Currencies

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Currencies

Naira appreciates further to N1,570.00 to dollar

Lagos, Aug. 2, 2024 – The naira further appreciated to N1,570.00 against the dollar on Thursday at the official segment of the foreign exchange market. The rate was against the N1,608.73 the currency was traded at the segment on Wednesday. The appreciation of the currency was in spite of the nationwide protests which paralysed economic activities across the country on Thursday.   The currency also appreciated to N1,600 to the dollar at the parallel market on Thursday from N1,610 it was traded on Wednesday. The naira has been appreciating to …

Currencies Money market

Naira appreciates against dollar at forex markets

Lagos, July 19, 2024 -The naira appreciated significantly at the official and unofficial segments of the foreign exchange market on Thursday. At the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency appreciated to N1566.92 against the dollar on Thursday from N1581.65 on Wednesday. It also appreciated to N1,565 to the dollar on Thursday evening at the Bureau De Change from N1,615 per dollar on Wednesday.   Operators attributed the development to the renewed efforts of the Central Bank of Nigeria (CBN) to stop naira depreciation and move to a …

Currencies Money market

CBN resumes sale of dollars to BDCs

Abuja, July 18, 2024 -The Central Bank of Nigeria (CBN) on Thursday announced the resumption of sale of dollar to Bureau de Change (BDC) operators. It announced this in a circular issued to all Bureau De Change operators and the general public. The apex bank said the move is aimed at achieving a more stable exchange rate for the Naira. The circular signed by A.A Mahdi on behalf of the Ag. Director Trade and Exchange Department, the bank has “observed the continued distortions in the retail end of the market …

Currencies

Naira depreciates to N1,561.98 against dollar at official market

Lagos, July 11, 2024 – The naira further depreciated to N1,561.98 against the dollar at AFEM, the official segment of the foreign exchange market on Wednesday. It was exchanged at N1,532.58 to the dollar at the segment on Tuesday. The naira has been sliding against the dollar since last week after its relative stability for close to month in June. The steady slide of the naira is in spite of the promise of Oluyemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), that the worse was over for the …

Currencies

South African rand extends losses on concerns over unity government obstacles

Johannesburg, July 2, 2024 – The South African rand extended losses early on Tuesday on concerns over future challenges for the government of national unity (GNU) and after trading turbulently on Monday following the announcement of President Cyril Ramaphosa’s cabinet. At 0641 GMT, the rand traded at 18.44 against the dollar, almost 0.5% weaker than its previous close. The dollar was up around 0.09% against a basket of global currencies. “The rand is trading weaker… this morning on what seems to be a ‘buy the rumour, sell the fact’ move,” …

Currencies General News Money market

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 …

Currencies General News Money market

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 …

Currencies Money market

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, …

Currencies Money market

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)

Currencies Money market

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 …