The urgent task of reducing and stabilising Nigeria’s exchange rate—and, by extension, reviving the nation’s economy—has become critical in light of the severe economic hardship facing the country. As the saying goes, when two elephants fight, the grass suffers. In…
The exchange rate between the naira and the dollar fell to a six-month low of N1,625.88/$1 on the official NAFEM market on Wednesday, August 4, 2024. This marks the lowest exchange rate since March 8, 2024, when it was recorded…
Amidst Nigeria’s struggles to stabilise its exchange rate, the Naira has failed to make the list of Representative Exchange Rates for Selected Currencies for June 2024, published by the International Monetary Fund. The list, which includes currencies from around the…
The naira has experienced consecutive double-digit appreciation on the official market, and sources say that the Central Bank of Nigeria (CBN) has been selling more dollars on the official market in anticipation of a $1.3 billion non-deliverable forward (NDF) maturing…
The Nigeria Customs Service (NCS) says the prevailing exchange rate set by the Central Bank of Nigeria (CBN) determines its rates of import duty collection and not market forces. The Spokesperson of NCS, Abdullahi Maiwada, said this in an interview…
…Trades at N860/$ ahead of new guideline for importers, BDCs By Sodiq Adelakun Naira has for the past three days remained flat at N860/$ amid cooling demand pressure at the parallel segment of the market. Parallel market FX dealers, on…
The naira plummeted to another record low of N930/$1 at the parallel market yesterday as the demand for dollar by importers and other end-users far outstrips supply. This is further compounded by apparent non-intervention by the Central Bank of Nigeria…
The exchange rate between the naira and dollar plummeted to as low as N910/$1 on the parallel market. Operators who spoke yesterday, quoted that the rates as high as N910/$1 on Wednesday as they continue to cite higher demand as…
The exchange rate between the naira and dollar closed in the month of July at N756.94/$1 representing a 1.6% gain from the N769.25 it closed in the month of June. This is according to end-of-month data from the FMDQ which…
The Tertiary Education Trust Fund (TETFUND) has revealed that it may suspend foreign scholarships for two years due to the high exchange rate. The Executive Secretary (ES) of the Tertiary Education Trust Fund (TETFUND), Mr Sonny Echono, Tuesday, dropped the hint of the…
