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’s international dollar-denominated bonds experienced a decline on Wednesday in response to remarks from the president’s spokesperson, who emphasised that petrol prices need not escalate further. The spokesperson attributed foreign exchange shortages to what he termed “gross mismanagement” at the central bank. Of note, bonds with extended maturity dates witnessed more pronounced drops. The 2051 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…
Nigeria’s central bank is poised to shake up the currency markets with imminent measures, as disclosed by Acting Governor Folashodun Shonubi after his meeting with President Bola Tinubu. Discussions centred on strategies to enhance dollar liquidity within the official market. The backdrop to Shonubi’s meeting is the central bank’s recent announcement of a substantial $19 Read More…
In a notable turn of events, Nigeria’s currency market experienced a substantial inflow of $1.41 billion in June, as disclosed by the central bank on Thursday. This surge followed the dismantling of a multiple exchange rate framework that had been artificially propping up the naira’s strength. With the central bank’s June decision to remove foreign Read More…
The Nigerian Naira displayed a positive trend on Wednesday as it witnessed appreciation against the dollar, exchanging at N782.49 at the investors’ and exporters’ window. This marks a gain of 0.75 per cent compared to Tuesday’s exchange rate of N788.42. The open indicative rate, a reference point for currency exchange, closed at N775.75 to one Read More…
At the investors’ and exporters’ window on Thursday, the Naira lost value versus the dollar and traded for N461.67. The exchange rate reflected a drop of 0.04 per cent from the N461.50 it was traded for on Wednesday. On Thursday, the open indicative rate reached a high of N461.25 to the dollar. Before it finished Read More…
Naira exchanged at N461.67 at the Investors’ and Exporters’ window on Monday, a further decline against the dollar. The exchange rate indicated a decline of 0.04 percent from the N461.50 it was trading for at Friday’s close of business. On Monday, the open indicative rate was N461.50 to $1. Prior to settling at N461.67 during Read More…
Wednesday’s exchange rate for the naira against the dollar in the Investors and Exporters window was 461.25 naira per dollar. When compared to the value of 461.50 that it was traded for on Tuesday, this figure reflected an increase of 0.05 per cent in value. On Wednesday, the open indicative rate finished at a value Read More…
Tuesday’s Investors’ and Exporters’ window naira-dollar rate was 461.50. The value rose 0.04 per cent from Monday’s 461.67. Tuesday’s open indicative rate was N460.25/$. Before settling at N461.50, the day’s highest exchange rate was N462. During the day’s trade, the naira fell to 440 per dollar. Tuesday’s Investors’ and Exporters’ window trades totalled N117.63 million.
