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 Andersen Global disclosed this in its report titled ‘Nigeria’s 2023 economic outlook’, which was presented by its…
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…
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 black market dealers are asking for between N700 and N710/$1, actual transactions have stayed within N700/$1 band.
But Abudul…
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…