By Sodiq Adelakun The Naira concluded the year 2023 with a staggering 49 percent depreciation against the US Dollar. As of the last trading day of the year, the Naira was valued at N907.11 to a dollar, according to the…
The Nigerian Naira on Wednesday gained against the dollar on the official market. The Naira appreciated 1.52 percent to close at N872.59 to a dollar at the close of business, data from the NAFEM revealed. This represents an N13.29 gain…
The Nigerian Naira continued to hover near its low against the US dollar in the peer-to-peer (P2P) and physical black markets, as the possibility of the US Federal Reserve slashing interest rates in 2024 gained traction following the release of…
Nigeria’s external reserves have witnessed a significant decline, falling by 11.55 percent, which amounts to a loss of $4.28 billion since the start of the year. The Central Bank of Nigeria (CBN) has reported that the reserves stood at $33.78…
Again, Nigerians have begun to wail over the unavailability of their country’s legal tender. The naira, other than its free fall against the dollar, has again yielded to absence. PoS operators have hiked charges for this reason by a hundred…
By Sodiq Adelakun In light of the recent unification of foreign exchange rates, six Nigerian Ministries, Departments, and Agencies have earmarked a total of N244 million to mitigate anticipated foreign exchange losses. This financial strategy is detailed in the proposed…
The Centre for Anti-Corruption and Open Leadership, CACOL, on Thursday, decried the current naira scarcity being witnessed in various parts of the country. A statement issued by CACOL’s Director of Administration and Programmes, Tola Oresanwo, on behalf of the anti-graft…
…Plummets by 80% to become Africa’s worst-performing currency By Sodiq Adelakun On the parallel market, the naira was trading at 1,245 per dollar in early Wednesday trading, while the one-month non-deliverable forwards market had it listed at 1,002.50 naira on…
By Sodiq Adelakun In a surprising turn of events, the Nigerian naira plummeted to an all-time low against the US dollar on the official market this Tuesday, mirroring rates typically seen on the unofficial parallel market. Amidst scant trading, the…
The recent announcement by the Supreme Court on extending the validity of both the old and the new Nara notes as legal tender until further noticewas a good omen to Nigerians which brought a kind of relief to the agonies…
