Operatives of the Delta State Police Command have arrested four suspected members of a fraud syndicate and recovered 1,600 counterfeit United States dollar bills in a major operation targeting criminal networks across the state. The arrests were made by officers attached to the Special Anti-Kidnapping Unit following intelligence reports...
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Naira strengthened against the U.S. dollar on Monday, closing at N1,366.79/$1 at the official CBN window. That’s a gain of N6.46 from Wednesday’s N1,373.25/$1, according to CBN forex data. At the parallel market, the story was flat. The naira held at N1,390/$1, unchanged from the previous day. Other currencies...
Naira stopped its fall against the US dollar on Wednesday and gained some ground at the official market. Data from the Central Bank of Nigeria showed the naira closed at *N1,370.56 per dollar*. That is stronger than Tuesday’s rate of *N1,375.62 per dollar*, meaning the naira gained *N5.06*. However,...
Nigeria’s naira has strengthened to its best level in over eight months, hitting about ₦1,394 to the US dollar on January 28. This comes after three consecutive days of gains in the official foreign exchange market. According to market data, the naira had previously traded at ₦1,409.50/$, meaning it...
The GBP/USD pair has always carried a certain influence in the global currency market. It’s not just another price point on a chart. It reflects how two major economies respond to pressure, growth, political change, and global uncertainty. When the pair rises or drops, traders often use it as...
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...
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...