The Nigera Naira freely fell at the parallel market on Thursday, hitting 391 against the US. Dollar as foreign exchange scarcity continues to batter Africa’s biggest economy. The currency appears to have entered into a free fall mode against the dollar at the black market, having lost 26 per cent of its value in less than two […]
Read More CONTINUAL scarcity of foreign exchange, especially the US. dollar, continued on Wednesday with the Nigeria naira closing at 372 against the United States currency at the parallel forex market. Forex dealers linked the persistent fall of the naira to panic buying of the dollar and other major international currencies by importers, individuals and businessmen. With the […]
Read More NIGERIA Naira hit a record low of 325 to the dollar at the parallel market on Thursday as desperate importers scrambled for dollars to meet their obligations overseas. The local currency had closed at 318 against the greenback on Wednesday, after hitting 313.5 and 310 on Tuesday and Monday, respectively. “The dollar is falling because […]
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NO fewer than 30,000 bureaux de change (BDC) workers are likely to be sacked within the first quarter of this year. About 200,000 workers are engaged in the sector. The President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said yesterday, that the planned downsizing followed the continued loss of business […]
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PRESIDENT Muhammadu Buhari has said he is yet to be convinced that Nigerians will benefit from an official devaluation of the Nigeria Naira. He spoke on Wednesday at an interactive meeting with Nigerians living in Nairobi, Kenya. President Buhari, in a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, maintained that […]
Read More The Nigeria Naira depreciated against the dollar by N4 in the parallel market, yesterday, in response to intense scarcity of dollar in the market. Survey of parallel market exchange rate in major cities shows that the Naira depreciated to N303 per dollar in Lagos from N299 last week, while in Abuja and Kano the Naira […]
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THE Association of Bureau De Change Operators of Nigeria has faulted the stoppage of dollar sales to its members, while calling on the Central Bank of Nigeria to reverse the decision. The ABCON, in a communique issued at the end of its national emergency general meeting held in Lagos, also said the N35m caution fee […]
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