Naira
-
The naira recorded a significant drop against the dollar weekly, from March 28 to April 4, 2025 amid United States of America President Donald Trump’s administration tariffs announcement. The Central Bank of Nigeria’s exchange data in the period under review showed that the naira weakened by N30 per dollar week-on-week. Daily Nigerian Foreign Exchange at…
-
Dangote Refinery has said that the recent adjustment in the company’s ex-depot price of petrol “is directly related to the significant increase in global crude oil prices”. The company assured Nigerians that three of its partners will sell petrol for ₦970 per litre nationwide despite the company’s recent increase in the ex-depot price of petrol.…
-
Good morning from MEZIESBLOG! Here is today’s summary from Nigerian newspapers: 1. The military high command says it has invited the international human rights organization, Amnesty International, to defend its allegations against the armed forces that 10,000 civilians died in its custody. It described the claims by the international rights group as “malicious, shocking, lacking in…
-
The naira has returned to depreciation against the dollar in the foreign exchange market despite the increase in Nigeria’s external reserves. FMDQ data showed that the naira depreciated to N1523.85 against the dollar on Monday from N1509.67 traded last Friday. This represents N14.18 loss against the dollar compared to last Friday’s N1509.67. Similarly, the naira…
-
The Naira depreciated by over 40 percent in the half quarter of 2024 at the foreign exchange market. The FMDQ data showed that the Naira weakened to N1505.30 per dollar on Friday from between N896.6 and N907.11 it closed on 29th December 2023. The figure showed that the Naira had continued its instability against other…
-
The founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside, says the urgency with which the President Bola Tinubu-led administration wants the naira to appreciate against the dollar and other foreign currencies is not the best approach to return the currency to a stronger position. Peterside, who was on Channels Television’s Politics Today on Thursday, exonerated the…
-
The Federal Government has disclosed plans to delist the Naira from all peer-to-peer, P2P, platforms. The Director General of the Securities and Exchange Commission, Emomotimi Agama, disclosed this during a virtual meeting with blockchain stakeholders on Monday. This decision aims to tackle the manipulation of the local currency’s value in the foreign exchange market. The…
-
Nigerians are holding onto cash at an unprecedented rate with a staggering 94 percent of the currency outside the banking system. This Central Bank of Nigeria (CBN) stated this in its March 2024 Money and Statistics data. The figures paint a concerning picture of declining trust in the banking system and potential risks to the…
-
The Central Bank of Nigeria, CBN, has denied plans to convert $30 billion deposits in domiciliary accounts to naira. CBN was reacting to a report that it was considering a policy that will convert the foreign currencies of Nigerians in domiciliary accounts to naira. The report claimed that the move would stabilise and increase liquidity…
-
Analysts have said there is hope for households and businesses as the lingering pressure on the naira is projected to ease in the second quarter of 2024. Their projections are premised on the expected inflows from external borrowing, donor support and oil sales. “We expect donor support and external borrowing to boost FX reserves,” Razia…
-
The volatility of the Naira against the US dollar continues to send shockwaves of uncertainty through Nigeria’s economy, affecting investors’ confidence. Last week, there was a brief respite as the country’s currency strengthened against the dollar, trading at N970/$1 in the parallel market compared to N1300/$1 the previous week. However, the naira started this week…
-
The Naira appreciated at the close of work on Wednesday against the Dollar as it exchanged at N790/$1 at the official window. This is according to FMDQ Wednesday’s forex trading report. Wednesday’s rate of N790/$1 represented a N58 disparity from the N848/$1 traded on Tuesday. However, we reported that Naira had continued its free-fall at…
-
The naira, Nigeria’s legal tender, closed at N740.08 per dollar at the investors and exporters (I&E) window on Wednesday. The I&E foreign exchange (FX) window is the market trading segment for investors, exporters and end-users that allows FX trades to be made at exchange rates determined based on prevailing market circumstances. It is the country’s…
-
The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust Newspaper of June 1. 2023. titled ‘CBN Devalues Naira To 630/$1. We wish to state categorically that this news report which in the imagination of the newspaper is exclusive is replete with outright FALSEHOODS and destabilizing…
-
Nigeria’s central bank raised its benchmark lending rate by 50 basis points to 18% (NGCBIR=ECI) on Tuesday as monetary authorities continued to tighten policy to rein in inflation which has squeezed consumer purchasing power. The high cost of living was among major concerns for voters during last month’s disputed presidential election that was won by…
-
Nigeria’s central bank delayed a plan to remove high-value currency notes following an order by the nation’s Supreme Court, after severe disruptions in Africa’s biggest economy. The Central Bank of Nigeria began replacing old 200-, 500- and 1,000-naira notes with new ones in mid-December in a bid to mop up excess cash, rein in inflation and curb…
You must be logged in to post a comment.