Naira hits all time low as exchange rate hits over N2000

February 19, 2024 Blueprint News 0

Nigeria’s local currency is currently exchanging above 2,000 naira against the Great Britain Pound at the parallel market. Bureau de Change operators confirmed the rates on Monday. It was learnt that the new rate increased from N1,930 recorded on Saturday and is currently the lowest point in the historical performance of the naira. Similarly, the naira depreciated against the dollar Read More

Naira undervalued, inflation decelerating in 2024 – Cardoso

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said naira is undervalued, adding that inflation will moderate this year in his first public comments on the economy since November. “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4%,” Cardoso said Wednesday at an event hosted by the Read More

Naira falls to N902.45/$ at official window, N1,340/$ at parallel market

January 22, 2024 Blessing Anaro 0

Across the foreign exchange.8forez) market, the naira continued to face increased pressure due to the demand-supply imbalance. In the NAFEM window, the United States Dollar (USD) appreciated by 1.3 per cent week/week (w/w) against the naira to N902.45/$1.00.  Also, activity level fell 33.3 per cent w/w to settle at $505.8 million.  At the parallel market, the dollar gained 7.6 per Read More

Naira falls 8.97% against Dollar

January 4, 2024 Segun Odunewu 0

The Nigerian naira started the New Year sourly, tumbling 8.97 per cent against the dollar on the first day of trading in 2024 at N988.46/$1, despite a $2.25 billion injection from the African Export-Import Bank (Afreximbank) to ease the country’s forex crunch. This represents an N81.35 loss or a decline of 8.97 per cent by the Naira decline when compared Read More

Naira trades low at parallel market, hits N1202/$1 at P2P market

December 27, 2023 Segun Odunewu 0

The naira sold at around N1,202 against the greenback on the P2P (Peer to Peer) market on Tuesday, while the official market remained closed to public holidays. The chronic dollar shortages on the official market have prompted the naira’s official exchange rate to drift towards the parallel market level. The local currency exchanged to the dollar at a lower price Read More

CBN to sanction banks, PoS operators over hoarding, rationing of Naira, provides digital feedback box to address complaints

December 21, 2023 Benjamin Umuteme 0

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Point of Sales (PoS) that it would not failed to weld the big stick over their activities that have hampered the circulation of the Naira.  In the past couple of weeks, it has become difficult for Nigerians to not only access their monies over the counter or Read More

Naira scarcity worsens in Lagos as PoS operators hike fee

December 12, 2023 Segun Odunewu 0

The resurgence of naira scarcity in some parts of the country, especially in Lagos, Nigeria’s economic capital is biting hard on the people as Nigerians prepare to celebrate both the Christmas and the New Year festival in a few weeks’ time. The development is coming despite the assurance of the Central Bank of Nigeria, CBN, on the availability of the Read More

Beware of fake Naira banknotes in circulation, CBN alerts

December 8, 2023 Benjamin Umuteme 0

The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country. According to a statement by acting director of corporate communications, Mrs. Sidi Ali Hakama, the apex bank stated that it would Read More

Subsidy removal, Naira scarcity, others: Is NOA still relevant?

December 1, 2023 Admin III 0

In the report, TOPE SUNDAY seeks to know whether or not the once-active National Orientation Agency (NOA) is still relevant in enlightening Nigerians about the federal government’s programmes and policies as it appears to have gone to sleep.  Established by Decree 100 of 1993, the National Orientation Agency of Nigeria is the body tasked with communicating government’s policies, staying abreast Read More

Naira struggles again, depreciates to N827.83/$1at official market

November 16, 2023 Segun Odunewu 0

The naira again declined against the U.S dollar at the official market on Thursday, exchanging for N827.83 to one U.S dollar after a slight appreciation on Wednesday which saw the local currency exchanging at N818.99/$1. This is still a slight gain when compared to the N850.22 it recorded on Tuesday. However, the naira closed flat at the parallel forex market Read More

Again, naira crashes to dollar

November 7, 2023 Admin III 0

The naira crashed against the dollar on Monday, falling to 1, 030/$ on the average in the parallel market, losing the momentum it gathered last week. This represents a N80 loss or a 8.42 per cent decline of the local currency compared to the N950 it closed the week at last Friday. This is also the first time the naira Read More

Again, CBN speaks on ‘plans to redenominate the Naira’

November 1, 2023 Admin III 0

The Central Bank of Nigeria (CBN) has insisted that it has no plans to rededominate the Naira saying such reports are misleading. The Naira is Nigeria’s legal tender. According to a statement by Director, Corporate Communications of the Apex Bank Dr. Isa AbdulMumin, wondered why a narrative that had been refuted by the Bank continues to gain traction. “The attention Read More

Hope rises for Naira as FG sets sight on $10bn forex inflows soon

October 24, 2023 Blessing  Anaro 0

Fortune of  the ‘free-falling’ naira may soon be reversed with the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, assuring that about $10 billion naira is expected to flow in a matter of weeks. Edun made this known during a panel session at the ongoing Nigeria Economic Summit Group (NESG) question and answer session concerning stabilizing Read More

BDCs seek urgent reform as Naira depreciates to N1065/$

October 18, 2023 Amaka Ifeakandu 0

The nation’s currency, the naira plunged the lowest in record on Wednesday at the parallel market, with the local currency opening for trading on the street market to an all-time low of N1065 to the dollar at the unofficial window of the forex market. The local currency was reported to have closed on the unofficial window at N1060 to the Read More

Naira slumps to N1045/$1 as forex crisis worsens

October 13, 2023 Segun Odunewu 0

As growing scarcity of forex bites, Nigeria’s currency, the naira, slumped to N1045/$1 at the parallel foreign exchange market as demand continues to regularly exceed supply. The British Pound Sterling was bought at N1260 and sold at N1270 while the Euro goes for N1090. Since the Central Bank of Nigeria (CBN) floated the naira in June with the aim of Read More

Nigerian Shippers’ Council decries depreciation of naira

October 6, 2023 Admin III 0

The Nigerian Shippers’ Council (NSC) has decried the sharp fall of the naira, saying the sure way to strengthen the currency is to focus on exports, especially of non-oil commodities. NSC Executive Secretary, Emmanuel Jime, stated this in Benin City at a one-day enlightenment seminar on ‘Best practices in agricultural products exportation: Success stories from Edo State’ noting that the Read More

Outlook for naira remains bleak, shed 23% Q3

October 5, 2023 Segun Odunewu 0

With the naira losing 23 per cent value in the third quarter of 2023, plummeting from N770/$1 at the end of the second quarter to over N1000/$1 by the end of the third quarter at the parallel market, analysts expect further pressure on the currency in the fourth quarter of 2023. Meanwhile, the official exchange rate at the end of Read More

Naira hits N1,005/$ in black market amid economic hardship

September 29, 2023 Blessing Anaro 0

The Nigerian naira has plummeted, alarming experts who suggest to us measures that may be used to address the situation. According to Forbes, naira has reached an all-time low, with the exchange rate hitting ₦1,005 to $1 in the parallel market, according to FORBES AFRICA’s latest findings. This depreciation represents a drop from around N900 per dollar at the beginning Read More

Nigeria faces insolvency on swelling debt, naira devaluation -Analysts

September 26, 2023 Blessing Anaro 0

The recent addition of securitized N23.7 trillion Ways and Means (W&M) owed the apex bank to the domestic component of the Federal Government (FG) debt and the devaluation of the naira have increased Nigeria’s possibility of becoming insolvent, analysts have warned.1 per cent being domestic debt. “In terms of the proportional distribution of the debt liability between the FG and Read More

Adeboye drops shocking prediction on naira

September 3, 2023 Admin III 0

As Naira continues to depreciate against the US Dollar, the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has said that Nigeria will bounce back, stronger than dollar. The cleric made the declaration during Sunday sermon titled; ‘Uncommon Miracles’,. He spoke on the possibility of Naira bouncing back “and this time greater than the United Read More