The Naira on Monday remained stable at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency maintained N378 to the dollar at the close of trading on Monday afternoon, keeping same value as at Friday. Also, the naira maintained N495 to the Pound Sterling, but weakened further against the Euro, exchanging […]
Continue ReadingSimon Kolawole If you were a lover of reggae music in the 1970s, you would certainly know “Time Hard”, a hit song by The Pioneers, the Jamaican three-man band. “Everyday,” they sang, sonorously, “things are getting worse.” That song was released in 1972. At the time, Nigeria was producing two million barrels of crude oil […]
Continue ReadingThe Central Bank of Nigeria (CBN) has directed agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators (BDCs).The directive came in a circular dated July 22, 2016 and posted on its website. The circular, signed by the Acting Director, Trade and […]
Continue ReadingThe new foreign exchange regime implemented by the Central Bank of Nigeria (CBN) saw the naira “effectively devalued” from 197 to about 283 against the dollar on the official side. The naira has lost over 30 percent of its value to the dollar since the start of the new regime, but many foreign investors are […]
Continue ReadingThe Central Bank of Nigeria (CBN) is suggesting that the new band for the naira, pending the direction of market forces, will be between 260 and 270 to the dollar. Godwin Emefiele, the CBN governor, had said the position of the naira will be driven by market forces, but in a new document uploaded by […]
Continue ReadingThe Central Bank of Nigeria (CBN) is set to release new foreign exchange guidelines on Wednesday, June 15, 2016.The apex bank made the announcement via its Twitter account on Tuesday night. In the tweet, the Bank said: “CBN set to release new Guidelines on flexibility in the Foreign Exchange Market structure on Wednesday, June 15, […]
Continue ReadingFemi Adesina, special adviser to President Muhammadu Buhari on media and publicity, speaking in an interview on The Osasu Show, said, the president sold his property to access foreign exchange (forex) for his child’s education. Mr. Adesina said the central bank of Nigeria (CBN), is experiencing a dearth of forex. Corroborating Adesina’s stance, the president himself […]
Continue ReadingThe naira gained N6 on Tuesday, as it traded at N364 to the dollar at the parallel market. The News Agency of Nigeria (NAN) reports the naira exchanged at N370 to one dollar on Monday. Mr. Buhari had on February 20 insisted that the government would not devalue the naira in spite of wide gap […]
Continue ReadingCEO of Honeywell Flour Mills, Babatunde Odunayo, has stated that many companies in Nigeria will begin to shut down over the next four to six weeks. In an interview with CNBC Africa, he revealed that it was not the best time for anyone to be president of Nigeria, adding that devaluation would be harmful to […]
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