The Central Bank of Nigeria (CBN) has raised the exchange rate for calculating Customs duties at the nation’s seaports by 1.9 per cent following further depreciation in the value of the Naira to the dollar. The Customs exchange duty rate was raised from N1, 593.888/$ to N1, 624.732/$ on Tuesday, information obtained from the official trade portal of the Nigeria …

The Minister of Finance and Coordinating Minister of the Economy, Chief Wale Edun has blamed the current inflation in the country on printing of trillions of Naira “without productivity” during the administration of President Muhammadu Buhari, which ended last 29th May. During an interface with the Senate Committee on Finance on Wednesday, the minister said: “We are going to audit …

The Federal High Court in Ilorin, Kwara State, on Tuesday, convicted and sentenced three persons to various jail terms for engaging in naira racketeering by selling the currency to make gains. The convicts,  Asmau Wuraola, Owoduni Abdullahi Isa, and  Shuaibu Rukayat, were jailed by Justice Evelyn Anyadike. They were arraigned by the Economic and Financial Crimes Commission (EFCC). The EFCC …

Cryptocurrency exchange, Binance has announced plans to discontinue all services related to the Nigerian currency, Naira. Binance, a cryptocurrency exchange platform, was accused of exploiting the Naira, leading to its free fall in value. The company is, in addition, facing allegations of terrorism financing, money laundering and tax invasion, among others. Nigeria is one of the largest peer-to-peer crypto markets …

The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 per cent this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. IMF disclosed this in its February 2024 Post–Financing Assessment and Staff Report, …

The Economic and Financial Crimes Commission (EFCC) has established a task force to tackle illegal forex trading and naira abuse. The commission is combating illegal forex trading against the backdrop of the continued depreciation of the naira against the US dollar. According to data from the financial market infrastructure group warehousing, also known as FMDQ, the naira depreciated to N1,537.96 …

Nigerian cocoa farmers and exporters are reaping big as global cocoa prices hit record high, thanks to the steep naira devaluation that has resulted in a sharp increase in the naira income from the export of the beans. The cost of cocoa – the key ingredient for making chocolate – has almost doubled since the start of the year, and …

The naira fell to a new all-time low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market on Monday. This indicates a loss of 3.93 per cent fall or N58 from the N1,476.13/$ the national currency closed last week Friday, according to FMDQ Exchange, a platform that publishes official foreign exchange trading in the country. Monday’s official rate became …

The naira yesterday depreciated to N1,500 per dollar in the parallel market from N1,465 per dollar on Tuesday. Similarly, the naira depreciated to N1,479.47 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,479.47 per dollar from N1,418.78 per dollar on Wednesday, indicating N60.69 depreciation for the …

The naira yesterday appreciated to N1,445 per dollar in the parallel market from N1,455 per dollar on Monday. However, the naira depreciated to N1,433.89 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,433.89 per dollar from N1,419.86 per dollar on Monday, indicating N14.03 depreciation for the …