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Tag: Naira

Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira falls at black market despite CBN’s FX backlog clearance

The value of the naira declined considerably on Tuesday on the P2P and physical black markets, notwithstanding the infusion of foreign exchange liquidity at the official market and the considerable clearing of foreign exchange backlogs by Nigeria’s top bank. The naira traded at around N1230/$ in the early hours of Tuesday on the P2P market, […]

CBN extends old naira's validity indefinitely
Banking

CBN extends old naira’s validity indefinitely

The Central Bank of Nigeria has declared that the old N200, N500, and N1,000 notes will remain valid indefinitely. According to The Punch, this comes after the top bank stated that it wanted to keep old naira notes valid for longer than their designated expiration date. The bank claims that it is collaborating with the […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira falls further to N1,080 against dollar

The naira continued to fall against the dollar on Tuesday, dropping to N1,080/$ in the parallel market. This represents a 4.85% decrease from the N1, 030/$ it traded on Monday. Additionally, it is the second day that the naira is losing ground after experiencing a surge at the end of last week following reports that the […]

Naira drops to all-time low on official window, trades at 1348/$
Business

Naira trades at N1,185/$ as liquidity concerns continue

Bureau de Change Operators have said that the naira traded at 1,185/$ on Wednesday on the parallel market as the liquidity problem remained. According to The PUNCH, several BDC owners indicated that although the local currency had not yet reached its actual value, this was a minor increase over Tuesday’s trading of 1,190/$. The naira was purchased […]

New FX rules'll help Naira regain value, says Oyedele
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New FX rules’ll help Naira regain value, says Oyedele

  By Wilson Adekumola     Chairman, the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has disclosed that Federal Government plans to introduce new foreign exchange rules that crackdown on illicit currency trading so that dollar could settle at N650 to N750 before the end of 2023. Oyedele made this disclosure when […]

FG can train area boys to be tax officers - Oyedele
Business

Naira’ll regain full value by Dec, says Oyedele

Nigerians have been reassured by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, that the Federal Government’s current proposal to enact new foreign exchange regulations will accurately represent the value of the naira. The PUNCH quoted him to have said that by the end of 2023, the naira will have […]

Equity investors lose N1.5tn as bond yield rises
Banking featured

CBN to stabilise economy with $3bn – NEC

The National Economic Council stated on Thursday that the $3 billion emergency loan-for-crude oil that the Federal Government obtained in August would be used to stabilise the naira. The Punch reported that the value of the naira has been fluctuating in the Investors & Exporters window and getting worse in the parallel market, reaching N1000/$ earlier […]

Naira plunges to record low against pounds
Business

Naira drops to N930/$ at parallel market

The naira-to-dollar exchange rate fell to N930/$1 on the parallel market on Friday. The Times reported that the exchange rate indicates a decrease of 0.32% from N927 to the dollar, which traded on Thursday during the previous session. In contrast, according to the I&E window on the FMDQ website, the naira started at N767.83 to the […]

Banks increase lending rates after CBN’s MPR hike
Business

How increased productivity may benefit naira – Experts

Some financial analysts believe that only increased productivity can boost the Naira. This is coming as Nigerians continue to complain about the Naira’s continuing devaluation, despite monetary policy attempts by the Central Bank of Nigeria to support the currency. According to the News Agency of Nigeria, the Naira, which traded at N774 to the dollar at the […]