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 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. READ … Read more
The naira began the new month on a positive note, rising to N1,278.58 against the US dollar from N1,309.39 per dollar last Thursday. This is an increase of N30.81 at the end of trading activity. According to FMDQ Securities statistics, the Nigerian Autonomous Foreign Exchange Market’s indicative exchange rate has fallen below the N1,300 ceiling … Read more
The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), disclosing that each BDC has been allocated $10,000 at a rate of N1,251 per dollar. According to the circular, which was issued on Monday, BDCs are required to sell the assigned dollars to qualifying clients at a cost no … Read more
On Wednesday, the naira rose 1.88 percent to N1,570 in the parallel part of the foreign currency (FX) market. Nigeria’s currency rose from N1,600/$ exchanged on March 11. Currency merchants in Lagos, commonly known as bureau de change (BDC) operators, quoted the greenback’s buying rate at N1,550 and selling price at N1,570, yielding a profit … Read more
The Federal Government, FG, has asked cryptocurrency trading firm, Binance, for information on its top 100 users in Nigeria as well as all transaction history for the past six months. According to the Financial Times, the request was made to establish the negotiations between Binance and Nigeria. In the report, the Office of the National … Read more
The Central Bank of Nigeria, CBN, has reduced the exchange rate for computing the country’s customs charges by 5.3 percent following the naira’s stability against the dollar. According to the Nigeria Customs Service’s official trade portal, the tariff rate has been reduced from N1630.159/$ to N1,544.081/$. This represents a 5.3% decrease from the previous rate … Read more
The Central Bank of Nigeria (CBN) has announced plans to offer foreign exchange worth $20,000 to any eligible Bureau De Change operator across the country. This comes more than two years after suspended former CBN governor Godwin Emefiele prohibited the sale of foreign exchange to BDC operators in that area of the FX market. The … Read more
On Monday, the naira rose further to N1,650 per dollar in the parallel foreign exchange (FX) market. The naira appreciated by 6.78 percent, reflecting a N120 reduction from the N1,770/$ 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