The Naira depreciated at the official market on Monday, trading at N1,495.60 to a dollar. Data from the FMDQ Security Exchange official forex trading platform revealed that the Naira lost N20.82. This represents a 1.4 per cent loss when compared to the previous trading day on Friday, Jan. 31,...
Naira
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...
The Central Bank of Nigeria has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old...
By JOY ADARA, Abuja- The Central Bank of Nigeria (CBN) has said all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out. The CBN’s Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, said in a statement on Friday...
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to ensure efficient cash disbursement to the general public over-the-counter and through Automated Teller Machines (ATMs). The directive is contained in a statement jointly signed by CBN’s Acting Director, Currency Operations, Muhammed Olayemi, and Acting Director, Branch...
Some small business operators and residents in the Federal Capital Territory (FCT), have decried the scarcity of Naira notes for various transactions. They spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja. Over the past few days, bank customers had experienced difficulty trying to get cash...
By EZEKIEL OBI, Abuja – The Nigerian Coalition of Civil Society Organizations (NICOCSO) has strongly condemned the Nigerian National Petroleum Company Limited (NNPCL) for importing 1.6 billion liters of Premium Motor Spirit (PMS), describing it as a “betrayal of the Nigerian people and a threat to economic stability. Addressing...
By JOY ADARA , Abuja– The Central Bank of Nigeria (CBN) has said it would sanction Deposit Money Banks (DMBs) found supporting the hawking of Naira notes. The Acting Director, Currency Operations Department, CBN, Mr Solaja Olayemi, said this in a memo to DMBs on Friday in Abuja. Olayemi said...
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 Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has blamed the continuous depreciation of the Naira to low local production capacity of the country. The chamber made the disclosure in a statement issued by its President, Mr Odeiga Jideonwo and made available to newsmen in Enugu on...
By EZEKIEL OBI, Abuja- The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called on President Bola Ahmed Tinubu to investigate the cabal within the Nigerian National Petroleum Company Limited (NNPCL) and their prioritization of imported Premium Motor Spirit (PMS) over local refining which has led to an unnecessary...
President Bola Tinubu, on Tuesday, commended the Implementation Committee on the Naira-based sales of crude oil and refined products and asked the members to resolve any teething problems. In a review meeting at the State House, Abuja, the President said using the Naira was conceived to remove the exchange...
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Tuesday, said the sale of crude in naira to local refiners had set the Nigerian economy on the path of industrialisation and modernisation. Edun, chairman of the committee, said this while addressing State House correspondents after...
The International Finance Cooperation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have signed an agreement to increase local currency financing. According to a statement by CBN’s Acting Director, Corporate Communications Department, the agreement is to enable private businesses in Nigeria 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 Central Bank of Nigeria (CBN) says it has not fixed any deadline for the circulation of the old N200, N500 and N1,000 banknotes. The Acting Director, Corporate Communications Department of the CBN, Hakama Sidi Ali, said this in a statement on Thursday in Abuja. Sidi-Ali was reacting to...
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...
The Naira on Wednesday depreciated at the official market, trading at N1,625.13 to the dollar. Data from the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N63.37. This represents a 4.05 per cent loss when compared to the previous...
The Naira on Tuesday appreciated by N73.39 at the official market, trading at N1,561.76 to the dollar. Data from the official trading platform of the FMDQ Exchange revealed this. This represents a 4.48 per cent gain when compared to the previous trading date on Monday when it exchanged at...