On Monday, the naira rose further to N1,650 per dollar in the parallel foreign exchange (FX) market. The naira appreciated by 6.78 percent, reflecting a N120 reduction from the N1,770/$ exchanged on February 23, 2024. Bureau De Change (BDC) operators in Lagos set the purchase price for the dollar at N1,650 and the selling price … Read more
On Monday, the naira hit a fresh all-time low of N1,534 per dollar on the official Nigerian Autonomous Foreign Exchange Market. This represents a 3.93 percent drop, or N58, from the N1,476.13/$ the national currency closed last week Friday, according to FMDQ Exchange, a portal that publishes official foreign exchange transactions in the country. The … Read more
The naira appreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official window, on Monday. Naira rose by 1.06 percent to close at N1,419.86 to a dollar — from N1,435/$ recorded at the close of trading last Friday. According to data on FMDQ Exchange, a platform that oversees official FX trading in Nigeria, … Read more
Bureau De Change (BDC) operators have announced shut down of operation in Abuja as a result of unavailability of dollars. Chairman of the Association, Mallam Abdulahi Dauran, announced this in the nation’s capital, on Wednesday. He attributed the development to online business transaction and cryptocurrency. Daurau said the closure of business would take effect from … Read more
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks to sell their surplus dollar stock by February 1, 2024, as part of new measures to stabilize the country’s fluctuating currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency … Read more
The naira, on Tuesday, depreciated to N1,330/$ at the parallel section of the market. It fell by 3.91 percent or N50 from the N1,280/$ rate recorded on Monday. Currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1300 and the selling price at N1,330 … Read more