The Senate, yesterday, summoned governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, to appear before it next Tuesday on the state of the economy and free fall of the naira in the forex market. The summoning of the governor was disclosed by the chairman of the Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru. …

The naira yesterday depreciated to N1,355 per dollar in the parallel market from N1,350 per dollar on Monday. However, the naira appreciated to N878.61 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N878.61 per dollar from N925.34 per dollar on Monday, indicating N46.73 appreciation for the …

Drug prices are set to remain high in 2024 as import prices of pharmaceutical products may hit over N900 billion due to the depreciation of the naira. This is set to further put pressure on Nigerians who had grappled with high drug prices in 2023. According to data from the International Trade Center, Nigeria imported $1.05 billion worth of pharmaceutical …

Bureau De Change operators have raised the alarm that due to the depreciation in the value of the naira, some Nigerians are keeping their savings in the United States dollar. National President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, stated that there was a need for the forex market to be liquid. Gwadabe noted that the …

The naira has lost 26.36 per cent of its value against the dollar at the official Investor and Exporter window of the foreign exchange market since the Central Bank of Nigeria (CBN) announced it has cleared $2 billion as part of its backlog obligations. On Monday, the apex bank disclosed it paid $2 billion from the backlog of its forward …

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 naira has appreciated to N970 per dollar on the black market, as the government’s plans to shore up dollar liquidity in the foreign exchange (FX) market, triggered positive sentiments. Street traders were already buying dollars at the rate of N950 at the weekend as against N1,130 bought on Thursday last week. Speculators who have been hoarding dollars for arbitrage …

The naira has risen to N1,120 against the dollar as the foreign exchange market reacted to news that the Central Bank of Nigeria (CBN) has begun to clear some of its FX backlog on Thursday. This represents an appreciation of N50 or 4.27 per cent compared to the N1,170 it traded for on Wednesday. Currency traders, also known as Bureaux …

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the ongoing plan by the Federal Government to introduce new foreign exchange rules will reflect the true value of the naira. He also said the plan which would include a crackdown on illicit currency trading, would result in naira closing its gap …

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 …