The Central Bank of Nigeria has debunked the claim that it has devalued the naira.
A statement signed by Acting Director Corporate Communications, Isah AbdulMumin, said the dollar traded at N465/$1 contrary to reports.
The statement partly reads, “We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright falsehood…
Andersen, an independent tax and business advisory firm has said that the parallel rate of the naira may fall to N900 in 2023 from demand pressure if mitigating measures are not taken.
The firm that has a worldwide presence through the member firms and collaborating firms of…
As the shortage of new banknotes continues, more and more banks are closing.
February 9, 2023
As the naira shortage continued, more banks began closing their branches.
Even on Wednesday there were still long queues outside the ATMs of many commercial banks in Lagos, Ogun, Abuja and elsewhere. As the February 10 deadline for the old N1000, N500 and N200 banknotes…
The naira yesterday weakened against the dollar at the parallel section of the foreign exchange (forex) market.
Bureaux De Change operators (BDCs), popularly known as ‘abokis’, said the local currency depreciated by N15 or 2.3 per cent to trade at N680 per dollar at the street market.
Last week, the naira closed at N665 to a dollar at the street market.
The street traders put the buying price…
The naira has weakened to new low of N700/$1 at the parallel market as dollar demand pressure from retail end users persists.
The naira closed last week at N630/$1 and has stayed within the N620/$1 band for weeks before the current low.
Findings showed that although many…
Tuesday, 17th May 2022: The exchange rate between the naira and the US dollar closed at N418.5/$1 at the official Investors and Exporters (I&E) window, appreciating by 0.71% from N421.5/$1 recorded the previous day.
Naira gained against the US dollar on Tuesday…