Minister of Solid Minerals Development, Dr. Dele Alake, has called for the closure of schools in Nigeria that demand tuition fees in foreign currencies, labeling the practice as an economic anomaly contributing to the depreciation of the naira. Speaking on Wednesday at the Nigeria Gold Day Celebration, a side...
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By TANIMU YAKUBU When President Bola Ahmed Tinubu’s administration dismantled Nigeria’s rigid foreign exchange regime in 2024, critics were quick to call it a currency collapse. The naira plunged to ₦1,800 per dollar in March 2024, and headlines screamed of economic freefall. But beneath the noise, a deliberate, high-risk...
Unless the Federal Government wades in, the planned establishment of a multi-million-dollar gold refinery in Nigeria may become a pipe dream as the foreign co-investors are considering moving the project, instead, to other African countries. If that happens, Nigeria will be robbed of another good opportunity for job creation...
Naira has appreciated by N3.42 against the US dollar at the official market, amid praise from the International Monetary Fund (IMF) for the Central Bank of Nigeria’s (CBN) foreign exchange (FX) reforms. According to data from the CBN website, the Naira traded at N1,526.15 to a dollar on Wednesday,...
By MBAFAN ADE, Abuja- The Naira has appreciated against the US dollar at the official market, trading at N1,547.36 to a dollar. According to data from the Central Bank of Nigeria (CBN), the Naira gained N2.05, representing a 0.13% increase compared to Thursday’s rate of N1,549.41. This gain marks...
By MBAFAN ADE, Abuja – Naira has continued its upward trend, appreciating by N12.34 against the dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira traded at N1,553.11 per dollar on Thursday, representing a 0.79% gain from Wednesday’s rate...
The Naira appreciated by ₦4.59 against the U.S. Dollar on Thursday, closing at ₦1,586.15 at the official foreign exchange market. Data from the Central Bank of Nigeria’s website showed that the Naira recorded a 0.28 per cent gain, indicating a slight but consistent upward trend. On Wednesday, the local...
The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market. It appreciated to N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency. According to figures published on the...
The Naira depreciated on Friday at the official market, trading at N1,602.18 to the dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira lost N5.49. This represents a 0.34 per cent loss when compared to the N1,596.69 per dollar recorded on Wednesday, April 30,...
The Economic and Financial Crimes Commission (EFCC) has arrested socialite E-Money over alleged money laundering. It was gathered that E-Money, whose real name is Emeka Okonkwo, was arrested by the anti-graft agency in the Omole area of Lagos State. E-Money has now been taken into EFCC’s custody in Abuja....
By OLA MODUPE , Lagos- Dangote Petroleum Refinery has announced a temporary halt on the sale of petroleum products in Naira, citing a currency mismatch between its sales proceeds and crude oil purchase obligations. The company in a statement released on Wednesday, said the decision was necessary to avoid...
Naira ended the week positively on Friday, trading at N1,517.93 to a Dollar in the official market. Data from the Central Bank of Nigeria (CBN) showed that the Naira, which had been falling since March 5, gained N29.89. This represents a 1.9 per cent increase compared to Thursday, when...
The Naira appreciated in the official market on Friday, trading at N1,492.49 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed the Naira gained N6.57. This marks a 0.44 per cent increase compared to Thursday, Feb. 27, when it closed at N1,499.07 to the Dollar....
Naira appreciated further at the official market on Monday, trading at N1,497.11 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N3.62. This marks a 0.24 per cent increase compared to Friday, Feb. 21, when the local currency closed at N1,500.73...
The Tinubu Media Support Group (TMSG) has described the Nigeria Foreign Exchange code (FX code) as the beginning of a new era of regulation in the country’s foreign exchange market. In a statement on Sunday by Mr Emeka Nwankpa, its Chairman, TMSG maintained that the new regulations would prevent...
The Naira further appreciated in the official market on Friday, trading at N1,474.78 to the Dollar. Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17. This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when...
U.S. President has threatened the BRICS group of emerging economies with tariffs of 100 per cent if they move away from the U.S. dollar as an international means of payment. “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and...
The Naira on Wednesday bounced back after consistent three days losses and appreciated at the official market trading at N1,645.40 against the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N44.48. This represents a 2.63 per cent gain when compared to...
The Naira closed the week stronger on Friday at the official market, trading at N1,600 to the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N1.20. This represents a 0.07 per cent gain when compared to the previous trading date on...
The Naira strengthened on Friday, closing the week at N1,600.78 to the dollar in the official market. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira appreciated by N59.71, a 3.59 per cent gain compared to Thursday’s rate of N1,660.49...