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Business CBN Emefiele Dismisses Allegations Of Multiple Forex Rate
Central Bank of Nigeria governor, Godwin Emefiele has dismissed allegations of multiple foreign exchange rates in the country. The apex bank Governor stated this at this end of the 254th meeting of the Monetary Policy Committee (MPC) on Wednesday in Abuja. This is coming as Naira witnessed its...- ProfRem
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Business Naira Plunges To 498/USD At Parallel Market
The Nigerian naira plunged further against the United States dollar to a new record low of 498 on Thursday, down from 497 it recorded on Wednesday. The currency had continued to fall since the beginning of the year as experts see the currency hitting 500 to the dollar this year. It also traded...- ProfRem
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Business CBN's Efforts To Save Naira Have Crumbled – IMF
Central Bank of Nigeria's efforts to save the naira against other foreign exchange has crumbled, the International Monetary Fund (IMF) has said. The IMF also said the challenges around foreign exchange in Nigeria have pushed inflation to double digits in Africa’s largest economy. In its policy...- ProfRem
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Business Naira Weakens To N493/$1 As CBN Places Restriction
The Nigerian Naira on Thursday at the parallel market as it weakened against all three major currencies as Central Bank of Nigeria continued to place restriction despite its June 20 flexible exchange rate policy. NAN reports that Naira lost three points to the dollar as it closed at N493 to a...- ProfRem
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Business Naira To Fall Further As Dollar Inflow Drops
The naira is set to witness another round of decline against the dollar in the days ahead as an increase in dollar flows from Nigerians living abroad coming home for holidays fell short of expectations, traders said. Foreign exchange reserves last Friday also fell 11.7 per cent to $25.72...- ProfRem
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Business Naira, 3 Others Emerged Worst Currencies In 2016
The Bloomberg LP has ranked Nigeria’s Naira as one of the world’s four worst performing currencies in 2016. According to the ranking, the Naira lost 36.68 per cent of its spot returns for the year in review. Other currencies in the bottom four are the Egyptian pound Suriname dollar and...- ProfRem
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Business How Buhari Can Strengthen The Naira – Guru Maharaji
Satguru Maharaji ji, the founder of One Love Family sect, has called on President Muhammadu Buhari to constitute a Price Control Board in order to ameliorate the impact of the current economic recession on ordinary Nigerians. He told newsmen in Ibadan on Sunday that a price control mechanism...- ProfRem
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Business Naira Falls Against 2 Major Currencies, Edges Towards N500/US$1
Naira on Thursday edged towards N500 per US dollar at the parallel market with a sharp depreciation against two major currencies as Nigerians visit markets to stock home for the festive season. The currency plunged to 495 naira to a dollar from N492 it closed on Wednesday at the black market...- ProfRem
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Business Naira - Dollar Crisis: BDC Operators React To Elimination of Parallel Market
The President of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has hailed the newly proposed abolition of the parallel market. “The scrapping of multiple markets outside the purview of the CBN will be a welcome development. “The existence of multiple rates is highly...- ProfRem
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Business Naira Steady At 305, 485 Per Dollar At Inter-bank, Parallel Markets
The Nigerian naira on Thursday remained steady at both inter-bank and parallel markets against the United States dollar. The currency closed flat at N305 per dollar at the inter-bank rate same as the official peg rate in the 2017 budget of growth and recovery submitted by President Muhammadu...- ProfRem
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Business Naira Crashes Again, Falls 6.48% to N350 Per Dollar At Interbank Market
The Naira on Tuesday crashed freely at the official interbank market, according to data from the FMDQ OTC platform. The naira exchanged at N350 to a dollar from N328 it traded last Friday. At the Bureau De Change (BDC) segment, on Monday, the naira closed at N385 against the dollar, CBN rate...- ProfRem
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Business Naira Crashes 7.93% to 329 Per Dollar at Interbank Market
The Nigerian Naira on Friday crashed by 7.93% against the United States Dollar at inter bank markets, highest record since the Central bank of Nigeria removed peg on the nation's currency in June 20, 2016. The currency depreciated to all time low to 329 per United State dollar at the official...- ProfRem
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Business Naira Falls At Inter-bank, Parallel Markets
The Nigerian Naira on Tuesday fell by 0.58% against United States Dollar to close at N306.78 in Interbank FX Market and 0.86% to N467.00 in parallel market as Travelex and First Bank of Nigeria Plc begin the sale of Forex to Bureau De Change operators in the North. The Pound Sterling also...- ProfRem
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Business Why Naira Is Currently Undervalued – Emir Sanusi
The Emir of Kano and former Governor of the Central Bank of Nigeria, Muhammad Sanusi II, has given reasons why the Nigerian currency, naira is currently undervalued. Emir Sanusi said this in an interview with Daily Trust on his recent visit to Washington DC, fiscal and monetary policy. He said...- ProfRem
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Business Naira Strengthens to N468 Against US Dollar
The Naira on Tuesday continued to gain strength against the dollar at the parallel market, first consecutive gains in over two months. At the official inter-bank market, the Naira remain steady at N304.75 from N306.71 posted on Friday. It firmed against the dollar and British pound at the...- ProfRem
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Business Nigeria Revisits Naira-Yuan Swap Deal
Nigerian officials and those from China are currently meeting to fine tune the deal, CBN Governor Godwin Emefiele, said. Emefiele gave the indication at the ongoing International Monetary Fund/World Bank Group yearly meetings in Washington DC, The Guardian report. The Guardian quoted him as...- ProfRem
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Business Travellers Storm Travelex Office, Get Dollar At N356
Travelex, a global foreign exchange dealer, on Friday resumed sale of dollars directly to travellers at N356 to a dollar. The News Agency of Nigeria, NAN, reports that the firm’s office inside the Murtala Muhammed International Airport, Lagos terminal was besieged by hundreds of travellers...- ProfRem
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Business Naira To Bounce Back As Travelex Begins Dollar Sales to BDCs
Nigerian naira on its recovery path as Travelex, a global foreign exchange dealer, will on Friday (today) disburse the sum of $15,000 to each of the 3,000 registered Bureaux De Change operators in the country. The President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe...- ProfRem
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Business Ben Bruce Faults EU's Call For Naira Devaluation
A Nigerian Senator, Ben Murray-Bruce, senator representing Bayelsa east senatorial district, has faulted European Union's call for further devaluation of Nigeria's currency. A European Union (EU) had on Tuesday advised the federal government to devalue the naira as part of measures to tackle...- ProfRem
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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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