The Nigerian currency, Naira, breached the N1,450 mark against the greenback on the black market amid evolving market dynamics in Nigeria’s fragile FX market, defying efforts by the Federal Government to shore up its value. Market fundamentals affirm that the naira lost its support at N1450, setting up a new wave of free decline, continuing … Read more
Nigeria’s naira has reversed recent gains and is now the world’s worst performing currency in the last month, increasing pressure on the central bank to keep raising interest rates, Bloomberg reported on Friday. The naira has slipped to 1,466.31 to the dollar, its weakest level since March 20, hurt by the local scarcity of the … Read more
The Naira on Thursday resumed its downward trend against the United States dollar, depreciating to N1,309/$ at the official market and N1,420 at the parallel market. The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday followed renewed dollar demand pressure in the foreign … 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 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 Naira appears to be up against a fresh threat from two crypto exchange platforms, just six weeks after the clamp down on Binance operations in Nigeria. The national currency had slumped badly in the forex market in the weeks preceding the clamp down on Binance, exchanging for as much as N1,950 in mid-February. But … Read more
Ahead of the release of March 2024 inflation statistics, Analysts have provided reasons why the Consumer Price Index (CPI), which measures inflation, will jump to about 32.15 percent from 31.7 percent in February, a 29-year high. According to available statistics from the National Bureau of Statistics (NBS), Nigeria’s annual inflation rate last reached current levels … Read more
Chairman of the BUA Group of Companies, Rabiu Abdulsamad, has expressed confidence that prices in Nigeria will soon start to come down under the administration’s economic policies. Abdulsamad, who was meeting with President Bola Tinubu to congratulate him on the successful completion of Ramadan in Lagos highlighted the significant progress that has been made in … Read more
A US court has ordered an American company to pay BUA International Limited £343,750.91 in arbitral award. The United States District Court for the District of Idaho gave the order to Domtec International LLC, an Idaho-based company specialising in the building of concrete domes. According to court papers obtained by PREMIUM TIMES, Domtec has 21 … Read more