Popular bartender, Pascal Okechukwu, aka Cubana Chief Priest, has urged Nigerians to ensure they steer clear of the Economic and Financial Crimes Commission, EFCC. Cubana Chief Priest said Nigerians won’t like the kind of stress EFCC put suspects through during trial. Posting on Instagram on Thursday, the nightlife king wrote: “Court day, problem no good […]
Naira abuse: Cubana Chief Priest, EFCC explore out-of-court settlement
A Federal High Court in Lagos has fixed June 5 for a report of settlement in a case against celebrity bartender, Pascal Okechukwu, popularly known as Cubana Chief Priest, over alleged abuse of the naira. The Economic and Financial Crimes Commission (EFCC) had on April 17 arraigned Okechukwu on three counts of allegedly spraying and […]
INTERVIEW: How Naira can return to below N1,000 per Dollar mark – BDCs President, Gwadabe
The National President of the Association of Bureaux De Change of Nigeria, ABCON, Dr Aminu Gwadabe, in this exclusive interview with DAILY POST’s Correspondent, Ariemu Ogaga, speaks on the reason for recent Naira depreciation and solutions to attaining foreign exchange stability in Nigeria. Excerpts: In the past two weeks, Naira depreciation resumed, almost undoing the […]
Naira depreciated by N112 against dollar at forex market in April
The Naira lost N112.38 against the US dollar at the foreign exchange market in April 2024. FMDQ data showed that the Naira traded at N1,390.96 per dollar on Tuesday, 30th April, compared to N1,278.58 per dollar at the beginning of the month. This represents a 10 per cent depreciation against the dollar in the period […]
Borrowing foreign currency to support Naira devaluation shortsighted approach — NLC
The two apex labour centres, the Nigeria Labour Congress and Trade Union Congress on Wednesday, said it acknowledged the federal government’s recognition of the mistake in floating the Naira, leading to significant devaluation and inflation. NLC President, Joe Ajaero, however, argued that borrowing foreign currency to support the Naira was a short-sighted solution that may […]
Naira rebounds, gains N28.15 against dollar
Naira gains against dollar at official forex market
The naira recorded its first gain against the US dollar at the official foreign exchange Market this week. FMDQ data showed an appreciation of N1,390.96 per dollar on Tuesday from N1,419.11 on Monday. This represents a N28.15 or 1.98 per cent gain against the dollar at the forex market compared to N1,419.11 it traded the […]
Naira depreciation: CBN raises Custom exchange rate by N162
The Central Bank of Nigeria, CBN, has increased the exchange rate for calculating tariff and import duties collection at the Nation’s seaports and airports by N162.51 amid the Naira depreciation. The apex bank’s data showed that customs exchange increased to N1327.35 per cent on Monday from N1,164.84 per Dollar on Sunday. This represents a 12.2 […]
Naira loses N79 to dollar
The naira depreciated by N79.88 against the dollar at the official foreign exchange market. FMDQ data showed that the naira closed at N1,419.11 per US dollar on Monday, compared to N1,339.23 last Friday. This represents a 5.6 per cent depreciation against the dollar compared to N1339.23 on Friday. Meanwhile, the naira dropped to N1,280 per […]
Senate explores policy options to mitigate impact of Naira depreciation
Disturbed by the latest depreciation of the Naira against major foreign currencies, the Senate through its Committee on Finance, has said that it is exploring a range of policy options to mitigate the impact of the currency’s decline in value and foster economic stability in the country. The measures, according to the committee in a […]