Naira In Free Falls , Trades N707/1$ At Parallel Market, As Pounds Falls To Lowest Against Dollar Since 1985.
The Nigerian naira, at close of trading on Wednesday, depreciated to N707 per dollar at the parallel section of the foreign exchange (FX) market amid increased demand for dollars. The figure represents N5 or 0.7 percent depreciation compared to the N702…
Peter Obi Calls For End Of CBN Fixed Exchange Rate Regime, Promise To Boost Fintech Start-ups.
Popular Nigerian presidential election candidate of the country’s labour party, Peter Obi, said that the local currency’s exchange rate against the dollar must not be fixed but must be determined “by the forces of demand and supply.” Pointing to the…
“Set Naira Free” Expert Tells CBN, Says Naira Is Overvalued By 200%.
The Managing Director of Financial Derivatives Company Limited (FDC), Bismarck Rewane in an interview earlier in the week said that the Naira was over-valued by 200 percent. Rewane, who stated this in a programme on Arise TV, said the black…
Central Bank of Nigeria Urged To Allow Naira To Trade Freely And Remove The Fixed Exchange Rate.
The Central Bank of Nigeria should without delay discontinue the fixed exchange rate system and let the naira freely float against the major currencies, Alhaji Aminu Gwadabe, the leader of a Nigerian association of bureau de change operators said in…
Nigeria’s EFCC Raids Forex Traders Over Naira Depreciation.
The Nigeria’s Economic and Financial Crimes Commission, (EFCC), yesterday raided Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory, in a covert operation to stop currency hoarders and speculators who are alleged to…
Naira Falls To N622 ON P2P, Due To Scarcity At Official Market.
Nigeria’s currency, Naira on Monday depreciated to N622 per dollar at the peer to peer (P2P) parallel market popularly called black market, as scarcity of USD dollar persisted at the official market, forex trading monitoring reveals. The naira depreciation followed…
Nigeria To Resume Foreign Exchange Sales to Banks
The Central Bank of Nigeria has resumed the sale of foreign exchange, forex, to banks in order to clear the backlog of unmet demand said to be in excess of $1.5 billion after many weeks of absence from the foreign…
Naira Heading Above N600/ $1 In P2P Market , As Dollar Appreciates In Global Forex Market
Nigeria local currency Naira opened at N600.00 per $1 at the parallel market otherwise known as the black market, today, 4th May 2022, in Lagos Nigeria, after it closed at N591.00 per $1 on Tuesday, 3 May 2022 as the long holiday ends….
Naira Drops At N580 To A Dollar At Black Market Today As Forex Demand Grows.
The exchange rate at the parallel market fell on Monday to close at N580/$1, representing a 1.22% decline compared to $573/$1 recorded in the previous trading session, according to information obtained from BDC operators. Nairametrics is reporting that FX turnover…
Nigeria Forex Woes Continues As Importers Resort To Ghana For Forex.
Concerns are growing among stakeholders in the importation sector in Nigeria overCentral Bank of Nigeria’s (CBN) plan to stop the sale of foreign exchange (FX) to commercial banks, saying it will drive importers to source funds from the Republic of…