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Tag: Naira

Naira and Dollar displayed
Business

Naira falls at parallel market, gains on I&E window

Naira experienced a decline of 0.54 per cent against dollar, closing at ₦750 on the black market while it slightly strengthened by 0.06 per cent closing at ₦462.73/USD at the Investor and Exporter window. Data from the Financial Market Dealer Quotations revealed that the Nigerian naira had a trading range as low as N460 and […]

Equity investors lose N1.5tn as bond yield rises
News

Naira weakens at stock market, drops to N463 – Report

On May 10, the Naira fell against the US dollar, trading at N463.02/$1 in the Investors and Exporters window of the foreign exchange market. According to BusinessPost, data from FMDQ Securities Exchange showed that the local currency suffered a loss of 77 kobo, or 0.17 percent, when it was traded on Tuesday at the spot […]

Naira and Dollar displayed
Business

Naira drops as forex market records 29% decline

The value of the naira dropped against US Dollar due to a decline in the daily foreign exchange turnover by 29.15% in the official market. According to the data obtained by Business Day from the FMDQ on Monday, the market turnover declined to $99.33 million from $128.29 million on Friday. A financial market dealer whose […]

CBN extends old naira's validity indefinitely
News

How naira declined by 10% in 2022 – World Bank

The naira saw a record devaluation of 10.2% in 2022, according to data from the World Bank. The Punch reported that the World Bank recognized these factors as primary causes of inflationary pressures in the Sub-Saharan area, along with rising food and fuel prices globally and the depreciation of the exchange rate. The loan-granting financial […]

Naira to fall N500 against dollar - NESG
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Naira hits lowest amid external reserve decline 

The Nigerian Naira hit its lowest value of the year on the first trading day of April, as the demand for dollars rose while the external reserves declined. Naira depreciated by 0.46 percent on Monday, with the dollar quoted at N463.50 at the Investors and Exporters forex window, which is Nigeria’s official foreign exchange market, […]

The old 500 and 1000 naira noted
Business

Oyebanji urges Ekiti businesses to accept old notes

Ekiti State Governor, Biodun Oyebanji, has urged residents of the state to continue to accept the old naira notes as they are legal tenders following the Supreme Court judgment of its validity till December 2023. The Punch reported that Oyebanji implored business owners to keep abiding by the law and order of the state in […]

FG to restart cash transfers to poor Nigerians
Business

How naira scarcity could impact private businesses – Report

Bisola David Stanbic IBTC Bank’s February Purchasing Managers’ Index has revealed that the private sector may have suffered midway through the first quarter of the year as a result of the nationwide cash shortage in February.   According to The Punch, the headline PMI fell below the no-change threshold of 50.0 in February, registering 44.7 compared […]

Zenith Bank's Q3 earnings hit N620.6bn
Business

Zenith Bank to begin operation as HoldingCo

Zenith Bank PLC has received approval in principle from the Central Bank of Nigeria to operate as a financial holding company. The Punch reported that Zenith Bank disclosed  plans to change its organisational structure in a statement signed by the Company Secretary, Michael Otu, on Friday to Nigerian Exchange Limited. With this modification, the organization […]

Court Symbol of Justice
Business

Mixed reactions as S’Court reverses Buhari, CBN new, old naira order

There have been mixed reactions from Nigerians as the Supreme Court of Nigeria on Friday declared the Federal Government’s cashless and Naira redesign policy invalid, declaring it as an affront to the 1999 Constitution. This publication recalls a suit was filed by Zamfara, Kogi and Kaduna state governments against the Attorney-General of the Federation on […]

Court Symbol of Justice
Business

New naira: Supreme Court passes verdict on Friday

Supreme Court is said to pass its verdict today (Friday) on a suit instituted by some state governments against the Federal Government on the Naira re-design and cashless policy. This publication recalls that the Supreme Court’s seven-man panel of Justices led by Justice John Inyang Okoro had on Wednesday, February 22 adjourned the case of […]

Logo and the photo of the Central Bank of Nigeria's building
Business

Elections: No plans to shut down bank transactions, CBN insists

The Central Bank of Nigeria has debunked rumours spreading that it plans to shut down bank transactions from February 23 to February 27, 2023 because of the forth coming election. This fake new was confirmed on the verified Instagram account of the apex bank on Wednesday where it advised Nigerians to be “wary of fake […]

Court Symbol of Justice
Business

Naira redesign suit against FG resumes Wednesday 

The Supreme Court’s hearing over naira redesign which was adjourned after a session on February 17 will resume today (Wednesday). This publication recalls a suit was filed by Zamfara, Kogi and Kaduna state governments against the Attorney-General of the Federation on February 3. Other states like Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto […]