Tuesday, April 23, 2019

Tag "naira"

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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    Naira depreciates against major currencies

Naira depreciates against major currencies

The naira at the parallel market depreciated against three international currencies at the close of trading for the week.A survey carried out by NAN in Lagos on Friday showed that the Nigerian currency depreciated by N1 or 0.45 per cent against the dollar due to high demand.It sold for N221 against the dollar from the N220, which was the rate [...]

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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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    External reserves fall but naira gains

External reserves fall but naira gains

The Central Bank of Nigeria (CBN) has revealed that the fall of the country’s external reserve continued in March, as it fell by $1.55 billion.According to the bank, the external reserve fell from $31.356 billion to $29.79 billion by Monday, March 30, representing a 4.9 per cent decline.The external reserve has fallen by $4.49 billion, which is 13 per cent [...]

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Naira rises to N202 per dollar

Following the Central Bank of Nigeria's (CBN) plan to upwardly review the weekly Forex cash sales to Bureau De Change (BDC) operators,the naira rebounded to gain N6 against the dollar on Monday.The appreciation was recorded at the parallel and black markets.Checks by NAN revealed that in Lagos, the naira sold for N202 at the two markets from the N208 it [...]

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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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Exchange Rates

April 22, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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