The Central Bank of Nigeria has raised concerns that abuse of the naira is driving up the cost of printing and replacing banknotes. The Deputy Governor, Operations Directorate, Dr Bala Bello, was represented by Dr Adedeji Adetona, Director of Currency Operations and Branch Management Department, who delivered the speech on his behalf. “The Naira is…
The Lagos State Chapter of the All Progressives Congress APC has described China’s decision to accept the Nigerian Naira for transactions as a milestone in the country’s economic diplomacy under President Bola Tinubu regime. The party’s spokesman, Hon. Olaseye Oladejo, said the policy would ease Nigeria’s overdependence on the US dollar for international trade, providing…
Naira depreciated against the dollar at both official and parallel foreign exchange markets, the second since this week commenced. According to the Central Bank of Nigeria’s Exchange Data, the naira dropped to N1,545 from N1525. This represents N20 loss against the dollar. Similarly, in the black market, the naira closed at N1710 per dollar from…
The Naira recorded its first appreciation against the dollar at the foreign exchange market as FX supply increased. FMDQ data showed that the Naira strengthened to N1,601.20 per dollar from N1,654.09 exchanged. This represents a significant N52.89 gain against the dollar compared to the N1,654.09 exchange rate the previous day. Meanwhile, at the black market,…
The Naira on Monday appreciated at the official market, trading at N1,607.15 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, showed that the Naira gained N9.93. This represents a 0.61 per cent gain when compared to the previous trading date…
The Naira began the week positively as it appreciated against the US dollar on Friday at the official foreign exchange market. Official data from FMDQ disclosed that the Naira firmed up to N864.29/1$ from N1099.05/$1 on Friday. The figure represents a N234.76 gain at the local market compared to the N1,099.05/$1 it closed on Friday….
The naira fell, on Thursday, to N956/$ on the official Investor and Exporter forex window as dollar supply declined by 46.77 per cent. This is a 13.78 per cent decline from the N840.53/$ the naira closed trading on Wednesday according to data from the FMDQ Securities Exchange. Also, the turnover of dollars traded in the…
The Naira continued its free fall against the dollar on Tuesday, depreciating to N1,080/$ in the parallel market. This is 4.85 per cent decline when compared to the N1, 030/$ it traded on Monday. It is also day two of the naira losing momentum after going on a bull run towards the end of last…
The Central Bank of Nigeria has denied claims that it plans to redenominate the country’s currency, Naira, with effect from January 2024. Isa AbdulMumin, CBN’s Director of Corporate Communications, made this known today in a statement. The reaction of the apex bank comes following a claim suggesting that it plans to redenominate the country’s legal…
The naira continued its downward trend against the dollar at the official and parallel foreign exchange market on Thursday. According to FMDQ, the naira exchanged at N837/$1 on Thursday, a marginal increase from the N802/$1 traded on Wednesday. Similarly, in the parallel market, the country’s currency also depreciated. According to a Bureau De Operator in…