Manufacturers indicated on Monday that a bag of cement cannot be sold for less than N7,000 due to rising production costs. They claimed that the price jump was caused by an increase in operating expenditures. The manufacturers have agreed to cut the price per 50kg bag from between N9,000 and N15,000 to between N7,000 and … 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
On Wednesday, the Nigerian naira dropped to N1,500 in the parallel market. The rate is 3.45 percent lower than the N1,450 per dollar recorded on Monday. Currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1,490 and the selling price at N1,500 — leaving … Read more
On Wednesday, the House of Representatives discovered that five banks were withholding $5 billion in forex. Worried about the country’s foreign exchange market instability, the House directed the joint Committees on Banking Regulations and Banking Institutions to hold an investigative hearing into banks and financial institutions’ failure to comply with CBN directives on Net Open … Read more
The naira appreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official window, on Monday. Naira rose by 1.06 percent to close at N1,419.86 to a dollar — from N1,435/$ 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
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has explained that the move to relocate departments and personnel in the bank’s headquarters in Abuja to other branches is due to “overpopulation”. Cardoso spoke on Monday during an interview on Arise Television. When asked if the CBN headquarters is over-populated, Cardoso said: “It is over-populated” adding … Read more
Central Bank of Nigeria (CBN) Governor Yemi Cardoso stated that the apex bank uncovered $2.4 billion in invalid foreign outstanding claims, which are squeezing the naira and causing anxiety in the currency market. Cardoso confirmed this in an interview with Arise Television on Monday. According to Cardoso, this was discovered during an audit by the … Read more
The naira, on Wednesday, crossed the N1,500 mark at the parallel section of the foreign exchange (FX) market. The value of the naira fell to N1,530 against the dollar an all-time low in the parallel market. This is a 4.08 percent decline compared to the N1,470/$ reported the previous trading day. Currency traders, also known … 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
On Tuesday, the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official window, saw a further depreciation of the naira to N1,482.57 versus the US dollar. The naira continued to fall at the end of trading, down 9.93 percent from the N1,348.63/$ posted on Monday. Before closing at N1,482.57, the dollar saw trading as … Read more