The demand for dollar by banks is now dropping across the country. For the first time since the dollar scarcity started, the Central Bank of Nigeria (CBN) on Friday recorded $19 million surplus after it intervened in the interbank market. The development occurred after the CBN pumped $100 million into the interbank to meet demands […]
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Nigerians should prepare for another increase in the pump prices of petrol, due to the continued scarcity of foreign exchange to finance the importation of the product, oil marketers have said. According to them, the US Dollar hit an all-time high last week, as it exchanged for N400 at the parallel market. According to correspondent, worried […]
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At least 75 ships with two and a half million tonnes of fuel are awaiting importers on the high seas as Nigerians can’t find the dollars they need to pay for the cargoes, according to ship tracking data and fuel traders. According to Reuters, some of the vessels arrived a month ago and their frustrated […]
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As the scarcity of dollars continues to affect operations in the Nigerian aviation industry, travel agencies are devising creative ways of remaining in business, Punchng reports. Specifically, Nigerian travel agencies are now collaborating with their counterparts in China, United States of America and Europe to buy flight tickets for intending international travellers from the country, […]
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[su_dropcap]T[/su_dropcap]he scarcity of United States dollars in the country has forced rice traders to look inwards and patronise local growers and processing mills. It was gathered that distributors in Kano, Ondo and Lagos states as well as the Federal Capital Territory, among others, have been bombarding the milling factories with orders beyond their processing capacity. A […]
Read More SCARCITY of foreign exchange, especially the United States dollar, made the Nigeria naira to fall further on Tuesday to 252 against the greenback at the parallel market. The increasing pressure on the naira is caused by high demand for the dollar by importers and speculators, foreign exchange dealers said. The local currency had weakened to 345 […]
Read More The Nigeria Naira dropped further to 313.5 against the United States dollar at the parallel market on Tuesday as shortage of foreign exchange, especially the greenback, persists in the forex markets. The local currency had traded for 310 to a dollar on Monday. On Tuesday, the naira closed at 199.40 to the dollar on the […]
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 […]
Read More Currency dealers and hawkers are currently making stupendous profits from the sale of scarce foreign exchange, while the Central Bank of Nigeria watches helplessly. Findings revealed that despite the scarcity of foreign exchange in the economy, billions of dollars are lying fallow with the Deposit Money Banks, Bureux De Change operators and currency hawkers waiting […]
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