau De Change operators in the country. The naira closed 390 to the dollar last week by recording a moderate rate against the...- ProfRem
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Business Naira Crashes Again, Loses 2% To 405 Per Dollar
Nigerian naira has crashed at the parallel market for the second consecutive day, Nigerian Bulletin can report. The currency lost 2 per cent to close at 405 to a dollar at the parallel market despite efforts by the Central Bank of Nigeria to boost the currency. It closed stable against the...- ProfRem
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Business Naira Gains Against US Dollar At Parallel Market
Nigerian naira on Thursday gained 0.25 per cent to 397 against the United States dollar at the parallel market as Central Bank of Nigeria continues to fight market speculators and currency hoarders. The currency closed flat at 485 against the Pound sterling but depreciated by 20 naira to 420...- ProfRem
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Business Naira Crashes, Loses 2% To 398 Per Dollar
Nigerian naira on Wednesday crashed at the parallel market to 398 per dollar despite Central Bank of Nigeria intervention at the forex market. The currency lost 2 per cent against the greenback. The currency also depreciated to 485 against the Pound sterling but maintained rate at 415 to the...- ProfRem
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Business Naira Falls To 395 Per Dollar Despite CBN Forex Intervention
Nigerian naira on Monday dropped 1.1 per cent to close at 395 to a dollar at thge parallel market despite Central Bank of Nigeria, CBN, forex intervention. The currency also depreciated to 480 against the Pound sterling but appreciated 415 against the Euro at the parallel market. At the...- ProfRem
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Business CBN Pumps $240m In Forex Market To Crash Dollar
The Central Bank of Nigeria, CBN, on Monday injected $90 million to meet requests by bank customers, in its bid to sustain the supply of foreign exchange and ensure liquidity in the market. The spokesperson of the bank, Isaac Okorafor, who confirmed the figure, said the fresh release is to meet...- ProfRem
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Business CBN Forcing Naira Down - Ezekwesili Reacts To New Forex Policy
Former Vice President of the World Bank, Mrs. Oby Ezekwesili has described Central Bank of Nigeria governor, Godwin Emefiele's foreign exchange policy as a medieval approach. This is coming as the Central ban of Nigeria slashed the rate at which it was selling dollars to Bureau De Change (BDC)...- ProfRem
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Business Naira Rate: CBN Moves To Further Weaken Dollar
The Central Bank of Nigeria on Sunday reiterated its determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users. The apex bank’s acting Director, Corporate Communications, Mr. Isaac...- ProfRem
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- Replies: 8
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Business How Nigerian Naira Performed This Week
Nigerian naira closed flat on weekly trading as Central Bank of Nigeria, CBN on Monday adjusted by reviewing the naira-dollar rate for travelers, students and Medical fees from 376 to 360 and ordered to start honoring the new rate with immediate effect. The currency opened trading on Monday...- ProfRem
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Business Forex: CBN Asks Customers To Report Defaulting Banks
The Central Bank of Nigeria (CBN) has informed customers to report defaulting bank over claims that some banks are not selling enough foreign exchange to them for BTA, PTA, tuition and medical fees. The bank’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, advised customers to...- ProfRem
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Business Naira Loses 1.8% To 390 Per Dollar At Parallel Market
Nigerian naira on Friday closed bearish for the third time in a row since the Central Bank of Nigeria, CBN, pegged forex rate for the Bureau De Change operators nationwide. The currency dropped by 1.79 per cent to close at 390 against the United States dollar. It also depreciated against the...- ProfRem
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Business Naira Falls Further, Sells At 383/US$1 At Parallel Market
Nigerian naira on Thursday fell further at parallel market for the second consecutive day in a week after gaining over 10 per cent last week. The currency dropped by 3 naira to 383 to the dollar, 10 naira to 410 to Euro at the black market segment. However, it appreciated 1.2 per cent to close...- ProfRem
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Business Naira Falls By 1.3% To 380 Per Dollar At Black Market
Nigerian naira on Wednesday fell by 1.3 per cent to close at 380 to the United States dollar at the black market. The currency also fell against the Pound sterling to 470 from 465 its traded on Tuesday, not minding the signing of the Article 50 which signifies the official withdrawal of Britain...- ProfRem
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Business CBN Slashes BDC Naira-Dollar Rates By 10% Nationwide
The Central Bank of Nigeria (CBN) has slashed the rate at which it was selling dollars to Bureau De Change (BDC) operators nationwide. Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria (ABCON), told the News Agency of Nigeria (NAN) in Lagos on Tuesday that the...- ProfRem
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