The Association of Bureaux De Change Operators of Nigeria (ABCON) has revealed that the 163 per cent increase in dollar sales to bureaux de change (BDCs) which amounted to $3.1 billion in the first half of the year, helped in sustaining exchange rate stability and protected 25,000 jobs in the sub-sector. ABCON President, Alhaji Aminu […]
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The Naira on Tuesday gained one kobo to exchange at ₦359 to the dollar, stronger than N360 posted on Monday. The Nigerian currency also traded at ₦479 and ₦410 against the Pound Sterling and the Euro at the parallel market. At the Bureau De Change (BDC) window, the naira was sold at ₦360 to the […]
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The Naira, yesterday, appreciated to ₦362.31 in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the window dropped marginally to N362.31 per dollar yesterday from ₦362.33 per dollar on Wednesday, indicating 2 kobo appreciation of the naira. However, the volume of dollar traded in the window yesterday […]
Read More The Naira, yesterday, appreciated to ₦362.33 in the Investors and Exporters (I&E) window in spite of 52 percent decline in the volume of dollars traded. Data from FMDQ showed that the indicative exchange rate for the window dropped marginally to N362.33 per dollar yesterday from ₦362.40 per dollar on Tuesday, indicating 7 kobo appreciation of […]
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The Naira, yesterday, depreciated by 70 kobo to₦358.7 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected $210 million into the inter-bank forex market. The apex bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the […]
Read More The Naira on Wednesday appreciated marginally against the dollar at the parallel market in Lagos, exchanging at ₦358.50 to the dollar. Newsmen report that the Nigerian currency was 10 kobo stronger than ₦358.60 to the dollar traded on Tuesday, while the Pound Sterling and the Euro closed at ₦478 and ₦417.5, respectively. At the Bureau […]
Read More The Naira, yesterday, appreciated slightly by nine kobo to ₦361.91 per dollar in the Investors and Exporters (I&E) window due to 30 percent increase in the volume of dollars traded. Data from FMDQ showed that the indicative exchange rate for the window dropped to ₦361.91 per dollar yesterday from ₦362 per dollar on Monday, indicating […]
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The Nigerian Government is set to begin strict border controls on the physical movement of commodities like dollars and other foreign currencies. This is expected to quell foreign exchange scarcity and check money laundering activities, it was learnt. A draft law to ease dollar shortage by restricting movement of hard currencies in and out of […]
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Oil prices tumbled 2 percent on Monday in volatile trade, as the dollar strengthened and China posted weak domestic demand data, sinking prices that had gotten a short-lived boost on concerns about potential reductions in crude supply from Libya. Global benchmark Brent crude futures were at $51.01 a barrel by 1:56 p.m. EDT (1714 GMT), […]
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International trade has started picking up following the Central Bank of Nigeria’s steady dollar supply into the foreign exchange market. The Chief Consultant of Biodun Adedipe Associates Limited, Mr. ‘Biodun Adedipe, said that due to the economic recession, the current import figure was a decline from the $14.171bn (or monthly average of $4.724bn) recorded in […]
Read More Indications have emerged that Deposit Money Banks will soon start to raise dollar-denominated loans, especially Eurobonds, as the naira continues to appreciate. It was learnt that banks were now favourably disposed to raising dollar loans following the creation of the Investor & Exporters FX window by the Central Bank of Nigeria and the subsequent appreciation […]
Read More The nation’s overnight lending rate has risen by 2.5 percentage points after the Central Bank of Nigeria debited bank accounts for debt purchases, draining liquidity in the money market. The overnight lending rate increased to 14.5 per cent on Friday, up from 12 per cent at the start of the week, after CBN debited bank […]
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