The state governments of Ekiti, Cross River, and Ogun have proposed a suspension of their foreign debt repayments worth $501 million due to foreign exchange volatility. Details of these proposals were highlighted in the minutes of the Federal Account Allocation Committee meeting held in March 2024. The proposal is part of their efforts to mitigate […]
Naira slumps further against dollar despite EFCC raid on speculators
The naira further depreciated against the US dollar despite the Economic and Financial Crimes Commission’s clampdown on foreign currency speculators in the FX market. FMDQ data showed that the naira dipped to N1,421 per dollar on Wednesday from N1416.57 on Tuesday. The figure represents a N4.46 depreciation against the dollar on a day-to-day basis. Similarly, […]
Police arrest 17 forex hawkers for suspected illegal BDC operations
Naira lost N63 against dollar at forex market
The naira depreciated by N63.36 per dollar at the foreign exchange market in the last 24 hours. FMDQ data showed that the day closed at N1416.57 per dollar on Tuesday, down from N1,353.21 on Monday. The naira had recorded a significant gain on Monday. However, Tuesday’s data showed Nigeria’s currency depreciated by 4.5 per cent […]
Naira gains at official market
Naira appreciates massively against dollar
The naira appreciated significantly against the US dollar at the foreign exchange as trade resumed on Monday. FMDQ data showed that the Naira appreciated N1353.21 per dollar on Monday from N1,400.4 on Friday. This represents a N46.83 gain against the dollar compared to N1,400.4 traded on Friday. Similarly, in the parallel market, naira gained N20 […]
BREAKING: FX crisis: Nigerian Govt to delist Naira from peer-to-peer platforms
The Federal Government has disclosed plans to delist the Naira from all peer-to-peer, P2P, platforms. The Director General of the Securities and Exchange Commission, Emomotimi Agama, disclosed this during a virtual meeting with blockchain stakeholders on Monday. This decision aims to tackle the manipulation of the local currency’s value in the foreign exchange market. The […]
FX crisis: Naira depreciates by N130 against dollar in 24 hours
The Naira depreciated by N130 against the United States dollar at the parallel foreign exchange market on Sunday. A Bureau De Change operator, Mistila Dayyabu, disclosed this to the DAILY POST in an interview. He noted that Naira dropped to N,1420 per dollar from N1,290 in less than 48 hours at the parallel market. “The […]
Foreign exchange: Naira appreciates against dollar at official, parallel markets
The Naira ended the week by appreciating marginally against the dollar in the official and parallel foreign exchange markets. FMDQ data at the close of Friday showed that the Naira exchanged at N1400.40 per Dollar from N1402.67, which it traded on Thursday. This represents a 2.27 gain against the Dollar on Friday compared to N1402.67 […]