Tuesday, November 13, 2018

Tag "naira"

    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 [...]

0 comment Read Full Article

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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article

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 [...]

0 comment Read Full Article

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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    Rewane proposes devaluation of naira after GDP rebasing

Rewane proposes devaluation of naira after GDP rebasing

Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the recent rebasing of the country’s Gross Domestic Product (GDP) would only be meaningful when the naira depreciated.Rewane made this remark at the Lecture Series of Securities and Exchange Commission in Abuja on Tuesday.He said the drop in global commodity prices had made the call inevitable.He stressed that the rebasing of [...]

0 comment Read Full Article
    Devaluation of naira ‘unlikely in medium term’

Devaluation of naira ‘unlikely in medium term’

A devaluation of the naira is "not likely" to take place in the medium term as this policy will not have any positive impact on Nigeria’s earnings power, Standard Bank has said.Weakening the naira will not yield any benefits in the short run because both output and exports will fail to respond to such a measure due to rigidities in [...]

0 comment Read Full Article
    Naira remains stable against international currencies

Naira remains stable against international currencies

On April 25, 2014, the Naira remained stable against the US Dollar and the British Pound Sterling at the official platform on Friday.The Dollar and the Pound Sterling sold at N155.23 and N260, respectively, maintaining their rates since April 21.However, at the black market, the Naira exchanged to the Dollar at N166.5.It exchanged the Pound at N278 at Bureau de [...]

0 comment Read Full Article
Advertisement
Advertisement

 

Advertisement

Advertisement

Exchange Rates

November 9, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement