Tag "dollar"

Naira depreciates again, falls to 226/$1

The naira further depreciated against the dollar at the parallel market this week, losing N2 to the dollar on Friday.It traded at N226 to the dollar in Lagos on Friday, down from N224 last week, hitting its lowest point in the fourth quarter of 2015.However, the naira was stable against the dollar at the interbank, trading at N197, a pegged [...]

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Naira depreciates despite CBN intervention

The naira depreciated against the dollar at the parallel market on Wednesday in spite of the sale of foreign currency to operators of Bureau de Change (BDC)The naira lost N1.00 to the dollar on Wednesday afternoon as it traded N225 to the dollar as against N224 on Tuesday.Meanwhile the official interbank rate maintained its value at N197 to the dollar.Traders [...]

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    Naira depreciates further at parallel market

Naira depreciates further at parallel market

The naira further depreciated against the dollar at the parallel market on Monday.The naira lost N1.50 to the dollar as it was traded at N225.5 to the dollar at the parallel market as against the N224 to the dollar recorded last Friday.Meanwhile, the official interbank rate also dropped by 0.05 to N196.95 to the dollar.Traders at the parallel market attributed [...]

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Naira depreciates against dollar

The naira on Wednesday depreciated slightly against the dollar at the parallel market, dropping by N2. The currency traded N222, N350 and N256 against the dollar, pounds and euro, respectively.On Monday and Tuesday, it traded at N220, N345 and N252 against the dollar, pounds and euro respectively.However, the official interbank rate remained at N197 to the dollar.Harrison Owoh, a bureau de [...]

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    CBN: Recession may hit Nigerian economy in 2016

CBN: Recession may hit Nigerian economy in 2016

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the Nigerian economy may plunge into recession in 2016.Speaking after the Monetary Policy Committee (MPC) of the CBN in Abuja on Tuesday, Emefiele highlighted reasons why such development could occur.“The committee noted that liquidity withdrawals following the implementation of the treasury single account, elongation of the tenure of state [...]

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    Nigeria’s foreign reserves fall by $940million

Nigeria’s foreign reserves fall by $940million

Nigeria’s foreign exchange reserves have fallen by $940 million (N185 billion), a 2.97 percent from what was obtainable in August, the Central Bank has confirmed.The reserves now stand at $30.69 billion – a short fall from $31.63 billion on the figures from a month earlier – and 22.42 percent less than it was in September 2014.The central bank has been reported to [...]

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    No more devaluation of the naira, says Buhari

No more devaluation of the naira, says Buhari

President Muhamadu Buhari has assured Nigerians and the international community that the country’s official currency, naira, will not be further devalued.The naira, which was devalued in November 2015 to 168 against the dollar, has in less than a year seen devaluation to N197 on the official interbank market.With falling oil prices, investors fear that the currency may be further devalued to a [...]

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Naira down to 223 against the dollar

The naira, Nigeria’s official currency, weakened by 1.13 percent against the dollar on the parallel market on Monday, as the demand for hard currencies surged.The local currency was trading at 223 to the dollar on the parallel market, down from 220.50 to the dollar on Friday, Reuters is reporting.Aminu Gwadabe, president of Bureau de change operators, spoke to Reuters, saying [...]

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    Naira falls to N218/$1 as stock index rises

Naira falls to N218/$1 as stock index rises

The naira,fell again on Monday, trading at N218 to the dollar on the parallel market, despite growth in the Nigerian stock index same day.The naira, which traded around 208 to 210 over the past week, fell to 213 on Friday, August 28, only to fall again by 2.34 percent to 218, following a higher demand on the dollar.“There is an [...]

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    Naira firms up as CBN sells $80m

Naira firms up as CBN sells $80m

The Nigerian naira on Wednesday firmed up on the parallel market, after the Central Bank of Nigeria (CBN) sold $80 million.The naira was quoted at 221 to the dollar on the parallel market, up 1.36 per cent on the day, after dollar liquidity rose, traders told Reuters.The apex bank sold $80 million to Bureaux De Change (BDC) operators at N197, helping [...]

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    Naira falls again, trades at N224/$1

Naira falls again, trades at N224/$1

The naira  took a downward turn on Tuesday as the demand for the dollar rose.The Nigerian currency was quoted at 224 to a dollar on the parallel market, 0.89 percent weaker than its 222 rate on Monday.Harrison Owoh, a Nigerian Bureaux De Change (BDC) agent told Reuters that the demand for the naira has been on the increase since August 7.“We've seen [...]

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    Naira rises to 215/$1 after dramatic fall

Naira rises to 215/$1 after dramatic fall

The unusual trading of the Nigerian naira continued on Wednesday, as the currency recovered from a dramatic fall to 235 on Tuesday, trading at 215 to US$1 in the parallel market.The naira closed at N209 to $1 on Monday evening, as banks continued to reject dollar deposits in customers’ domiciliary accounts.Tuesday had a rather unexpected turn as it fell to N235 [...]

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    CBN adjusts naira-dollar peg

CBN adjusts naira-dollar peg

The Central Bank of Nigeria (CBN) on Thursday adjusted the exchange rate peg it set for the naira against the dollar from N196.95 to N196.90.In its regulatory function, CBN had pegged the exchange rate last week in order to stabilize the naira against the dollar due to dwindling revenue.Analysts believe the apex bank may be trying to gauge the level [...]

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Naira falls further to N208 to a dollar

The naira depreciated against the dollar on Friday, as it traded at N208 from the N191.50 it sold for on Monday, January 19.The new rate has made the naira to lose N16.50 within five days.However, on the website of the Central Bank of Nigeria (CBN), the naira stood against the dollar at N167.50, while the pound sold for N253.20 and [...]

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    Naira appreciates against the dollar in all markets

Naira appreciates against the dollar in all markets

The naira appreciated against the dollar at both the official and parallel markets on Monday.A survey conducted by NAN in Lagos showed that the naira against the dollar was traded at between N191 and N190 at both markets.Naira gained N2 to the dollar from the N193 and N192 it went for on December 24.Then, the naira was sold at N191 to [...]

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Naira holds firm on Dollar supply as CBN auctions N200bn

The Naira held firmed against the United States dollar on Wednesday as Chevron Nigeria supplied the U.S. currency while offshore funds bought local debt. The Naira was trading 0.34 per cent higher at N161.60 to the dollar at 1116 GMT, from Tuesday’s close of N162.15. Chevron Nigeria, the local unit of U.S. oil firm, Chevron, sold about $18 million to banks, while [...]

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Exchange Rates

January 20, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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