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Business Naira Falls Against 2 Major Currencies As Dollar Scarcity Worsens
The Naira on Friday fell against two major currencies at the parallel market as dollar scarcity worsened ahead of the festive season. The Nigerian currency exchanged at N487 to a dollar, from N485 it had maintained for close to two weeks. It also fell to N510 to the dollar while appreciated to...- 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 Settles At 485 Per Dollar At Parallel Market
Nigerian naira on Friday settled at 485 to the United States dollar at the parallel market as forex scarcity persist. The currency also closed 602 to a pound and 515 to the Euro at the black market side. The fall of the naira can been attributed to the recent crackdown by security agents on...- ProfRem
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Business Naira Extends Loss Again At Parallel Market
Nigerian Naira on Tuesday extended loss at parallel market to trade at N485 to the dollar within two weeks as Central Bank of Nigeria endorsed DSS' clampdown of illegal forex traders. The currency also fell to N600 per pound and N510 to the Euro as speculation, hoarding and increasing zero...- ProfRem
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Business Naira Remains Firm At N484 Per Dollar
Nigerian Naira on Monday remained firm at the parallel market as speculation, hoarding and increasing zero confidence of foreign investors raised spike in the foreign exchange rate. The currency remained firm at N484 per dollar since its last trading on Friday at the parallel market with a N5...- ProfRem
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Business Naira Crashes Against 3 Major Currencies At Parallel Market
Nigerian Naira on Friday depreciated further against three major currencies - Dollar, Euro and Pound at the parallel market as speculation, hoarding and increasing zero confidence of foreign investors among spike in the foreign exchange rate. The currency weakened to N484 per dollar from N482...- ProfRem
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Business Naira Edges Towards N500/US$ As Fake Hong Kong Dollars Flow Into FX Market
The value of the naira at the parallel market is dipping towards N500 per dollar even as the Central Bank of Nigeria (CBN) warns of an influx of fake Hong Kong dollars (HK$) in the country’s foreign exchange market. The naira had on Tuesday depreciated in value from N473 to the dollar to N480...- ProfRem
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Business Nigeria: Why Naira Will Continue To Fall – Bureau De Change Chief
The President, Association of Bureau De Change Operators of Nigeria , Alhaji Aminu Gwadabe, has identified speculation, hoarding and increasing zero confidence of foreign investors among others as the reason for the continued spike in the exchange rate. The ABCON chief also said that the...- ProfRem
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Business Nigerian Naira Set To Crash As BDC Operators Go Into Hiding
Nigerian naira may be heading towards doom as Bureau De Change operators, most in Lagos state have gone underground. The Central Bank capped prices that non-bank dealers can charge their customers for foreign exchange, effectively pegging the black-market rate, while endorsing the Department of...- ProfRem
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Business Naira Falls To 470 As Fresh Dollar Scarcity Hits Forex Market
The local currency had appreciated to around 450 after security agents carried out series of raids on Bureau De Change operators, who sold the greenback above the N400 stipulated by the Central Bank of Nigeria. Security agents have been raiding the offices of the BDC operators, ordering them to...- ProfRem
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Business CBN Endorses SSS Raid on Currency Traders
The Central Bank of Nigeria (CBN) on Tuesday endorsed the crackdown on parallel market forex traders by the officials of the Department of State Services (SSS) across the country. The CBN Governor, Godwin Emefiele, disclosed this while addressing journalists at the end of its Monetary Policy...- ProfRem
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Business Naira Appreciates At Interbank, Holds Steady at Parallel Markets
The Naira on Tuesday appreciated 0.16% to exchange at N305.00 to a dollar at the interbank market. The Nigerian currency had closed at N305.50 for most part of last week at the interbank market before dropping 50k on Monday afternoon. However, naira remained stable at the parallel market...- ProfRem
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Business Naira Appreciates After DSS Raid on BDCs
The Naira appreciated on both the interbank and parallel segments of the market, after the Department of State Security Service, DSS raided and arrested of some licensed currency dealers who were said to be selling foreign exchange (FX) above the prescribed limit. On the interbank FX market...- ProfRem
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Business Naira Appreciates At Inter-bank, Parallel Markets
Nigerian Naira on Friday appreciated against the dollar at the interbank and parallel markets. At the parallel market, the currency gained N5 to exchange at N455 to a dollar from N460 recorded on Thursday. Also, the Pound Sterling and Euro depreciated slightly to close at N555 and N505...- ProfRem
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Business Trump’s Victory Cannot Revive the Naira – Economist tells Nigerians
The election victory of Donald Trump as U.S. president-elect would not affect the Naira. An economist and an analyst told News Agency of Nigeria (NAN) on Wednesday that Nigeria should focus more on policies that would revive the economy. Mr Okechukwu Unegbu, former Managing Director of...- ProfRem
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Business Naira Steady As Shock of Trump Presidency Hits Global Markets
Nigerian naira remained steady despite shock at global markets as Republican candidate, Donald Trump coasts victory at the just concluded US presidential election. The US dollar fell by over three percent to the Japanese yen, while the Mexican Peso crashed to fresh record lows against the US...- ProfRem
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Business Naira Rebounds As CBN Pumps $1.5m Into Forex Market
Nigeria's naira fell briefly to a new low against the dollar on the official market on Tuesday but rebounded after the central bank pumped $1.5 million into the market to stabilise the battered currency, traders said. The currency weakened to a record low of 375.50 to the dollar at 1014 GMT...- 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 Appreciates 6.48% to 305 At Interbank Market
The Nigerian Naira on Monday bounced back by appreciating 7.93% to 305.22 against the United States Dollar at inter bank market. The currency on Friday depreciated to 329 per United States dollar at the official market rate from N304.70 its recorded on Thursday. At the parallel market, the...- ProfRem
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Business Naira Remains Steady Against 3 Major Currencies
The Nigerian Naira on Thursday remain steady against the United States Dollar at both parallel and inter bank markets as shortage of dollar persists. The currency remained steady at the Interbank market to close at N304.75 and N470 at the parallel market as its posted on Wednesday. It also...- ProfRem
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