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, …

The Economic and Financial Crimes Commission (EFCC) has commenced probe of an actress and cosmetologist, Oluwadarasimi Omoseyin, for allegedly spraying and stepping on the redesigned Naira notes. Omoseyin was arrested by the anti-graft agency on Wednesday, on Awolowo Road, in the Ikoyi area of Lagos State. According to the commission, the 31-year-old actress was arrested after a video showing her …

The current economic and sociopolitical environment in which the Central Bank of Nigeria (CBN) possesses certain monopolistic, statutory powers in the creation and management of national currency and foreign reserves is characteristically pained, complicated and stressed. For instance, on the macroeconomic front, there is the unprecedented presence of virulent stagflation (the concurrent existence of unemployment and inflation) following import restrictions …

The Central Bank of Nigeria (CBN) has announced a new policy on over-the-counter withdrawals, effective 9th January, next year. The apex bank has mandated deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively per week. The revised cash withdrawal limits, contained in a circular …

Three existing Nigerian currency notes – N200, N500 and N1,000 – will cease to be legal tender from 31st January next year, that is 98 days away. The Central Bank of Nigeria (CBN) announced on Wednesday that Nigerians and others in possession of the notes should return them the banks, in place of the redesigned notes. According to the CBN Governor, …