The Nigerian currency, Naira, depreciated by N130 against the United States dollar at the parallel foreign exchange market on Sunday. A Bureau De Change operator, Mistila Dayyabu, disclosed this in an interview. He noted that Naira dropped to N,1420 per dollar from N1,290 in less than 48 hours at the parallel market. READ ALSO :Naira’s … Read more
Following a mandate from the Central Bank of Nigeria, Kuda Bank, Moniepoint, OPay, and Palmpay have suspended account opening for new customers. The instruction was issued two days after the EFCC closed 1,146 bank accounts implicated in illicit forex operations. “We’ve temporarily paused new signups on our platform. This means that you’ll be unable to … Read more
A surge in dollar demand in the parallel market, driven by banks and end-users, combined with slow forex disbursement to BDCs by the Central Bank of Nigeria, CBN, caused the Naira to fall by 23% against the dollar last week, marking the Naira’s worst weekly performance since February. Though the CBN came to the rescue … Read more
Nigerian currency, Naira, appreciated to N1,380 per dollar on the parallel market on Friday, posting a gain of N70 in one single day, compared to Thursday’s close of N1,450/$1. On the other hand, the the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the … Read more
The Central Bank of Nigeria (CBN) has announced a $10,000 sale to each licensed Bureau De Change (BDC) operator nationwide. The apex bank has made its second intervention this month. The CBN detailed the action in a circular issued to the President of the Association of Bureau De Change Operators (ABCON). BDCs can purchase dollars … 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 Premium Breadmakers Association of Nigeria (PBAN) has stated that the increase in bread prices was caused by exchange rate volatility. Recall that before the current government took office, the exchange rate hovered around N465 to the dollar in the official market and N762 in the parallel market, but it quickly rose to near N2,000 … Read more
On Monday, the naira gained further in the parallel foreign currency (FX) market. Currency traders, commonly known as bureau de change (BDC) operators, offered the naira at N1,100 to the dollar in Lagos’ street market. The dealers set the purchase price of the dollar at N1,070 and the selling price at N1,100, leaving a profit … Read more
Nigerian Breweries Plc says it will suspend operations in two of its nine breweries. In a press statement, the company emphasized its commitment to minimizing the impact on its workforce by exploring all feasible alternatives. These measures include relocating and redistributing employees to the remaining seven breweries and offering support and severance packages to those … 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