09

Sep

Naira Continues Slide As Dollar Hits N535 

On Wednesday, the Nigerian currency continued to fall against the dollar, hitting a fresh all-time low on the parallel market in Lagos. Despite rising forex reserves, the naira has been steadily declining since the beginning of this month, owing to the country’s ongoing foreign exchange scarcity. On Wednesday, the naira lost value versus the US dollar in both the parallel market and the Investors’ and Exporters’ FX window. The local currency, which was 526/$1 at the end of last month, dropped to 535/$1 on Wednesday in the parallel market, down from 532/$1 on Tuesday. Since August 4, when it ended […]

02

Sep

Nigeria’s Annual Dollar Remittances Increase To $34billion

The total value of dollar remittances from Nigerians working abroad has risen to $34 billion, comfortably surpassing the previous high of $25 billion. Despite the spike, a major chunk of the funds does not appear to be entering the already constricted domestic FX markets. The surge, credited to the Central Bank of Nigeria’s (CBN) “naira for dollar” incentive plan, underscores the growing importance of diaspora remittances to Africa’s most populous country. Mr. Biodun Adedipe, an economist at Adedipe Associates Limited, is quoted as saying that the CBN’s incentive plan could be the reason why the $34 billion in annual diaspora[…]

12

Aug

Naira Falls To ₦515 Per Dollar

On Wednesday, the naira gave up some of its recent gains versus the dollar on the parallel market, owing to the country’s continued scarcity of the greenback. On the parallel market, the local currency slipped to 515 versus the dollar from 510 on Tuesday. After dropping to 525/$ on the parallel market on July 28, a day after the Central Bank of Nigeria ceased selling foreign money to Bureaux de Change, the naira strengthened to 506/$ on August 4. In recent days, it had been hovering around 508/$ and 510/$. Mr. Godwin Emefiele, the Governor of the Central Bank of[…]