The naira fell in value against the US dollar to N1,234 in the official foreign exchange market on Monday, according to statistics from the FMDQ securities exchange. The currency rate indicates that the naira decreased by N65, or 5.26 percent, from N1,169.99/$1 recorded on Friday. The local currency had strengthened to about N1,072.74 on Wednesday, … Read more
The First Bank Board of Directors has named Segun Alebiosu, Executive Director and Chief Risk Officer, as the bank’s acting Managing Director and Chief Executive, succeeding Adesola Kazeem Adeduntan, who quit abruptly. He is anticipated to take the role on an interim basis until cleared by the Central Bank of Nigeria (CBN). In a released … Read more
The Nigerian currency, Naira, has depreciated to N1,140 per United States dollar in the parallel market, from N1,060 per dollar on Thursday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,169.99 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,169.99 per dollar from N1,154.98 … Read more
The Central Bank of Nigeria (CBN) has denied selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1. CBN, in a post on its X handle, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of $1001/$1 was “fake”. According to the … Read more
The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said on Wednesday that the apex bank is not defending the Naira with the nation’s foreign reserves. Cardoso was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market … Read more
The Nigerian currency, naira, on Friday, appreciated to N1,150 per dollar at the parallel section of the foreign exchange (FX) market. Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,110 and the selling price at N1,150 — leaving a profit margin of N40. … Read more
On Monday, the naira appreciated to N1,120 per dollar in the parallel part of the foreign currency (FX) market. The current FX rate is a 9.67% reduction from the N1,240/$ recorded on April 3. Bureau de change (BDC) operators, popularly known as street traders, in Lagos quoted the local currency’s buying rate at N1,100 and … Read more
The Central Bank of Nigeria (CBN) has prohibited the use of foreign denominated collateral for naira loans. However, the CBN exempted Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, … Read more
The Central Bank of Nigeria (CBN) has declared that it will once again sell dollars to bureau de change operators. This was announced in a circular posted on it’s website. The CBN stated that it intends to offer $10,000 to each BDC at N1101/$ and instructed the operators to sell at a margin no more … Read more
The Nigerian Electricity Regulatory Commission, NERC, has approved 481 Band A areas for the purpose of implementing the new tariff. Documents obtained from the regulator indicated that the Abuja Electricity Distribution Company, AEDC, emerged the highest with 107. Yola Electricity Distribution Company, YEDC, has 15, apparently the least. A breakdown indicated that the Ikeja Electricity … Read more