Forex stability: financial experts’ predict further drop in inflation rate

Some financial experts on Friday expressed optimism that the nation’s inflation figure would continue to slowdown with enhanced stability in the foreign exchange market. They said this in an interview with the News Agency of Nigeria (NAN) in Lagos while reacting to March inflation figure. The experts said that the inflation figure would continue to……

Nigerians’ demand for dollar drops amid fear of further crash

Demands for foreign exchange by authorized dealers have dropped, as the dealers were only able to pick $45 million out of the $100 million offered by the Central Bank of Nigeria on wholesale spot. The situation has been attributed to the rate of forex liquidity being pumped into the system by the CBN. Industry experts…

Naira suffers 1.2% drop at parallel market

Despite the new CBN policy on stemming the sliding tide of the naira against the dollar, the local currency on Tuesday maintained a 1.2 per cent loss, exchanging at N410 per dollar, as against N401 a dollar recorded on Friday. But at the interbank market, the naira still sold at N316, same price it sold…

Naira sustains loss against dollar

The Naira on Tuesday sustained its loss against the dollar at the parallel market. This was in spite of the Central Bank of Nigeria (CBN)’s intervention at both the interbank market and Bureau De Change (BDC) window. The News Agency of Nigeria (NAN) reports that the naira on Tuesday afternoon exchange between N405 (buying rate)……

Maid Steals Boss’ $10,000, Converts At N86/Dollar

Men of the Nigerian Police have arrested one Blessing Paul who worked as a maid in Lagos for allegedly stealing the sum of $10,000 belonging to her boss. The arrested suspect was nabbed alongside a guard who resides in Gbagada.The guard was reported to have taken the money which was reported to have been stolen……

Naira suffers further crash against the dollar

The Naira on Tuesday suffered further loss against the dollar at the parallel market. This comes after Central Bank of Nigeria, CBN, intervened at both the interbank market and Bureau De Change window. The currency exchanged between N405 (buying rate) and N410 selling rate at the parallel market. This was weaker than N405 traded yesterday….

ABCON seeks more strength for Naira

The Association of Bureau De Change Operators of Nigeria (ABCON) on Monday directed its members to ensure that the Naira appreciated against the Dollar and other major foreign currencies. Its President, Alhaji Aminu Gwadabe, who spoke at the directors’ meeting in Lagos, said that it was important that the members complied with CBN regulation to……

Naira: Why Nigeria’s currency will get worse – Prof. Ukpong

A Don and Professor of Financial Economics in the University of Uyo, Awka Ibom State, Leo Ukpong, has stated that the Naira will get worse if Nigeria’s External Reserves are depleted. Ukpong, the Dean of the institution’s Business Administration Faculty, said forex exchange should be channelled towards economic activities that create values in the domestic…

Those behind fall of Naira will not live to enjoy it – Pastor Adeboye

The General Overseer of the Redeemed Christian Church of God Worldwide (RCCG), Pastor Enoch Adejare Adeboye, has warned those “destroying the Naira”, that they will not live to enjoy their illicit gains. Adeboye stated this during a sermon yesterday, at a special Sunday Service organized by RCCG Region 11, Ikoyi/Victoria Island family, at the Tafawa…

Despite Surge In Forex Reserves, Naira Closes Week At 405/$1

The Nigerian naira closed trading for the first week in April 2017 at 405 to the greenback in the parallel market, despite the surge in foreign exchange reserves. On Monday,  the local currency was trading between 380 and 385 to the dollar at the same market, as the Central Bank of Nigeria (CBN) sought a……

Naira suffers further depreciation against dollar

The Nigerian Naira, on Friday suffered further depreciation after it was sold at N405 to the Dollar at the parallel market. Recall that the Naira gained N1 against the Dollar on Thursday to sell at N397, but it lost N8 on Friday to go for N405. Some forex traders at the Olugbede Modern Market in…

Naira loses strength against dollar again

The Nigerian currency​ on Wednesday​ lost 8 points to exchange at N398, while the Pound Sterling and the Euro closed at N485 and N415. At the Bureau de Change (BDC) window, the Dollar was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430. Trading at the…