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Archive by Category "News"

HomeArchive by Category "News"

Oyetunji Abioye The naira closed at 370 per United States dollar at the parallel market on Friday, reversing the modest gain it recorded on Thursday. The local unit had closed at 368/dollar on Thursday after closing at 370/dollar for most part of last week. Analysts had warned that the naira would weaken against the greenback […]

  • CBN

By Obinna Chima   The accretion of Nigeria’s foreign exchange (forex) reserves has continued, as figures released by the Central Bank of Nigeria (CBN) have shown that reserves had grown by $1.263 billion this quarter to $31.551 billion as of August 16, compared with the $30.288 billion on June 30. This signified a steady improvement […]

  • dollar to naira

Bureau De Change (BDC) operators have said they are badly affected by the trending “uncompetitive rate”, which comes as the Central Bank of Nigeria (CBN) sells dollars to them at higher rate compared to what it sells to commercial banks. According to them, the development is made worse as the BDCs and financial institutions target […]

* Details of Buhari’s ailment have not been released * Buhari been on medical leave in Britain since May 7 * Vice President Osinbajo was interim leader (Recasts, adds details, background) By Felix Onuah ABUJA, Aug 19 (Reuters) – Nigerian President Muhammadu Buhari returned home on Saturday from three months of medical leave in Britain […]

The naira on Thursday continued to fall against the dollar at the parallel market, the News Agency of Nigeria reports. The Nigerian currency lost one point to exchange at N368, weaker than N367 posted on Wednesday, while the Pound Sterling and the Euro closed at N478 and N432. At the Bureau De Change (BDC) window, […]

The forces behind currency markets and what makes them tick is always an interesting topic, especially when you talk about the Nigerian naira. The strength of a country’s currency is often in direct proportion to their fiscal health and political stability, and this can clearly be seen when you look at the Nigerian economy. The […]

  • dollar to naira

By Akin Kuponiyi A Federal high court sitting in Lagos South West Nigeria on Thursday ordered interim forfeiture of N664 million and $137,680.11 found in account belonging to a serving Permanent Secretary, Federal Ministry of Labour and Employment, Clement Illoh Onubuogo and 15 other persons suspected to be proceeds of unlawful activity. The court also […]

By Oyetunji Abioye The naira is seen weakening against the United States dollar on the black market in the coming days as demand for the dollar increases. Stakeholders and industry analysts, however, said the local unit was expected to trade within a range on the investor and exporters forex window and official interbank market. The local […]

LAGOS, Aug 17 (Reuters) – Almost a third of adult Nigerians pay civil servants and other public officials bribes totalling 400 billion naira ($1.27 billion) annually, the country’s statistics office said in a survey on graft. The poll among households shows the uphill challenge the government of President Muhammadu Buhari is facing in fighting corruption, […]

  • dollar to naira

NAIROBI, Aug 17 (Reuters) – Kenya’s shilling is expected to strengthen with commercial banks selling off the greenback, and the Zambian kwacha is set to firm as companies convert forex ahead of month-end salary payments. KENYA Kenya’s shilling will firm, helped by commercial banks selling off dollars, tight liquidity in money markets and political tensions […]