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Tag: Naira

FG begins construction of 700km Lagos-Calabar highway
News

FG seeks $10bn to stabilize exchange rate amid naira fall

The Nigerian Federal Government is planning to raise $10bn to improve liquidity in the foreign exchange market. On Tuesday, the naira fell to an all-time low of 1,850 per dollar at the parallel market. President Bola Tinubu, who was represented by Vice President Kashim Shettima, disclosed this at the inaugural Public Wealth Management Conference in […]

Naira plunges to record low against pounds
Banking

Naira plunges to record low against pounds

Melvin Onwubuke   Nigerian naira plunges further to a record low of N2040 to one Great British Pound, attributed to persistent demand pressure, that continues to devalue the naira. According to nairametrics, this marks a significant decrease of 5.3% or N110 when compared to the N1930 rate recorded the previous day. This unusual occurrence, represents […]

Naira falls at official rate despite dollar weak gains
Banking

Naira falls as banks’ dollar sales drop by $252m

Dollar sales at the Nigeria Autonomous Foreign Exchange Market on Friday decreased by $252 million to $84.1 million by Deposit Money Banks and other entities. This is a 74% decrease from the $331.1 million in transactions that were registered at the official Nigeria Autonomous Foreign Exchange Market on Thursday. In the meantime, the value of […]

Nigeria's external reserves reach 22-month high amid weak Naira
News

Naira closes at N1,537.96/$1 amid decline

The Naira witnessed a decline against the US Dollar in the official market, closing the week at N1,537.96/$1, amid persistent demand pressures undermining the currency’s value. This depreciation coincided with a significant 74% downturn in forex turnover, amounting to $84.10 million. Both official and black-market exchange rates saw the Nigerian Naira devalue against the dollar, […]

CBN halts cash payment for travel allowance fees
Economy

CBN halts cash payment for travel allowance fees

The Central Bank of Nigeria has announced that Personal and Basic Travel Allowances would only be paid electronically, not in cash, as part of an effort to address the country’s foreign exchange problem. This was announced in a circular dated February 14, 2024, by Hassan Mahmud, the Director of Trade and Exchange Department of the […]

FG unveils plan to revamp cooperative sector, targets $1trn economy
Economy

Naira crashes further against dollar, sells N1,582/$1

The intra-day high for the Nigerian naira against the US dollar peaked at N1,582 on Wednesday, coinciding with a notable 56.58% decrease in forex turnover, which fell to $117.87 million. Both official and black-market exchange rates experienced marginal declines against the dollar. Despite this, recent improvements in forex turnover are partially credited to the Central […]

Nigeria's FX reserves hits three-month peak
Business

Naira hits all time low at official market

The naira reached a new all-time low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market on Monday. According to FMDQ Exchange, a portal that reports on the country’s official foreign exchange trading, the national currency closed last Friday at N1,476.13/$, a loss of 3.93 per cent, or N58. The official exchange rate on […]

News

Naira decline: Senate begins interactive session with Cardoso

Juliet Buna The Joint Senate Committee on Finance, Banking, Insurance and Financial institutions has started interactive session with the Economic Management Team including officials of the Central Bank of Nigeria led the Governor, Yemi Cardoso. This comes amid pressing concerns about the state of the economy and the sharp decline of the naira in the […]

Banks dollar sale drops as naira falls to N1,479
Banking

Banks dollar sale drops as naira falls to N1,479

Data collected on Thursday from FMDQ Exchange indicated that the total value of transactions registered at the official Nigerian Autonomous Foreign Exchange Market decreased from $465.29 million on Tuesday to $203.93 million on Wednesday. The PUNCH reported that this shows that the volume and value of transactions on NAFEM, the official FX market, have decreased […]

Why naira-dollar can't be stable - Minister
Business Economy featured

Why naira-dollar can’t be stable – Minister

Christian George The Minister of Budget and Economic Planning, Atiku Bagudu, has revealed why naira to dollar exchange rate can not be stable despite government settlement for N800/$ exchange rate. Bagudu explained that what leads to the fluctuation of exchange rate are as an aftermath of uncontrollable circumstances. The Minister who said this in an […]

Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira falls to 1300/$ at parallel market

The naira fell to N1,300/$ on the parallel market on Tuesday. As confirmed with the Bureau de Change operators, this comes after it closed trading on the Peer-to-Peer cryptocurrency window at N1,315.3/$1 for the day. An Abuja Bureau de Change operator in Zone 4, Magaji Muhammed, reported the rate climbed to N1,300/$ on Tuesday. He replied, […]