The Naira yesterday depreciated in the parallel market to N1,515 per dollar from N1,495 per dollar on Wednesday. Similarly, the Naira depreciated to N1,485.66 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,485.66 per dollar from N1,462.59 per dollar on Wednesday, indicating N23.07 depreciation for …

The Association of Bureaux de Change Operators of Nigeria (ABCON) has commended the Central Bank of Nigeria (CBN) for the resumption of dollar sales to Bureaux De Change (BDCs). In a statement, the ABCON President, Dr Aminu Gwadabe said aside monetary policy tightening that led to interest rate hike and more investment in government instruments and clearance of $7 billion …

The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso has called on Nigerians to moderate the demand for dollars, consumption and usage of foreign goods, warning that as a country, we must address the supply side of Forex as it has kept the nation’s economy in a narrow bucket. Cardoso noted that without moderation of demands on USD, the …

The Central Bank of Nigeria (CBN) has vowed to go after currency hoarders and speculators whose activities are allegedly contributing to the depreciation of the naira against major foreign currencies. A source in the apex bank said the speculators and hoarders are sabotaging the government’s efforts aimed at stabilising the naira against the dollar. The government’s efforts to stop the …

The use of the United States dollars and other foreign currencies as legal tender for domestic transactions in Nigeria is under probe, according to a Tuesday order from the House of Representatives sent to the Committee on Banking Regulation. The House of Representatives also urged the Central Bank of Nigeria to address Naira’s depreciating value in relation to the dollar …

The naira, on Monday, appreciated at the parallel market to trade at N993 per dollar. The figure signifies an appreciation of N2 or 0.20 per cent from the N995 it traded last Friday. Bureaux De Change operators (BDCs) told newsmen that demand for the greenback had declined in the street market. The traders put the buying price of the dollar at N985 …