By Sodiq Adelakun The Naira demonstra -ted resilience in Tuesday’s trading session, appreciating to N1,583 against the US dollar on the official market, according to data from the NAFEM. Transaction data reveals a growing volume of trades on the main…
The Nigeria Customs Service has responded to the recent appreciation and stabilisation of the naira at the official foreign exchange (FX) market by further reducing the foreign exchange rate used for computing import duties. On Monday, March 18, the Central…
By Sodiq Adelakun The devaluation of the Naira has had a significant impact on the net asset value (NAV) of pension fund assets in Nigeria over the past year, according to data from the Pension Commission (PENCOM). As of January…
By Sodiq Adelakun The British pound sterling has been outperforming most of the world’s currencies, including the Nigerian naira, despite the Central Bank of Nigeria’s (CBN) aggressive monetary policies. Recent reports from the CBN have indicated that foreign portfolio investors…
By Sodiq Adelakun In a recent turn of events, the Nigerian Naira has taken a steep dive in the parallel market, hitting a new low against the Great Britain Pound (GBP). As of the latest reports, the Naira has depreciated…
Binance, the world’s leading cryptocurrency exchange, has revealed that it will halt all services related to Nigeria’s currency, the Naira, starting from March 8. The decision comes as Binance faces regulatory issues in Nigeria and follows a crackdown on its…
By Sodiq Adelakun The US Dollar experienced a significant crash on Wednesday, dropping by 6.45 percent against the Nigerian Naira on the parallel market, commonly known as the black market. This sudden decline came shortly after the Central Bank of…
Naira fluctuations, which have weakened the purchasing power of consumers, have prompted businesses to adapt to local content, according to Bunmi Adeleye, Chief Strategy Officer of Retail Supermarkets Nigeria Limited, owners of Shoprite Nigeria. Retail Supermarkets Nigeria was recently acquired…
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso says the Naira is grossly undervalued. Cardoso said this on Tuesday in Abuja, while presenting a communiqué from the 293rd meeting of the apex bank’s Monetary Policy Committee…
The Nigerian retail industry has faced many challenges, including the depreciation of the naira, which has weakened consumers’ purchasing power. However, businesses can leverage this situation by adapting to the changing market conditions, according to Bunmi Adeleye, an industry expert.…
