Nigeria anticipates the inflow of $10 billion in foreign currency over the next few weeks to alleviate the liquidity constraints in the foreign exchange market, which have hampered growth in Africa’s largest economy, according to Finance Minister Wale Edun. The West African nation has grappled with persistent dollar shortages, a consequence of foreign investors exiting Read More…
Option #1 – A Partnership with Nigerian Diasporas Premise Ndubuisi Ekekwe was never a fan of the floating of the naira and I have explained my reason via many posts. You cannot float the naira when you cannot fix the supply side of the US dollar in Nigeria. Across all indicators, the demand and supply Read More…
In a significant move, Nigeria’s central bank announced on Thursday its intention to intermittently intervene in the country’s foreign exchange market to enhance liquidity. This decision coincides with the ending of an eight-year ban on 43 previously restricted items from accessing foreign exchange on the official market. The ban had encompassed items such as rice, Read More…
The Association of Bureaux De Change Operators of Nigeria (ABCON) has made a fervent appeal to the Central Bank of Nigeria (CBN) for a significant shift towards digital operations, aiming to democratise and centralise their activities. In an interview on Sunday, ABCON President Alhaji Aminu Gwadabe emphasised the importance of embracing technology in light of Read More…
The naira gained against the dollar on Thursday as it exchanged at N736.62 at the Investors and Exporters window. The local currency appreciated by 4.53 percent compared to the N771.59 it exchanged for the dollar on Wednesday. The open indicative rate closed at N774.74 to the dollar on Thursday. A spot exchange rate of N799.90 Read More…
On Wednesday, the Nigerian naira experienced a decline against the US dollar, reaching an exchange rate of N771.59 at the Investors and Exporters window. This represented a 3.57% depreciation compared to the N744.97 it was valued at on Tuesday. The open indicative rate concluded at N766.67 to the dollar on Wednesday, while the highest rate Read More…
On Tuesday, the Nigerian naira demonstrated a notable appreciation against the US dollar, as it reached an exchange rate of N744.97 at the Investors and Exporters window. This represented a positive increase of 0.39 per cent when compared to the N747.87 per dollar rate observed on Monday. The open indicative rate concluded at N774.99 for Read More…
On Monday, the Nigerian Naira experienced a depreciation against the US Dollar, reaching an exchange rate of N747.87 at the Investors and Exporters window. This marked a 1.01% decline compared to the N740.38 rate observed at the close of business on September 1. The open indicative rate concluded at N772.06 to the dollar during Monday’s Read More…
The Chartered Institute of Bankers of Nigeria (CIBN) has lauded President Bola Tinubu’s efforts to unify the Naira exchange rate, a crucial step to safeguard the nation from impending financial turmoil. Speaking at the 2023 Lagos Bankers Night themed “Exchange Rate Unification: Glocal Implications, Organisations, and the Country,” Dr. Ken Opara, President and Chairman of Read More…
Nigeria finds itself grappling with a severe dollar liquidity crisis within its foreign exchange market, a predicament stemming from years of “gross mismanagement” at the central bank, as underscored by a statement from a presidential spokesperson on Tuesday. President Bola Tinubu’s tenure has ushered in an investigation into the operational practices of the central bank, Read More…
