By Sodiq Adelakun The Nigerian Naira has experienced a significant decline in the parallel market exchange rate, reaching a record low of N1960 per Euro. This drop is due to persistent demand pressures that continue to erode the value of…
The steady decline of the Nigerian naira in the foreign exchange market has been attributed to Nigerians’ heavy reliance on cryptocurrency platforms, according to former presidential aide Bashir Ahmad. Ahmad expressed concern over the fact that many Nigerians are depending…
By Sodiq Adelakun In a recent turn of events, the Nigerian Naira has plunged to a new low in the parallel market, also known as the black market, hitting a record low of N1,830 against the US dollar on Wednesday.…
…CBN implements measures to stabilise Naira, combat inflation In a response to the surging cost of living, the Nigerian government has announced plans to significantly expand its direct cash transfer initiative, aiming to support an additional 12 million households. This…
Policies and programmes introduced by the Federal Government is one thing that has become the order of the day in each of the governments in this democratic dispensation, but policy implementation is always a bone of contention. The pronouncement by…
By Sodiq Adelakun Nigeria’s currency, the Naira, saw a significant drop in value against the US dollar on February 19, 2024, with an unprecedented intra-day peak of N1,712 to the dollar. At the end of the trading day, the Naira…
By Sodiq Adelakun Persistent demand pressures have caused the parallel market exchange rate to hit a record low of N2,040 per Great Britain Pound (GBP), marking a significant decline of 5.39 percent or N110 compared to the previous day’s rate…
The Naira depreciated further to N1,534/$ on Monday according to data on the Central Bank of Nigeria and FMDQ website. This is a landmark as it is the first time the dollar would be exchanging at over N1,500 since the…
By Sodiq Adelakun In a continued economic downturn, the Nigerian naira has taken a significant hit, plunging below the N1,600 mark against the US dollar on Thursday. The persistent decline has raised concerns over the effectiveness of the Central Bank…
By Sodiq Adelakun In a strategic move to stabilise the Nigerian currency, the Central Bank of Nigeria (CBN) re-entered the spot foreign exchange market on Tuesday with a significant sale of $30 million, marking its first direct intervention since September…
