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Naira falls N777 against dollar after CBN announcement
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Tag: Exchange Rate

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Customs exchange rate for cargo clearance reduce to N1593/$

The exchange rate for cargo clearance decreased to N1593.41/$, which represents a decrease of about N18.87  from last week’s record value of N1612.28. The Central Bank of Nigeria, through the customs, raised the exchange rate for cargo clearance by N18.44 compared to its previous value. The decline in the exchange rate for cargo clearance is […]

Business

Exchange rate to stabilize in future, Minister tells investors

The Minister of Budget and Economic Planning, Atiku Bagudu, has stated that he expects the exchange rate to improve as a result of President Bola Tinubu’s and the Central Bank of Nigeria’s ongoing currency reforms. The PUNCH reported that his comments came nearly six months after Tinubu lifted the exchange rate cap, among other currency reforms. According to […]

CBN stops foreign oil corporations from sending all fx proceeds abroad
Business

Inflation, exchange rate to drop in 2024 – CBN

The Governor of the Central Bank of Nigeria, Yemi Cardoso, has remarked that rising inflation and exchange rates are projected to drop in 2024. The chief of the central bank also predicted that oil export earnings would decline in the coming year. The CBN governor gave these observations on Thursday in Abuja when he addressed the Joint […]

Naira plunges to record low against pounds
Economy

Exchange rate hits N860/$1 on black market

The naira-to-dollar conversion rate on the black market has been listed as high as N860 to $1. This information was obtained from certain BDC operators who blame the depreciation on rising demand. Additionally, they claim there is a “demand onslaught” against the dollar. The “inflow” exchange rate, which corresponds to foreign currency traded via bank […]

BREAKING: Nigeria exchange rate plunges 29% in one day
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Nigeria exchange rate plunges 29% in one day

The official exchange rate between the Nigerian naira and the US dollar concluded at N664.04/$1 at the investor and exporter window, signifying a significant devaluation of 29% in a single day. This adjustment comes after the Central Bank of Nigeria allowed commercial banks and dealers to sell forex at market-determined rates, in line with President […]

Unified exchange rate'll help telecom sector - ATCON
Telecommunications

Unified exchange rate’ll help telecom sector – ATCON

The proposed unified exchange rate by President Bola Tinubu has been hailed by the Association of Telecommunications Companies of Nigeria as a development that will benefit the telecom sector. The ATCON Executive Secretary, Mr. Ajibola Olude, said that if implemented, a single exchange rate would make it easier for telecom companies to get foreign currency as […]