Despite Central Bank efforts, currency plunges below parallel market rates In a disconcerting turn of events, Nigeria’s naira has plummeted to a new record low during intraday trading on Thursday, as reported by FMDQ Exchange data. This decline occurred despite the central bank’s vigorous efforts to stabilize the currency by selling dollars and infusing liquidity Read More…
Tag: liquidity
Saudi Arabia commits to overhaul Nigeria’s oil refineries in landmark agreement
In a groundbreaking development, Saudi Arabia has pledged a significant investment in the comprehensive overhaul of Nigeria’s ageing oil refineries. The commitment was sealed during a bilateral meeting between Nigerian President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman on the fringes of the Saudi-Africa summit in Riyadh. Under President Tinubu’s ambitious reforms, aimed Read More…
CBN’s Dollar liquidity injection boosts Naira’s resilience, reports ABCON President
The Association of Bureau De Change Operators of Nigeria (ABCON) has unveiled the reasons behind the Naira’s resurgence against the US Dollar, highlighting the pivotal role played by the Central Bank of Nigeria (CBN) in bolstering the currency. In a statement released on Sunday in Lagos, ABCON’s President, Alhaji Aminu Gwadabe, pointed out that the Read More…