For most speculators who bought forex at less than N400/$1, they are pondering whether to sell. Forex speculators are apprehensive that a slew of circulars issued by the central bank during the week could lead to a strengthening of the naira against the dollar. The CBN said it will sell $10,000 per Bureau De Change […]
The U.S dollar plunged on Friday at London’s trading session, giving up most of its earlier gains after U.S. Federal Reserve’s new strategy is boosting inflation. The U.S. Dollar Index that monitors the greenback against a basket of other currencies drifted lower by 0.66% to trade at 92.373 (11:38GMT). Quick fact: The U.S. Dollar Index
U.S dollar drops lower, as U.S Federal Reserve plans on boosting inflationRead More »
The Naira remained stable against the dollar to close at N477/$1 on Thursday at the black market. Nigeria’s exchange rate at the NAFEX window appreciated closing at N385.75 during intraday trading on Thursday, August 27, 2020. In another development, the exchange rate at the parallel market still remained stable on Thursday as it closed at
Exchange rate gains at the NAFEX window as CBN moves to boost dollar liquidityRead More »
Speculations started March 12 that the naira might be devalued. This is a timeline of every decision taken since the first devaluation. Since the first quarter of the year, Nigeria has faced an exchange rate crisis triggered by a drop in oil prices. It started after two of the world’s largest oil producers, Saudi Arabia
Central Bank of Nigeria (CBN) has said it would restart the auctioning of foreign exchange to bureau de change (BDC) operators once international flights resume. CBN Director, Corporate Communications, Mr. Isaac Okorafor, told THISDAY yesterday that this was because BDCs’ customers are mainly international travellers. Minister of Aviation, Senator Hadi Sirika, in a tweet on
CBN: BDCs to Get Dollars on Resumption of International FlightsRead More »
The exchange rate between the naira and the US dollar for today (Thursday, August 27th 2020), stands at ₦477/US$1 in the parallel market. The rate has been stable at ₦477/US$1 since last week Thursday, 20th August 2020. Naira: ₦477 Dollar: $1 Date: August 27th, 2020 The exchange rate between the naira and the British pound
Daily Parallel Market exchange rate – ₦477/$1; ₦615/₤1; ₦555/€1Read More »
FUGAZ! As much as you would like to make sense of what you just pronounced, it is not a word. Rather, it is an acronym that is ubiquitous in its use in Nigeria’s financial world to represent her tier 1 banks. Each letter of the acronym representing the first letter of each of the banks,
GDP contraction to continue in second half of 2020 (2H20); FX shortages will continue to weigh on economic activity. Following the plunge of Nigeria’s real Gross Domestic Product (GDP) by 6.1%, the chances of an economic recovery have been crippled by some factors. According to some economic experts, Forex shortages, limited fiscal space and absence
GDP: Experts speculate when the economy will recoverRead More »
The exchange rate between the naira and the US dollar for today (Tuesday, August 25th 2020), stands at ₦477/US$1 in the parallel market. The exchange rate had also closed at ₦477/US$1 on Monday 24th August 2020. Naira: ₦477 Dollar: $1 Date: August 25th, 2020 The exchange rate between the naira and the British pound sterling
Daily Parallel Market exchange rate – ₦477/$1; ₦611/₤1Read More »
The exchange rate between the naira and the US dollar for today (Monday, August 24th 2020), stands at ₦477/US$1 in the parallel market. The exchange rate had also closed at ₦477/US$1 on Friday 21st August 2020. Naira: ₦477 Dollar: $1 Date: August 24th, 2020 The exchange rate between the naira and the British pound sterling
Daily Parallel Market exchange rate – ₦477/$1; ₦611/₤1Read More »
