TheNewsGuru

Tag: Dollar

  • Naira gains 0.62% at official market

    Naira gains 0.62% at official market

    The Naira gained at the official market as it traded at N1,255.07 to a dollar on Thursday.

    Data from the official trading platform of the FMDQ revealed that the Naira gained N7.78.

    This represents a 0.62 per cent appreciation when compared to the previous day’s trading on Wednesday, exchanging at N1,262.85 to a dollar.

    However, the total turnover increased to $138.99 million on Thursday, up from $166.18 million recorded on Wednesday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,294 and N1,200 against the dollar.

  • Naira appreciates further at official market

    Naira appreciates further at official market

    The Naira gained further at the official market, trading at N1,262.85 to a dollar on Wednesday.

    Data from the official trading platform of the FMDQ revealed that the Naira gained N15.73.

    This represents a 1.23 per cent appreciation when compared to the previous day’s trading on Tuesday, exchanging at N1,278.58 to a dollar.

    However, the total turnover increased to $166.18 million on Wednesday, up from $111.18 million recorded on Tuesday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,296 and N1,210 against the dollar.

  • Naira appreciates against Dollar at official market

    Naira appreciates against Dollar at official market

    The Naira gained at the official market, trading at N1,278.58 to a dollar on Tuesday.

    Data from the official trading platform of the FMDQ revealed that the Naira gained N30.81 or 2.35 per cent, compared to the previous trading date on Thursday, March, 28, 2024 just before the Easter holiday at the rate of N1,309.39 against the dollar.

    However, the total turnover reduced to $111.18 million on Tuesday, down from $857.78 Million recorded on Thursday, March 28, 2024.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,312.00 and N1,250.00 against the dollar.

  • Naira falls against Dollar

    Naira falls against Dollar

    The Naira experienced a slight depreciation at the official market, trading at N1,309.39 to a dollar on Thursday.

    Data from the official trading platform of the FMDQ revealed that the Naira lost N8.96 or 0.69 per cent, compared to the previous day’s rate of N1,300.43 against the dollar.

    However, the total turnover increased to $857.78 million on Thursday, up from $416.10 million recorded on Wednesday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,392 and N1,250 against the dollar.

  • Naira gains 6% at official market

    Naira gains 6% at official market

    The Naira appreciated against the dollar by 5.97 per cent at the official market by the close of Wednesday’s trading session, according to data from the FMDQ trading platform.

    It appreciated by N82.52 to reach N1,300 per dollar, compared to N1,383 recorded on Tuesday.

    Total turnover also rose to $416.10 million from $245.58 million the previous day.

    In the Investor’s and Exporters’ (I&E) window, the Naira fluctuated between N1,460 and N1,200 against the dollar.

    This comes after the Central Bank of Nigeria (CBN) announced a 200 basis points increase in the Monetary Policy Rate (MPR) during its 294th Monetary Policy Committee (MPC) meeting on Tuesday, raising it from 22.75 percent to 24.75 percent.

    The CBN Governor, Mr Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.

  • FX: Naira continues rebound against Dollar

    FX: Naira continues rebound against Dollar

    The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday.

    Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.

    However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

    The Central Bank of Nigeria(CBN) had earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.

    CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

  • Naira appreciates by 1.5% against dollar

    Naira appreciates by 1.5% against dollar

    The Naira experienced a slight appreciation at the official market, trading at N1,431.49 to a Dollar on Friday.

    Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N21.79 or 1.5 per cent, compared to the previous day’s rate of N1,453.28 against the Dollar.

    However, the total turnover decreased to $199.71 million on Friday, down from $288.47 million recorded on Thursday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,468 and N1,301 against the Dollar.

    Recall that the Central Bank of Nigeria (CBN) had earlier announced the completion of clearance of the valid foreign exchange backlog, signaling a positive development in the forex market

    On the impact of forex intervention, researchers at Cordros Securities said, “The recent overhaul and increased intervention in the FX market have bolstered confidence and facilitated Foreign Portfolio Investors (FPIs) inflows into the forex market.”

    They also highlighted renewed interest from foreign portfolio investors in the fixed-income market, as stop rates on the long-end bills rose above 20.0 per cent.

  • Dollar scarcity fallout: CBN revokes licenses of 4,173 BDC operators

    Dollar scarcity fallout: CBN revokes licenses of 4,173 BDC operators

    The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau De Change (BDC) Operators.

    The bank’s Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, in a statement on Friday, March 1, 2024 stated that the affected BDCs failed to observe regulatory provisions.

    CBN said: “The affected institutions failed to observe at least one of the following regulatory provisions: a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines. b. Rendition of returns in line with the Guidelines. c. Compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

    “The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective. Members of the public are hereby advised to take note and be guided accordingly.”

    The apex bank stated that the action was in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the

    The list of affected BDC operators is attached:

    LIST OF REVOKED BDC LICENSES_MARCH 1_ 2024

    The apex bank has recently embarked on sustained efforts to stabilise the foreign exchange market which has impacted negatively on the nation’s economy.

    The apex bank along with the nation’s security agencies have launched counter-efforts to apprehend those considered as manipulating the forex market.

    Of recent, several BDC operators have been arrested and jailed. The Economic and Financial Crimes Commission (EFCC) has put several BDC operators on trial for fraud or operating without valid licences.

  • BREAKING: CBN bars Nigerians from receiving diaspora remittances in Dollars

    BREAKING: CBN bars Nigerians from receiving diaspora remittances in Dollars

    The Central Bank of Nigeria (CBN) has barred international money transfer operators (IMTOs) from paying Nigerians in US Dollars.

    Nigerians who hitherto received diaspora remittances in Dollars will no longer be able to.

    TheNewsGuru.com (TNG) reports the IMTOs have started implementing the CBN’s new requirements for international money transfer operations already.

    The IMTOs as a result have updated features on their apps for Nigerians resident abroad who wish to remit foreign currency back home.

    Based on the new rule, Nigerians resident abroad are now only allowed to transfer the equivalent USD amount in Naira.

    The IMTOs, including WorldRemit, Sendwave, amongst others, have started notifying customers about the implementation.

    A WorldRemit’s notice to customers reads: “We can no longer support transfers in USD – only in Naira. If you’re about to send money to Nigeria – this is important.

    “The Central Bank of Nigeria (CBN) has directed that it’s no longer possible for any money transfers to be paid out in USD in Nigeria”.

    A similar notice by Sendwave reads: “In compliance with a recent directive from the Central Bank of Nigeria (CBN), we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria. We’d encourage you to switch to sending Naira transfers instead”.

    TNG reports the development is in compliance with CBN’s recent revised guidelines on international money transfer operations.

    Recall that the CBN had earlier instructed banks to begin paying Dollars and other foreign currency payouts from abroad in Naira to boost forex supply.

    “All inbound money transfers to Nigeria shall be paid to beneficiaries in Naira through a bank account, or cash.

    “Proceeds of IMTO more than the equivalent of $200 shall be paid through an account.

    “Cash payments shall be made upon the provision of a satisfactory/acceptable means of identification.

    “Where the beneficiary does not have an account with the IMTO agent bank, the agent bank shall credit the beneficiary account in another bank.

    “The exchange rate for the Naira payment shall be at the prevailing rate in the Nigerian Foreign Exchange Market,” the CBN guideline reads in part.

    TNG reports IMTOs are CBN-authorised companies or organisations that facilitate fund transfers from individuals or entities residing abroad to recipients in Nigeria.

    These operators help individuals to send money to their families, friends, or business partners in Nigeria.

    Over 40 authorised IMTOs operate in Nigeria, including major international money transfer companies such as Western Union, MoneyGram, PayPalRia Financial, TransferWise, WorldRemit and others.

    Earlier, CBN had dramatically increased the application fee for licensing IMTOs by 1,900%, from N500,000 to N10 million.

    The apex bank’s decision was disclosed in a CBN document dated Wednesday, January 31, 2024, which also outlined the revised guidelines for IMTO operations.

    “All banks are prohibited from operating International Money Transfer services but can act as agents,” the document stated.

    Prospective IMTOs seeking to operate in Nigeria are now required to submit applications with a non-refundable fee of N10 million to the Director, Trade and Exchange Department.

    The document listed several prerequisites for the application, such as approval to operate in other jurisdictions, evidence of tax clearance, and incorporation documents for indigenous IMTOs.

    In addition to the application fee, IMTOs will be subject to an annual renewal fee of N10 million, or as specified by the CBN, to be paid via electronic transfer or bank draft by January 31 each year.

  • NOVAmbl Asset Management Dollar Fixed Income Fund Named Best Performer of 2023

    NOVAmbl Asset Management Dollar Fixed Income Fund Named Best Performer of 2023

    NOVAmbl Asset Management’s Dollar Fixed Income Fund has been named as the best-performing Dollar Fund in 2023 by Nairametrics, the leading financial information and content creation company based on data from the Securities & Exchange Commission (SEC).

    NOVAmbl Asset Management is a subsidiary of NOVA Merchant Bank.

    SEC had reported that a total of 21 dollar funds registered during the review period averaged an impressive 8.5% return, and all funds within this category achieved positive returns in 2023, with NOVAmbl Asset Management’s Dollar Fixed Income Fund emerging as the best-performing.

    Undoubtedly, NOVA Merchant Bank’s dedication to excellence and its unwavering commitment to delivering consistent returns have positioned NOVAmbl Asset Management at the forefront of the Asset management landscape in Nigeria.

    The recognition goes ahead to affirm the Bank’s expertise in navigating the complexities of the market and its ability to optimise investments for maximum returns.

    Just recently, NOVA Merchant Bank Limited, the parent company of NOVAmbl Asset Management announced that it is set to begin its conversion to full Commercial Banking Business following its recent requisition of the national commercial banking license from the relevant authorities.

    To this end, the bank appointed Mr. Adebowale Oyedeji, as the new Managing Director and Chief Executive Officer to effectively stir its operations and deliver on its new mandate.

    In another major development, NOVA Merchant Bank not long ago announced a substantial increase in staff salaries by up to 50% for all staff, another resounding indication of the Bank’s commitment to its workforce.

    NOVA Merchant Bank Limited is an investment grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking.