TheNewsGuru

Tag: Dollar

  • Naira continues downward spiral against Dollar

    Naira continues downward spiral against Dollar

    The Naira on Wednesday further depreciated at the official market, trading at N1,308.52 to the dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N8.37.

    This represents a 0.64 per cent loss when compared to the previous trading date on Tuesday, April 23, when it exchanged at N1,300.15 to a dollar.

    However, the total daily turnover further increased to 197.54 million dollars on Wednesday, up from 133.65 million dollars recorded on Tuesday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,367 and N1,098 against the dollar.

    The Central Bank of Nigeria (CBN) had sustained ongoing reforms which were yielding results with steady appreciation of the Naira until the local currency experienced a recent four days decline.

    Supporting the CBN’s efforts, the Economic and Financial Crimes Commission (EFCC) froze over 300 accounts linked to illicit forex trading to ensure the safety of the foreign exchange market.

    EFCC Chairman, Ola Olukoyede, announced the freezing of the accounts on Tuesday, during an interactive meeting with media executives in Abuja.

    Olukoyede said the anti-graft agency discovered another scheme other than the crypto trading platform, Binance, and its system.

    The EFCC boss noted that there were people within the system who were carrying out activities worse than Binance using P2P platforms.

    He said the 300 illicit accounts would have led to a crash of the Naira value to remove the steady gains within a week if the EFCC had not moved in.

  • Naira loses 5.3% against Dollar at official market

    Naira loses 5.3% against Dollar at official market

    The Naira on Tuesday depreciated at the official market, trading at N1,300.15 to the Dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N65.66.

    This represents a 5.3 per cent loss when compared to the previous trading date on Monday, April 22, when it exchanged at N1,234.49 to a Dollar.

    However, the total daily turnover increased to 133.65 million dollars on Tuesday up from 110.17 million dollars recorded on Monday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,317.00 and N1,000.00 against the Dollar.

  • CBN releases Dollars to BDCs at N1,021

    CBN releases Dollars to BDCs at N1,021

    The Central Bank of Nigeria has approved the sale of an additional 10,000 dollars to 1,583 eligible Bureaux De Change (BDCs) in the country to meet market demands.

    The Director, Trade and Exchange Department of the CBN, Dr Hassan Mahmud, made this known in a letter addressed to the President, Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday in Abuja.

    Mahmud said that the CBN would sell to the BDCs at the rate of N1, 021 to a dollar.

    “The BDCs are in turn to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price,” he said.

    He directed all eligible BDCs to commence payment of Naira deposit to some designated CBN Naira deposit account numbers.

    “All BDCs are advised to continue to abide by the rules and conditions as stipulated in our earlier operational guidelines,” he said.

    The apex bank had earlier, on April 8, approved the sale of 10,000 dollars to 1,588 eligible BDCs operators at the rate of N1,101 to the dollar.

    The approvas are part of CBN’s intervention in the foreign exchange market to improve liquidity and stabilise the Naira.

  • Exchange rate: Naira loses 6% against Dollar

    Exchange rate: Naira loses 6% against Dollar

    The Naira on Monday slightly depreciated at the official market, trading at N1,234.49 to the Dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N64.50.

    This represents a 5.51 per cent loss when compared to the previous trading date on Friday, April 19, when it exchanged at N1,169.99 to a Dollar.

    However, the total daily turnover increased to 110.17 million Dollars on Monday, up from 86.68 million Dollars recorded on Friday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,295.00 and N1,051.00 against the Dollar.

    CBN Governor, Yemi Cardoso, on Saturday, April 20, 2024 said the apex bank was doing everything possible to achieve a stable exchange rate.

    He said the apex bank was also working to ensure that the exchange rate found its adequate price discovery level.

    Cardoso said that CBN’s foreign exchange reforms were paying off and had made the naira the best-performing currency globally.

    He spoke at a press conference during the annual meeting of International Monetary Fund (IMF) and World Bank Group.

    He predicted ups and downs, but assured the global economic community that the Naira would steadily gain against foreign currencies.

  • Naira will continue to appreciate against Dollar – Shettima

    Naira will continue to appreciate against Dollar – Shettima

    Vice President Kashim Shettima has expressed optimism that the Naira would continue to appreciate against dollar at the forex market.

    Mr Stanley Nkwocha, spokesperson of the Vice-President in a statement on Saturday, said Shettima stated this at a meeting with officials of the Lagos Chamber of Commerce and Industry (LCCI), at the President Villa, Abuja.

    He said President Bola Tinubu ended the fuel subsidy and ensured the unification of the multiple exchange rate because the former arrangement was producing billionaires overnight.

    “Naira went haywire and some people were celebrating but inwardly we were laughing at them because we knew that we have the leadership to reverse the trend.

    “Asiwaju knows the game, and truly the Naira is gaining and the difference will drop further.”

    He recalled that the quality of leadership provided by President Tinubu as governor of Lagos laid the foundation for the massive development witnessed in the state.

    Shettima assured that the Tinubu administration is doing its best to address challenges in the power sector.

    According to him, Tinubu’s administration is aware that power is absolutely essential for development.

    “We are determined to ensure that we generate jobs for our youths. Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal.

    “He wants to leave a legacy, one of qualitative leadership because the hope of the black man, the hope of Africa rests with Nigeria.

    ‘ I want to assure you that President Bola Ahmed Tinubu is one of you. He understands your ecosystem. In this government, you have an ally and a friend.”

    Earlier, the President of LCCI, Gabriel Idahosa, emphasised the need for the Federal Government to consider more innovations to address the insecurity challenge in the country.

    He also urged the Tinubu administration to ensure a significant upswing in the pace and scale of alternative policy measures that promote credit access, stimulate investment, and support entrepreneurship.

    “This could include targeted interventions such as concessional lending facilities, loan guarantees, and interest rate subsidies tailored to the needs of SMEs and key sectors of the economy like agriculture, manufacturing and power technology.”

  • Again, Naira gains against Dollar at official market

    Again, Naira gains against Dollar at official market

    The Naira on Monday appreciated at the official market, trading at N1,136.04 to the Dollar.

    Data from the official trading platform of the FMDQ Exchange revealed that the Naira gained N6.34.

    This represents a 0.55 per cent gain when compared to the previous trading date on Friday, April 12, exchanging at N1,142.38 to a dollar.

    However, the total daily turnover reduced to 251.60 million dollars on Monday down from 281.34 million dollars recorded on Friday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,227 and N1,000 against the dollar.

  • Naira makes huge recovery, gains 7.2% against Dollar

    Naira makes huge recovery, gains 7.2% against Dollar

    The Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N88.23.

    This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.61 to a dollar before the Sallah holiday.

    The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,265 and N1,100 against the dollar.

    Economic experts have continued to praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.

    The CBN, during its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases.

    This helped tackle dollar scarcity, reduced volatility, and decreased reliance on parallel markets.

  • CBN approves sales of $10,000 to 1,588 BDC operators

    CBN approves sales of $10,000 to 1,588 BDC operators

    The Central Bank of Nigeria (CBN) has approved the sales of 10,000 dollars to 1,588 eligible Bureau De Change operators at the rate of N1,101 to the dollar.

    The Director, Trade and Exchange Department of the CBN, W.J Kanya said this in a letter addressed to the President, Association of Bureau De Change Operators (ABCON) on Monday in Abuja.

    According to the letter, the BDC operators are expected to sell the dollars to eligible end users at a spread of not more than 1.5 per cent above the purchase price.

    It directed all eligible BDCs to effect payment of the Naira deposit at CBN Naira deposit account from Monday.

    “All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier circulars,’’ it said.

    The ABCON President, Aminu Gwadabe had over the weekend, appealed to the apex bank to lower its applicable exchange rate below the N1, 251 to the dollar it had pegged for BDCs.

    Gwadabe complained that N1, 251 to the dollar had become too expensive for the BDCs.

    His complaint came on the heels of development in the foreign exchange market where the parallel market rate of N1,235 to the dollar became lower than the official rate of N1,252 to the dollar.

    He said that the BDCs were recording losses.

  • CARTOON OF THE DAY: Good news for the Naira

    CARTOON OF THE DAY: Good news for the Naira

    CARTOON OF THE DAY: Good news for the Naira

  • Naira strengthens against dollar by 0.32%

    Naira strengthens against dollar by 0.32%

    The Naira on Friday strengthened at the official market, trading at N1,251.05 to a dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N4.02.

    This represents a 0.32 per cent gain when compared to the previous day’s trading on Thursday, exchanging at N1,255.07 to a dollar.

    However, the total daily turnover increased to $248.27 million on Friday up from $138.99 million recorded on Thursday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,281 and N1,220 against the dollar.