The Naira on Friday closed on a negative note as it exchanged for N770.17 against the dollar at the investors and exporters window. The naira depreciated by 0.66 per cent when compared with N765.13 for which it exchanged for the…
The value of Nigeria’s export may rise to at least N41.99 trillion per year following the Central Bank of Nigeria (CBN) float of the naira. The apex bank had last Wednesday directed Deposit Money Banks to remove the rate cap…
By Sodiq Adelakun In a bid to maintain equivalent of the foreign currencies, many Deposit Money Banks (DMBs) have been asked to increase funds in Naira accounts for FX allocation through Form A and Form Q. This is coming after…
By Sodiq Adelakun Following demand pressure against shrinking supply, the Naira on Monday crashed by 16 per cent to N770.38 per dollar in the Investors and Exporters (I&E) window following a surge in demand for dollars worsened by acute supply shortage. According…
By Sodiq Adelakun Following the unification of the naira, Nigeria’s total public debt rose by fiat to N82 trillion. It was N73 trillion before the unification. Recall that the Central Bank of Nigeria (CBN) issued a statement titled Operational Changes…
Economists have continued to give kudos to the Central Bank of Nigeria (CBN) for allowing the Naira to float freely on the Investors and Exporters (I&E) window. Banks are now allowed to trade foreign exchange on the I & E…
In a bid to move away from a fixed foreign exchange policy, Nigeria’s Central Bank has loosened control of rates in what appears to be a managed float. It was gathered that from one of Nigeria’s leading banks that the…
Nigeria’s currency on Friday slipped further against the dollar by 0.26 per cent as demand increased at the parallel market. During the intraday foreign exchange trading on Friday, the dollar traded at the rate of N765 compared to N763 on…
By Sodiq Adelakun Naira has on Monday strengthened by 0.26 per cent against the dollar as demand slows at the parallel market, also known as black market. Traders said on Monday that there was enough dollars but not much demand…
Naira on Thursday tumbled against the dollar following strong demand from importers and travellers amid scarcity of the greenback at the parallel market, traders said. Dollar was being traded at the rate of N762 on Thursday, this represents 0.26 per…
