Tag: Naira

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 falls to N517 against the Dollar

The naira fell further against the dollar at the parallel market on Wednesday after staying steady at 515/$ in recent days. The local currency fell to 517 against the US currency at the parallel market on Wednesday. At the Investors and Exporters’ window, the naira weakened by 0.06 per cent[Read More…]

Naira crashes again; exchanges for 504/$ at parallel market

The naira exchanged to the dollar at N504 at the parallel market on Friday, according to the Bureau de Change operators. It had earlier exchanged to the dollar at 500 in the previous week and at N490 a month earlier. According to naijabdcs.com, the Central Bank of Nigeria’s official rate[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…]

Fredrick Nwabufo: We can re-write Nigeria in Arabic — what matters is governance

by Fredrick Nwabufo Bigotry. We are big on it. To inflame passions and to smoke out the most reticent of Nigerians, flagellate the tempers of religion and ethnicity. Yes, then you will see the beast behind the mask. The mute compels speech and even the Nigerian PhD holder brawls when[Read More…]

Naira appreciates at parallel market

The naira strengthened to N440 to a dollar at the parallel market on Tuesday, compared with the N465 to a dollar it was the previous day. The naira had closed at N477 to a dollar at the unregulated forex market last Friday. Currency dealers attributed the development to the planned[Read More…]

Naira strengthens against dollar ahead of Central Bank’s forex sales to BDCs

The naira has strengthened at the parallel market to N448 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators. Before the announcement, the naira had been trading as low as N480 against the dollar. Upon resumption, the[Read More…]

Devaluation Imminent As Naira Depreciates At Forwards Market, Now N570 to $1

Nigeria’s 5 years onshore Non-Deliverable forward contract posted its biggest drop by plunging 27% from N413.36 to close at N569.69 a price differential of N156.   The 1-year Non-Deliverable forward contract was down 5% from N394.29 to close at N421.22 a price differential of N26.93. Nairametrics reports that one month NDF is now N395/$1 suggesting an imminent[Read More…]

Naira Appreciates against US Dollar, Trades at ?383/$1

The Naira appreciated against the dollar by exchanging at N383 to the dollar, stronger than N385 posted at the last trading session. This was the first significant gain against the dollar since late March. The gain was recorded at the currency spot market late Tuesday, at about 10.45 pm local[Read More…]