Naira slumps to N885 per US$ despite EFCC’s raids on BDC hubs

Nigeria’s local currency, the Naira, has dropped to a new low of N885 per dollar at the parallel section of the foreign exchange (FX) market, otherwise known as the black market. The figure represents a depreciation of N70, or 8.6%, from the N815 it traded last week. Speaking yesterday, some Bureau-De-Change (BDC) operators said the US dollar demand has been swelling and putting pressure on the naira. They put the buying price of the dollar at N860 and the selling price at N885, leaving a N25 profit margin. A currency…

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Naira now among worst in the world – Bloomberg

Nigeria’s currency, the Naira, which is officially said to be doing pretty well this year, has been rated as one of the world’s worst-performing among more than 150 currencies globally, the Bloomberg media has said. That makes it one of the world’s worst-performing currencies, after Ghana’s cedi, which is down nearly 55 percent this year. Its peers include Sierra Leone’s Leone, which is down 36 percent, and the Egyptian pound, which has lost 35 percent. While the naira officially closed at 442.75 to the US dollar on Friday, currency traders…

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Naira Redesign: CBN replies Finance Minister, says Nigeria under threat

The Central Bank of Nigeria (CBN) has officially responded to the Minister of Finance, Budget and National Planning‘s claim that she was not informed of the decision to redesign the naira notes. Recall that the CBN governor, Godwin Emefiele, on Wednesday announced the introduction of newly designed notes of N200, N500 and N1, 000, which he said would be in circulation by December 15, 2022. Giving further reason why the decision was taken, CBN spokesman, Osita Nwanisobi, in a statement said: “Currency management in the country had faced several escalating…

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Planned New Naira Notes: Finance Minister disagrees with CBN over currency redesigning

…Warns of consequences Two days after the Central Bank of Nigeria (CBN) announced a planned redesign of the naira the minister of Finance, Budget and National Planning, Zainab Ahmad, has rejected the idea, warning that it will have a devastating effect on the economy. Zainab, who totally disowned the policy during budget defence at the Senate, said there would be severe consequences. Recall that the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on Wednesday announced the introduction of newly designed notes of N200, N500 and N1, 000, which he…

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Stabilize Naira’s Free Fall Urgently – PGF DG Tasks CBN

Godwin Amunde The Director-General of the Progressive Governors Forum (PGF)- the umbrella body of Nigerian Governors elected on the platform of the ruling All Progressives Congress (APC) – Dr. Salisu Mohd Lukman,  has asked the Central Bank of Nigeria (CBN) to urgently and expeditiously stablize the Naira exchange rate to the Dollar. The PGF DG noted that the Naira had lost over 200% of its value in the six years of the present administration, falling to N570 to a dollar in recent weeks from N158 a Dollar left by the Goodluck Jonathan…

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Naira tumbles by 51.95% despite CBN’s defence measures

…As apex bank agrees to mint currency for The Gambia The value of Nigeria’s currency, the Naira, to the US Dollar fell from 196.99 in December 2015 to 410 in April 2021, reflecting a 51.95% decline despite the various foreign exchange policies introduced by the Central Bank of Nigeria, (CBN), to strengthen the currency. According to a monthly document posted on the CBN’s website, the value of Naira at the inter-bank forex market stood at N196.99, as of December 2015. Recall that last month the CBN officially adopted the NAFEX…

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Naira depreciates to 410/$ at official market — CBN governor

The Governor of the Central Bank of Nigeria, (CBN), Godwin Emefiele, has said the Naira has depreciated at the official market to 410 against the dollar. Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers…

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Naira regains strength, now N435/$1

With the expected commencement of sales of dollars to bureau de change operators by the Central Bank of Nigeria, the naira now sells between N440 and N435 to $1. Notably, the naira which had been on a downward spiral since the government gave indications of commencement of international travels and full reopening of the economy, depreciated to as low as N490 before settling around N477 last week. On Monday, black market traders had refused to show quotes as panic set in with the expected commencement of dollar sales to BDCs.…

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Naira strengthens against dollar ahead of CBN FX sales to BDCs

The naira has strengthened at the parallel market to N448 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators. Before the announcement, the naira had been trading as low as N480 against the dollar. Upon resumption, the apex bank said BDCs must not exchange the naira at more than N386/$ to end-users. The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for…

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Dollar scarcity worsens, forces Naira down

The scarcity of dollars at the parallel market on Tuesday in Lagos forced the Naira down to N480 to a dollar. The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro exchanged at N610 and N550, respectively. Trading at the investors’ window saw the naira closing at N385.98 to a dollar as investors traded a total of 20.27 million dollars. The naira, however, was sold at N381 to a dollar at the official Central Bank of Nigeria window. NAN reports that the apex bank had hitherto relied on the nation’s…

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