Currencies

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Naira Appreciation: Commission to monitor, investigate price hikes

Abuja, April 17, 2024 -The Federal Competition and Consumer Protection Commission (FCCPC) will monitor and investigate unusual hikes in prices of goods and services. Adamu Abdullah, the Acting Executive Vice Chairman/Chief Executive Officer, said this in a statement issued in Abuja on Wednesday. He said it was unacceptable that in spite of the recent appreciation of the naira against the dollar, consumers continued to face escalating costs without a corresponding decrease in prices. The commission said while it could not directly regulate prices, it would use existing legal framework to …

Naira Appreciation: Tinubu advises Nigerians to patronise locally made goods, services

Abuja, March 22, 2024 – President Bola Tinubu has appealed to Nigerians to intentionally patronise made-in-Nigeria products and services so as to sustain the steady appreciation of the naira. Tinubu said the appreciation of the naira at the foreign exchange market did not call for celebration yet, but rather, enjoined Nigeria to work harder to sustain the gains. Ajuri Ngelale, the Presidential Spokesman, delivered President Tinubu’s message during a briefing of State House Correspondent on Friday, Tinubu, however, charged citizens to blow the whistle, but expose those they see engaging …

Dump your dollar stocks, naira will soon appreciate – Onanuga

Abuja, March 21, 2024 – Bayo Onanuga, a Special Adviser to President Tinubu, on Thursday advised currency speculators to drop their dollar holdings as Nigerian currency, the Naira, will soon begin to appreciate. Onanuga gave his advice in a post on X while responding to the news that the Central Bank of Nigeria (CBN) had cleared the backlog of about $7 billion foreign exchange debts.  FX He advised the speculators to “quickly dump their dollars to avoid “tears.” Onanuga wrote: “With backlog FX settled, Naira is set to appreciate further, …

Naira appreciates at official, parallel markets

Lagos, Feb. 27, 2024 – The Nigerian currency, naira, appreciated by 5.2 % to the dollar at the official and parallel market on Monday. The currency was traded at N1,582.94 to the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM) from the N1594.27 which was traded on Friday. The naira also appreciated against dollar in the parallel market on Monday. It was traded at the market at N1,650 from the N1,750 it closed the previous day. (GBN)

Dollar supply to forex market improved – Cardoso

 Abuja, Feb. 6, 2023 – Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN) on Tuesday said that sanity was returning to the foreign exchange market after the recent reforms. He said the reforms were yielding anticipated results as dollar supply to the foreign exchange market had improved. Cardoso made the observation while speaking before members of the House of Representatives, stressing that dollar liquidity had improved in the market. “As of yesterday, the volume of transactions in our market was over $800 million. This is the first …

Fear grips Abuja Fx traders over likely convergence of naira rates

Abuja, Feb. 1, 2024 – There were fears among foreign exchange traders in Abuja on Thursday over the new steps of the Central Bank of Nigeria which have brought the official and black markets rates near convergence. The new initiatives of the CBN saw the official exchange rate of the naira closing at N1455 to the dollar on Wednesday. Many of the traders in Abuja closed their shops on Thursday morning on anxiety over the likely implications of the foreign exchange rates convergence on their business. Major foreign exchange outlets …

CBN raises alarm over circulation of fake naira notes

Abuja, Dec. 8, 2023 – The Central Bank of Nigeria (CBN) on Friday alerted Nigerians about the circulation of large amounts of fake higher denomination currency notes. The apex bank sounded the alarm through a statement it issued by its Acting Director of Corporate Communications, Mrs Hakama Sidi Ali. It said that circulation of fake notes was a punishable offence by a term of imprisonment of not less than five years for any person to falsify or counterfeit any bank note or coin issued by the CBN. ‘’The attention of …

Naira appreciates at official market

Lagos, Nov. 27, 2023 – The naira appreciated against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official segment, on Friday. It closed at N794.89 to the dollar at NAFEM on Friday from N956.33 on Thursday. The currency, however, maintained its slide against the dollar at the black market, trading between N1,155 and N1,160 on Friday. It was between N1,125 and N1, 140 to the dollar at the black market on Thursday. (GBN)

Naira rebounds to N780.14 at official market

Lagos, Nov. 11, 2023 – The Nigerian currency, naira, rebounded significantly against the dollar at the official NAFEM segment of the foreign exchange market on Friday, closing at N780.14 to the dollar. It was N996.76 to the dollar at NAFEM on Thursday The naira, however, continued its depreciation at the black on Friday, falling to between N1,130 and N1125 to the dollar from the band of N1,110 and N1,095 to the dollar on Thursday. (GBN)

Naira depreciates further at official, black markets

Lagos, Nov. 10, 2023 – The Nigerian currency, the naira, depreciated at the two main segments of the local foreign exchange market on Thursday. It fell to N996.75 to the dollar at the official Nafem segment of the market on Thursday from the N836.61 it closed on Wednesday. The currency also depreciated to between N1,110 and N1,095 at the black market on Thursday from the band of N1,060 and N1,050 on Wednesday. The naira has maintained steady depreciation since the beginning of the week in spite of the injection of …