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 […]

30

Jul

The Naira Strengthens As Bank CEOs Pledge Support For The CBN’s New Foreign Exchange Policy

On the parallel market on Thursday, the naira strengthened to N520 per dollar, higher than the previous day’s close of N525 per dollar. Chief Executive Officers (CEOs) of banks pledged to support the Central Bank of Nigeria’s (CBN) new foreign exchange (FX) measures and the regulator’s efforts to achieve FX stability. The naira closed at N411.67 to the dollar on the Investors and Exporters (I & E) FX window yesterday. The CBN also announced that it will begin refunding capital deposits and licensing costs to Bureau De Change (BDC) promoters who had outstanding license applications prior to Tuesday’s announcement of[…]

08

Jun

Naira Falls Despite Increase In Liquidity

At the official Investors and Exporters window, the naira and the US dollar exchange rate closed at N411.07/$1. On Monday, the naira lost 0.08 percent versus the US dollar, closing at N411.07 per dollar, down from N410.75 per dollar on Friday, June 4th, 2021. The naira, on the other hand, stayed unchanged against the US dollar on Monday, closing at N502 per dollar on the parallel market. On Friday, June 4, 2021, the rate was the same as it was on Friday, June 4, 2021. The supply of dollars fell by 34.5 percent after the Nigerian Central Bank announced an[…]