FX market faces fresh test as naira hits all-time high at N543/$

By Geoff Iyatse (Assistant Business Editor) • Hoarding intensifies while BDC operators run out of supply • Banks may resort to rent-seeking • No customer with genuine need has been turned back, CBN insists • ‘Proposed e-naira will stabilise financial system’ The new foreign exchange (FX) sale template faces a major test, as naira took a major […]

CBN Deputy Governor explains depreciation in Naira’s value

cbn By NAN The Deputy Governor, Corporate Services Department of the Central Bank of Nigeria (CBN), Mr Edward Adamu, has attributed the depreciation in the value of the Naira to the effects of the COVID-19 pandemic on the economy. Adamu stated this at an interactive session with the House Committee on Finance on the 2022-2024 Medium-Term […]

No plan to convert dollar account holdings to naira, says CBN

Godwin Emefiele of CBN. Photo: NAIRAMETRICS By Geoff Iyatse ‘We will ensure full compliance with new rules’ The Central Bank of Nigeria (CBN) has assured the public that it will monitor the deposit money banks (DMBs) to ensure they comply with set rules and meet the legitimate foreign exchange needs of Nigerians. This came as the […]

Dollar pulls back on rising optimism

Naira vs Dollar. Photo: NAIRAMETRICS By Geoff Iyatse Data suggest increasing perception about naira The dollar pulled back at the parallel market at the weekend on the strength of rising market optimism and ease of panic over the stoppage of foreign exchange sale to the bureau de change (BDC) operators. The dollar traded between N505/$ and […]

Naira suffers major crash at BDCs, Black market

By Abankula The Nigerian Naira is in a tailspin at the Black Market, a day after the Central Bank stopped weekly sale of dollars to the BDCs. According to the ngnrates.com, the Naira slumped to N522 to the US Dollar. Operators in the market bought it at N515. At BDCs, the rate quoted was N510-N520. […]

Naira weakens to lowest in four years

By Dennis Erezi Nigeria’s Naira weakened to a four-year low in the parallel market after the Central Bank of Nigeria (CBN) efforts to persuade banks to sell more dollars to customers failed to bridge the widening gap between the official and street rates. As of Wednesday, black market dealers were offering the naira at 502 per […]

CBN depreciates naira to N410.25 in I&E window

By Elizabeth Adegbesan The Central Bank of Nigeria depreciated the naira yesterday by N16.25 kobo depreciated in the Investors and Exporters (I&E) window. This represents the third and biggest daily depreciation of the naira since 2017. Recall, the indicative exchange rate for the window jumped to N374 per dollar at the close of business from […]

Naira weakens badly

As MPC retains policy rate, other parameters • Food inflation to moderate as harvest starts, says Emefiele • We must avoid blind speculation, Adedipe warns Nigeria is grappling with additional challenges, including a faster rate of inflation, as the gap between official and parallel segment of the foreign exchange (FX) market continues to widen. As […]

GODWIN EMEFIELE; Despite COVID-19, Nigerian Banks Still Resilient

  CBN Governor, Mr. Godwin Emefiele The Executive The Central Bank of Nigeria Governor, Mr. Godwin Emefiele, in this post Monetary Policy Committee interview spoke about the health of banks in the country as well as the impact of the bank’s development finance interventions since the outbreak of the COVID-19. Obinna Chima brings the excerpts […]

Naira goes south against the U.S. dollar

By Abankula The Nigerian Naira depreciated against the US dollar in the parallel market on Monday in contrast to the massive gains it recorded last week. According to market monitors, ngnrates.com, the US Dollar is being traded at ‚¦445.00 today, 7 September. This is N5 more than last week’s price of N440. The buying rate […]

PDP begins sale of nomination forms ahead of National Convention

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