Tag: dollar

‘CBN should close all dorm accounts for 12 months’ – Nigerians react angrily to House of Reps member solution to saving naira

Nigerians are reacting angrily after a House of Representatives member, Ibrahim Babajide Obanikoro advised the Central Bank of Nigeria (CBN) to shut down domiciliary accounts bearing foreign currencies.  He advised that the domiciliary accounts be closed for 12 months as a measure to regulate the falling Naira.  Mr Obanikoro, who[Read More…]

Naira sustains fall at parallel market, trades N568 to dollar, N660 to pounds

The Naira on Thursday dipped further at the parallel market in Lagos against the dollar. It lost N6 from N562 traded on Wednesday to exchange at N568 to the dollar, while the Pound Sterling and the Euro closed at N774 and N660, respectively. Trading at the official Investors and Exporters[Read More…]

DSS arrests 8 persons for allegedly printing fake $1.4m, N98m notes

A syndicate of seven men and one woman have been arrested by the Department of State Service (DSS) for allegedly printing fake N98 million notes and US$1.487,700. The State Security Service (SSS) charged the suspects on a two-count charge bordering on forgery which they pleaded not guilty to. However, the[Read More…]

Naira sinks to 475 as demand for dollar rises

Amid a rise in demand for the dollar, the naira weakened further on Monday, trading at 475 to the United States dollar in the parallel market The Naira, which has come under pressure in recent days, fell to 470 per dollar on Friday from 468 on Thursday. It was trading[Read More…]

Nigeria’s Apex Bank Injects $210m Into Forex market

As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) commenced its last meeting for 2017, the Bank on Monday, November 20, 2017, intervened in the inter-bank Foreign Exchange Market to the tune of $210,000,000. Figures obtained from the Bank reveal that the interventions were in the[Read More…]

Naira Weakens to 367 Against the Dollar

The naira weakened to 367 per United States dollar at the parallel market on Wednesday, after closing flat at 365/dollar in the past one week. This was despite a $250m injection into the foreign exchange market by the Central Bank of Nigeria on Monday. A breakdown of Monday’s intervention indicated[Read More…]

Pastor Adeboye Says Those Responsible for the Plunge of the Naira Won’t Live to Spend It

The General Overseer of the Redeemed Christian Church of God Worldwide, Pastor Enoch Adejare Adeboye, has said those responsible for the plunge of the value of the Naira, will not live to enjoy their illicit gains. According to The Vanguard, the cleric made the disclosure on Sunday while delivering a[Read More…]

Naira Now Worst Currency In Africa Under Buhari – Ekweremadu Says

  The Deputy President of the Senate, Senator Ike Ekweremadu, has accused the President Muhammadu Buhari-led administration of making the Naira the worst currency in Africa. Ekweremadu said the economy had suffered more crisis under the new government than any government. Ekweremadu stated this at the Peoples Democratic Party’s national[Read More…]

Naira Hits 520/Dollar At The Parallel Market

The naira tumbled to 520 against the United States dollar at the parallel market on Monday as scarcity of the greenback continued to keep the exchange rate in a free fall mode. The naira had closed at 516/dollar on Friday, after hitting 510/dollar and 507/dollar last Thursday and Tuesday, respectively.[Read More…]

Naira Rebounds Against US Dollar, Now N490 To The $

The Naira on Monday appreciated at the parallel market after about two weeks of posting losses. The currency gained 3 points to exchange at N490, from N493 it posted last Friday, while the Pound Sterling and the Euro traded at N600 and N506, respectively. At the Bureau De Change (BDC)[Read More…]