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Tag: Naira

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 […]

Naira plunges to record low against pounds
Economy

CBN threatens BDC crackdown as naira falls to 900/$

The naira lost value on the parallel market on Wednesday, ending the day at 900/dollar. This happened just two weeks after the local currency was being sold on the black market for 960 dollars. The naira’s upward trend in recent days was reversed as the black market once more experienced a shortage of dollars. Earlier this week, […]

Why CBN won't print naira again - Budget minister
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FG spent N74bn on new naira, others – CBN report

The Central Bank of Nigeria and its subsidiary spent roughly N74.84 billion in 2022 on the production and distribution of currencies, including new naira notes. Despite the naira shortage that gripped the country in the latter months of 2022, the CBN spent 40.42 percent more on currency rollout than it did on N53.29 billion the […]

Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira rises on official market, trades 740.67/$

The naira rose against the dollar on Thursday, closing at 740.67/$ on the Investor & Exporter FX window. The naira closed on the I&E window on Wednesday at 773.17/$, continuing its upward trend that began after the Central Bank of Nigeria announced its intention to intervene in the foreign exchange market on Monday. The President […]

Naira plunges to record low against pounds
featured

Naira recovers, trades N850 per dollar at black market

The naira recovered against the US dollar on the parallel market, closing at 850/dollar on Wednesday. A planned intervention in the foreign exchange market by the Central Bank of Nigeria was disclosed two days prior to this. On Monday, the naira was exchanged at 950 to the dollar in the black market. On Tuesday, it […]

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