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 …

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 …