24

Aug

Obaseki Explains Why Nigeria’s Foreign Reserve And Naira Value Will Continue To Decrease

Mr. Godwin Obaseki, the governor of Edo State, has highlighted why Nigeria’s foreign reserves are diminishing and the value of the naira would continue to decrease. On Monday, he revealed this when he greeted the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, who was on a courtesy visit to the Government House in Benin City. Nigeria would not be able to earn enough foreign exchange unless it reduces imports and improves output, according to the Governor, who cited insecurity and food shortages as two of the country’s main difficulties. “Our country’s economy is struggling, and we all have a part […]

17

Aug

Naira May Soon Have A Single Exchange Rate – Finance Minister

According to Zainab Ahmed, Minister of Finance and National Planning, the Central Bank of Nigeria’s (CBN) recent strategy is driving the naira toward a single exchange rate. The minister said the strategy will end the country’s numerous exchange rates, speaking at an interactive session on the Medium Term Expenditure Framework (MTEF) organized by the House of Representatives Committee on Finance in Abuja. She did agree, however, that the strategy has exacerbated the crisis in the Nigerian capital market. Foreign investors are still shunning the stock market as a result of the policies, she said. The currency was essentially devalued by[…]

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[…]