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Exchange rate between the naira and dollar opened the week at N1,200 per $1 on P2P platforms on Monday, Oct. 23, 2023. Effect of this is that the naira is 3.41 percent weaker than on Friday, Oct. 20, when it closed at N1,170 on the same market. This week, on the black market where the […]
Continue ReadingNigerian Naira is among the worst-performing currencies in Africa, the World Bank has said. It noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation. The global bank explained in its report titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume […]
Continue ReadingThe naira on Tuesday appreciated against the dollar as it exchanged at N742.10 at the Investors and Exporters window. The local currency gained by 4.06 per cent compared to the N773.50 it exchanged for against the dollar on Monday. The open indicative rate closed at N761.24 to the dollar on Tuesday. A spot exchange rate […]
Continue ReadingThe General Overseer of Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, has predicted the possibility of Naira bouncing back and this time even greater than the United States dollar. Based on findings in the black market, the buying rate of the dollar is about N915, and sells at N918 at the moment. Sequel […]
Continue ReadingNigeria’s oil marketers, on Thursday, insisted on a possible increase in the pump price of Premium Motor Spirit (PMS), popularly called petrol, following a further plunge in the value of the naira against the United States dollar. The local currency weakened against the greenback at the black market from 900 per dollar on Wednesday to […]
Continue ReadingLagos lawyer and rights activist, Femi Falana SAN, has said that the decision of the Central Bank of Nigeria (CBN) under President Bola Tinubu to float the naira is illegal and he is now challenging that in court. On June 14, at a time when the naira traded between 730 and 755 to the dollar […]
Continue ReadingThe exchange rate between the naira and dollar sold for an intra-day high of N815/$1 at the official Investor & Exporter Window on Wednesday, June 21, 2023. The N815/$1 rate is the highest rate traded for the dollar on the official market since records tracking started in 2018. The exchange rate however closed at N763.17/$ […]
Continue ReadingOn February 20, 2020, the deadly COVID-19 was confirmed in Nigeria. The frenzy that greeted the discovery led to procurement fraud cases across several Nigerian states. The corruption was strengthened mainly by the existence of COVID-19 emergency guidelines which had no specific deadlines. In Nigeria, the Corporate Affairs Commission (CAC) registers small, medium, and large companies. However, […]
Continue ReadingThe naira exchange affliction of 1984 rose up a second time in 2022 and spilled into 2023 because it has always been the choice of Nigeria to submit to vultures. Don’t fail to listen to Chief Bola Tinubu who philosophised in Osogbo last week that despite the rains beating the vulture since the very beginning, […]
Continue ReadingFears of a further devaluation of the nation’s currency, the Naira, heightening on Monday as the Dollar exchanged at N600 at the parallel market. The rate at the Importers and Exporters Window was, however, N415.75 on Monday, widening the exchange rate spread to N184.25. Punch reports that, at Zone 4 in Abuja, which is the […]
Continue ReadingThe lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590 against $1 This is coming, over eight months after the Central Bank of Nigeria (CBN) stopped the sale of forex to Bureau de Change operators and promised to boost liquidity […]
Continue ReadingA Nigerian pastor, Prophet Ikechukwu Samuel, who is the General Overseer of the Abuja based ministry, Shiloh Word Chapel, has reeled out the prophecy for 2022 in view. In a media chat he had with Vanguard correspondent earlier this week at his Abuja office before he headed to prayer mountain he said: “I have even […]
Continue ReadingWhen you sow the wind, you reap the whirlwind. This always comes to mind anytime there is an outbreak of debate over the naira. It is a discussion we have been having since, I think, 1986 when Gen Ibrahim Babangida, then military president, launched the structural adjustment programme (SAP) essentially to develop the non-oil sectors. […]
Continue ReadingNigerian currency, the Naira fell significantly against the U.S. dollar at the official market on Wednesday as it exchanged hands with the greenback at N415.10 per $1, the lowest rate ever recorded at that market segment, implying a N0.80 or 0.20% devaluation from N414.30 per $1 rate it exchanged on Tuesday. So, at the black […]
Continue ReadingThe ultimate question we need to ask ourselves is whether we believe we are worthy enough as a people and as a nation, to have and to manage a currency, or if we feel too worthless to have one. One-track-minded philistinism leaves us all wretched, one way or another. I have been struggling to write […]
Continue ReadingNigeria’s Naira fell further against the dollar at the parallel market on Wednesday after staying steady at 515/$ in recent days. It now fell to 517 against the US currency at the parallel market. The Naira weakened at the Investors and Exporters’ window by 0.06 per cent to close at 411.75/$ on Wednesday, according to […]
Continue ReadingCentral Bank of Nigeria (CBN) has explained why there is recent sharp depreciation of Naira against the United States Dollar. Responding to questions from members of the House of Representatives Committee on Finance during the 2022-2024 MTEF/FSP stakeholders interactive session on Monday August 16, CBN Deputy Governor, Corporate Services, Edward Adamu blamed the depreciation on COVID-19 pandemic, shortage […]
Continue ReadingMoney makes the world go round. The strength of a country — its prosperity and flourishing — is best measured by the standing of its currency. The American business magnate and politician, Ross Perot, observed that, “a weak currency is the sign of a weak economy, and a weak economy leads to a weak nation”. […]
Continue ReadingNigeria’s Naira pared some of its recent gains against the dollar at the parallel market on Wednesday amid the lingering scarcity of the greenback in the country. Nigerian currency, the Naira fell to 515 against the dollar at the parallel market from 510 on Tuesday. The naira had strengthened to 506/$ on August 4 after […]
Continue ReadingNigeria’s currency, the Naira has crashed to a four-year low in the parallel market after the Central Bank’s efforts to coax banks to sell more Dollars to customers failed to bridge the widening gap between the official and street rates. Prohibited dealers were offering the naira at 502 per dollar on Wednesday, June 16, from […]
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