Naira falls against dollar despite CBN’s intervention

The Naira on Friday suffered marginal loss against the dollar at the parallel market in spite of CBN’s intervention at the foreign exchange market. The Naira lost one point to exchange at N366, weaker than N365 traded on Thursday, while the pound sterling and the Euro closed at N468 and N412, respectively. At the Bureau […]

External reserve drops by $50m as .as Naira rises to N383/$

By Babajide Komolafe The nation’s external reserve on Monday dropped by $50 million, the first time in six weeks. Since March 28th, the external reserve has been on the upward trend rising from $30.3 billion to $30.983 billion Friday last week. Data posted by the CBN on its website show that the rising trend was […]

Naira further regains strength at N425 to a dollar in parallel market

The naira continued to regain strength and appreciate in value in the parallel market on Tuesday as it was sold for N425 to a dollar.However, it was N450 to a dollar at the close of transactions on Monday. A survey carried out by the News Agency of Nigeria (NAN) on Tuesday at the Bureau De […]

As the Dollar Sells for N500…

As the Dollar Sells for N500… An objective evaluation and analysis of Nigeria’s economic collapse points directly to President Muhammadu Buhari and his unprecedented inaction and monumental blunder in failing to appoint his ministers and form a government until 6 months after he was sworn into office. Furthermore, the delay in having a budget passed […]

I’m under pressure to devalue naira – Buhari

  It is exactly one year since Muhammadu Buhari was sworn in as President of the Federal Republic of Nigeria. Ahead of the official commemoration of his ascension to power, Buhari spoke with some journalists on the issues that have dominated his reign. Excerpts: Looking at the last one year, how would you assess what has […]

Naira Depreciation: Blame Governors’ Forum – By Daniel Osofisan

By Daniel Osofisan | Jos, Nigeria | March 27, 2016 – The naira has been on a steady decline for the past few months. The disparity between rates at the Central Bank of Nigeria (CBN) and that of the parallel market is as clear as the difference between day and night. Many economic analysts and keen […]

Nigeria Today! The Naira, the Dollar and the Heat in our Houses- By Leke Ademo

By Leke Ademo | NNP | March 11, 2016 – I grew up in Nigeria at a time when Nigeria was still in its early developmental stage, certain areas seem to have been on a decline. It didn’t start today, it has been declining for years, but we did little about it until it became […]

The Demise of the Naira – Foundation Built on Shifting Sand – By Emeka Chiakwelu

By Emeka Chiakwelu / NNP / March 4, 2016 – “… Likened unto a foolish man, which built his house upon the sand: And the rain descended, and the floods came, and the winds blew, and beat upon that house; and it fell: and great was the fall of it.” -Matthew 7:27 By now we […]

Naira now 300/dollar as forex supply slows

  -punch Oyetunji Abioye The naira rose further on Wednesday against the United States dollar at the parallel market to 300 from 310 on Tuesday. The local currency, which closed at 391 against the greenback last Thursday, had risen to 375 and 310 on Monday and Tuesday, respectively. While linking the recent gain recorded by […]

IMF disagrees with Buhari, insists on naira devaluation

Oyetunji Abioye and Ade Akanbi-Punch The Central Bank of Nigeria needs to devalue the naira by adjusting the official exchange rate of N199/dollar to a more market-determined exchange rate, the International Monetary Fund has said. This position sharply differs from that of President Muhammadu Buhari, who insisted that Nigeria would not devalue the currency. A […]

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