The Naira yesterday depreciated to N1,340 per dollar in the parallel market, from N1,300 per dollar last week Friday.Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,419.11 per dollar.Data from FMDQ showed that the indicative exchange rate for NAFEM ...

The Naira yesterday depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15.Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, ...

There are indications that prices of goods and services may not come down soon despite the speedy appreciation of Naira against major foreign currencies in recent weeks. On Thursday, US Dollars traded for N1,060, about N840 gain against N1,900 to US Dollar peak in February this year. But Vanguard ...

By Ogaga Ariemu Nigeria’s economy has slipped to fourth place in Africa, behind South Africa, Egypt, and Algeria. This is according to a recent forecast by the International Monetary Fund. Accordingly, the Washington-based bank World Economic Outlook estimates Nigeria’s gross domestic product ...

The  Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso,  said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation ...

By Abdul Seye Across major markets, prices of goods are moving away from the lower denomination of the Naira currencies as inflation bites harder. Not too long ago, a sachet of pure water cost N5, while N20 gained popularity as the denomination used to “settle” police officers at checkpoints. ...

By Ogaga Ariemu Ahead of the release of Nigeria’s inflation rate for March, CAPE Economic Research and Consulting says the country’s consumer price index would increase to 32.65 per cent from 31.70 in February 2024. CAPE Economic Research disclosed this in its recent report analysing inflation ...

Singapore – One of the world’s most open economies is attempting a delicate balancing act.On the one hand, the Southeast Asian city-state wants to lure the world’s best and brightest to bolster its workforce, one of Asia’s most diverse.On the other hand, it has to assure locals ...

The Naira, yesterday, appreciated to N1,260 per dollar in the parallel market, from N1,270 per dollar on Monday.Similarly, the Naira appreciated in the NAFEM to N1,262.85 per dollar.Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,262.85 per dollar from N1,278.58 ...

By Ogaga Ariemu The Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent in efforts to tackle rising inflation. The CBN Governor, Olayemi Cardoso, disclosed this on Tuesday at the 294th Meeting ...

By Seun Opejobi The naira on Wednesday exchanged for N1400 against the United States, US, dollars in the parallel market. Parallel market operators sold at N1400/$1 for holders of dollars looking to sell, marking a significant strengthening of the naira. Nairametrics indicated that the exchange ...

By Ogaga AriemuThe Naira continued its depreciation against the US dollar at the close of the official foreign exchange market on Friday, days after Binance’s discontinued Naira-denominated transactions. FMDQ data showed that it dropped to N1627.40 per USD on Friday from N1,602.17 on ...

By John Owen Nwachukwu Presidential spokesman, Bayo Onanuga, has said that if not stopped, cryptocurrency trading website, Binance will destroy the Nigerian economy. He said the website would do this by arbitrarily fixing foreign exchange rate. Onanuga said this when he appeared on Channels ...

Food and Food Products Are Now Unaffordable for the Ordinary Man - Shehn Sani #breakingnews #tinubu #bolaahmedtinubu ...source

Chinese customers accounted for over 25% of ASML's revenue in 2023 and China represents a major market for the world's top maker of lithography tools. Export rules imposed by the governments of the Netherlands and the U.S. already restrict sales of advanced deep ultraviolet ...

By Ogaga Ariemu After three days of respite, the Naira depreciated on Tuesday against the US dollar at the foreign exchange market despite the Central Bank of Nigeria’s recent interventions. Data from FMDQ showed that the Naira depreciated to N1,433.89 per US dollar on Tuesday from N1,419.86 on ...

By Matthew Atungwu The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso has attributed the recent increase in the dollar exchange rate to the rise in Nigerian students who study abroad, as well foreign medical trips embarked on by Nigerians. Cardoso spoke at the sectoral debate put ...

•Banks may sell over $5bn, says official, Cardoso faces Senate Tuesday over naira fallAmid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February ...

The naira yesterday depreciated to N1,490 per dollar in the parallel market from N1,470 per dollar on Tuesday, approaching the N1,500 threshold. However, the naira appreciated to N1,455.59 per dollar in the Nigerian Foreign Exchange Market (NAFEM).Data from FMDQ showed that the indicative ...

By Ogaga Ariemu Amid the free fall of the Naira in the foreign exchange market, the Central Bank of Nigeria has issued fresh guidelines to commercial banks against currency speculation and hoarding. CBN disclosed this on Wednesday in the circular titled, ‘Harmonisation of Reporting Requirements ...

In apparent reflection of the dollar scarcity plaguing the economy, the Naira yesterday recorded its biggest fall in the official Nigerian Foreign Exchange Market (NAFEM) where it depreciated by 24 per cent to 20 N1,348 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM ...

The Central Bank of Nigeria says the stage in Nigeria's economic transformation roadmap shows the country is currently in the ...source

Amidst lingering controversies over the securitization of outstanding Ways & Ways, economists and financial analysts have indicated that the measure poses huge threat to price stability with sustained inflationary pressures. They also hinted that the situation has now burdened the Central Bank ...

The naira yesterday depreciated to N1,370 per dollar in the parallel market from N1,300 per dollar on Thursday. Similarly, the naira depreciated to N902.45 per dollar in the Nigerian Foreign Exchange Market (NAFEM).Data from FMDQ showed that the indicative exchange rate for NAFEM rose to ...

Expectations are high as the $20 billion Dangote Refinery commenced operations after President Bola Tinubu removed fuel subsidy in May.As Nigeria battles economic hardship resulting from the removal of fuel subsidy, experts revealed some benefits expected from the refinery.Foreign reserves ...

The naira fell to N1089.51/$ on the official Investor and Exporter window on Tuesday.The currency fell by 27.19 per cent from the N856.57/$ it closed on Monday, according to data from the FMDQ Securities Exchange.On Tuesday, the naira opened trading at N922.22/$, rose to a high of N1251/$ ...

The naira exchanged to the dollar at 1,233/$ on Monday at the parallel market, according to Bureau de Change operators.Some BDC operators who spoke to The PUNCH said, the local currency which was bought and sold at 1,228/$ and 1,233/$ had traded at the same rate on Friday.Figures obtained ...

The House of Representatives is seeking the adoption of the Chinese Yuan (CNY) as an official foreign exchange reserve currency alongside other major international currencies to mitigate the impact of Naira’s depreciation.This followed the adoption of a motion moved by Hon. Jafaru Gambo Leko ...

By Ogaga Ariemu Nigeria’s headline inflation rate rose to 28.20 per cent in November from 27.33 per cent in October 2023. The National Bureau of Statistics disclosed this in its November consumer price index report. The figure presents the Eleventh times’ hike in Nigeria’s inflation headline ...

The Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$.This is coming barely three weeks after the rate was increased from N757/$ to N783/$.The PUNCH reported in November, that the exchange rate for cargo clearance ...

Anambra State Governor, Charles Soludo, has stated that the administration of President Bola Tinubu took over a “dead economy” bequeathed by its predecessors.Soludo made the remark during an interview on Channels TV’s Politics Today on Thursday while analysing the naira’s decline under the new ...

The Federal Government, FG, has indicated that its plan to raise tax to Gross Domestic Product, GDP, ratio to 18 percent in the next three years would be achieved through enforcement of compliance to relevant tax laws.Speaking at the Commerce and Industry Correspondents Association of Nigeria, ...

The naira gained massively against the dollar on Friday as it closed at N791/dollar at the official market. This has brought some sanity to the market, which has fluctuated for several months now. According to data from the Nigerian Autonomous Foreign Exchange Market, where forex is officially ...

Investment Banker and Business Developer, Lai Omotola has blamed the continued decline in the value of the Naira against the Dollar on Nigeria’s decision to allow for the operations of town markets, official and parallel, saying every developed nation has a single market. Noting that what is known ...

The Consumer Price Index (CPI) which measures the rate of change in the prices of goods and services increased by 0.61 per cent to 27.33 per cent in October compared to 26.72 per cent in the preceding month, the National Bureau of Statistics (NBS) stated yesterday.However, reacting to the ...

The Senate has said a genuine partnership between the executive and legislature would end Nigeria’s economic woes. The Chairman, Senate Committee on Finance, Senator Sani Musa, who stated this yesterday, amid preparations by the Senate to engage heads of federal ministries, epartments and ...

THE Nigerian National Petroleum Company, NNPC Limited, yesterday, said Nigeria’s crude oil grades have become the most preferred choice for refiners in Europe.The Executive Director, Crude Oil and Condensate, NNPC Trading Limited, Maryamu Idris, said this at a panel presentation at the Argus ...

Owning a car was among the many lists of achievements for a typical Nigerian. The celebration that hits the air when one is bought knows no bounds. Parents, relatives and friends are gathered, and the gin is used to render prayers to various gods to save the life of the car owner and the car ...

Barely 10 days after, the Central Bank of Nigeria (CBN) may have begun to implement the promise of President Bola Tinubu to clear the estimated $7 billion outstanding foreign exchange obligations of the Federal Government, on foreign currency forwards contracts owed to banks.Reuters quoted the ...

The naira yesterday depreciated to N1,180 per dollar in the parallel market from N1,170 per dollar on Wednesday.However , the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N793.28 per dollar.Data from FMDQ showed that the indicative exchange rate for the ...

Nigeria’s foreign debt is expected to rise further to about $51 billion, following President Bola Tinubu’s request to the Senate, seeking approval to borrow additional $7.8 billion and  €100million, as part of  his 2022-2024 borrowing plan. Some financial analysts have debunked the official ...

A former Bayelsa Senator, Ben Murray-Bruce, has urged Nigerians to consume locally-made goods and services, rather than patronising foreign brands in order to strengthen the naira. He also advised Nigerians residing in overseas countries to invest their businesses in Nigeria. Murray-Bruce made ...

The naira sustained its slide against the United States dollar yesterday, as it weakened to an all-time low on the parallel market where it sold at N1100/$1 for weaker than the N1,060/$1 it traded the previous day.But the nation’s currency traded lower at N1,130 to a dollar for those that ...

The crises festering in Nigeria’s currency exchange market doubled down yesterday with the local currency depreciating further across all segments of the market.Vanguard’s monitor of the market yesterday indicated that the Naira went down from N1,100 to USD1.0 mid-day in the parallel market ...

The International Monetary Fund, IMF, has said in its forecast that South Africa may topple Nigeria as Africa’s biggest economy.According to the IMF World Economic Outlook, South Africa, the most industrialised country on the African continent, is striving towards achieving $401billion gross ...

By Ogaga Ariemu Millions of Nigerians will now struggle to afford three square meals and other necessities as the country’s headline inflation jumped to 26.72 per cent in September from 25.80 per cent in August 2023. The National Bureau of Statistics September Consumer Price Index, which measures ...

The International Monetary Fund has said the naira is currently under pressure and Nigeria is free to seek loan from the Fund to stabilise the currency if it considers a good option.The Washington-based lender however noted that recent exchange reforms and other steps taken by the Nigerian ...

The International Monetary Fund, on Friday, said for Nigeria’s fuel subsidy removal policy and foreign exchange unification initiative to translate to economic growth and stability, the Federal Government must collect more taxes to fund the national budget and pay public debts.The IMF Africa ...

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The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said  Nigerians should pray that the country’s refineries do not work.Oyedele, who spoke at The Platform’s Independence Anniversary event, held in Lagos on Monday, said should Nigerian ...