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 …

Human rights activist, Mr. Femi Falana has called on Nigerian business owners to transact business with China in Naira as a currency exchange agreement between the Federal Government and China was established in 2018. The Senior Advocate of Nigeria emphasised that the agreement, valued at RMB 16 billion, sought to enhance local currency liquidity for both Nigerian and Chinese industrialists …

The Central Bank of Nigeria (CBN) has warned members of the public not to spray, hawk, mutilate or counterfeit Naira currency. The apex bank assured members of the public that the organisation will strive to sustain its efforts in ensuring availability of the currency for transactions. This was disclosed in Lokoja on Thursday by the Director, Corporate Communications Department of …

The Naira yesterday recorded its first closing gain of N39/$1 at the Investors and Exporters (I&E) window following the unification of exchange rates into the I&E window by the Central Bank of Nigeria (CBN). The Naira, which closed at N702/$1 on Thursday came back strong yesterday, closing at N663/$1, a N39/$1 appreciation, according to data from FMDQ Group. The policy, …