The Naira yesterday depreciated in the Nigerian Foreign Exchange Market (NAFEM), to N1,300.15 per dollar exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. Similarly, the Naira depreciated to N1,255 per dollar in …

Vice President Kashim Shettima has expressed optimism about the performance of Nigeria’s currency, the Naira, at the forex market, saying it will appreciate more as the dollar continues to crash. He says President Bola Tinubu had to end fuel subsidy and ensure the unification of the multiple exchange rate because the former arrangement was producing billionaires overnight. The VP stated …

The Naira, yesterday, appreciated to N1,080 per dollar in the parallel market, from N1,230 per dollar last weekend. Similarly, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,136.04 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,136.04 per dollar from N1,143.38 per dollar last week Friday, indicating N7.34 appreciation for the naira. …

The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the  Central Bank of Nigeria (CBN) to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members. ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department, obtained by The PUNCH. The appeal comes when …

The Naira, yesterday, appreciated to N1,260 per dollar in the parallel market, from N1,270 per dollar on Monday. Similarly, the Naira appreciated in the NAFEM to N1,262.85 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,262.85 per dollar from N1,278.58 per dollar on Monday, indicating N15.73 appreciation for the naira. Consequently, the margin …

The naira yesterday appreciated to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday. Similarly, the naira yesterday appreciated to N1,382.95 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on Monday, indicating N25.09 appreciation for …

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 …