Barely three days after the naira weakened against the United States dollar (USD), the Central Bank of Nigeria is set to boost the local unit with the injection of more dollars into the foreign exchange market this week. The CBN, it was learnt, was planning to increase dollar supply with a view to ensuring liquidity […]
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Foreign exchange (forex) speculators have lost over N100 million in the last three days after the Central Bank of Nigeria (CBN) injected fresh dollars into the interbank market. Many of them panicked as news about the CBN’s intervention hit the market. This was in continuation of its strategy to strengthen the value of the naira. […]
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Nigeria Naira plunges to 520 against the United States dollar at the parallel market on Monday as scarcity of the greenback continued to keep the exchange rate in a free fall mode. The naira had closed at 516/dollar on Friday, after hitting 510/dollar and 507/dollar last Thursday and Tuesday, respectively. Experts said demand for dollar […]
Read More The naira fell against the United States dollar from 485 to 490 at the parallel market on Wednesday, reversing part of the gain it had recorded against the greenback last week. The local currency, which had fallen to 495/dollar last Thursday, recorded some gains and closed at 485/dollar on Friday. Since Friday when the Christmas […]
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Bank customers who do not earn foreign exchange (forex) will henceforth not be able to secure dollar-denominated loans, the Central Bank of Nigeria (CBN) has said. CBN Director, Banking Supervision, Mrs. Tokunbo Martins, broke the news yesterday at the CBN-Financial Institutions Training Centre (FITC) continuous education programme for Directors of Banks and Other Financial Institutions, […]
Read More PZ Cussons Plc says it is paying as much as 70 per cent more than the official rate for dollars as the Central Bank of Nigeria trading restrictions reduce availability of foreign currency in Africa’s biggest economy. “Whilst the official naira exchange rate continues to be stable, a lack of availability at that rate is […]
Read More NIGERIA Naira tumbled to a record low of 345 against the dollar at the parallel market on Monday, extending its depreciation from nine to 11 per cent in less than two weeks. The naira had hit a record low of 338 against the greenback on Friday, a day after the Bankers’ Committee announced plans to […]
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The Minister of Finance, Mrs. Kemi Adeosun, on Wednesday, said the Nigerian Maritime Administration and Safety Agency had not been remitting the revenues generated to the government’s coffers. The immediate past Director-General of NIMASA, Patrick Akpobolkemi, is currently facing 40 counts of fraud and money laundering to the tune of N34.5bn. Adeosun specifically stated that […]
Read More The demand for the United States’ dollar at the parallel market was up on Tuesday, driving down the naira to 267.5 against the greenback. The naira had on Monday closed at 265 against the dollar in the unofficial market, compared to 263 on Sunday. The Acting President, Association of Bureau De Change Operators, Alhaji Aminu […]
Read More The Nigeria naira extended its losses against the United States’ dollar on Monday at the parallel market, falling to 265 from 263 on Sunday. The Central Bank of Nigeria’s intervention on Wednesday is expected to lift the currency at the unofficial market, an industry operator told our correspondent. The nation’s currency had closed at 262 […]
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The Central Bank has revealed that it has no plans to loosen the controls it placed over foreign currency transactions until our reserves rises to $200 billion. According to media reports, the CBN director for monetary policy, Moses Tule made this remark during an interactive session with journalist when he was asked how long the […]
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