According to inside sources, some Zenith Bank staff members of their Ilupeju Branch in Lagos have been nabbed for Cornering…Read More Zenith Bank Staff ‘Corners’ Customer’s One Billion Naira
The Naira on Friday appreciated against the dollar at the interbank market, after sustaining losses for two days. The Nigerian…Read More Naira strenghtens against the dollar
According to Sahara Reporters, Nigeria has secretly devalued the Naira. The currency was formerly N190 to a dollar, but now…Read More Nigeria secretly devalues naira?? Now N290 to 1dollar
The volume of cash flow in the Nigerian economy is set to be heavily reduced as the apex bank implements…Read More CBN to withdraw Billions of Naira from Circulation in Nigeria
There are strong indications that the Nigerian currency may have gained more strength against the dollar on the parallel market…Read More Naira on the rise again
Many Nigerians are complaining about the constant fall in the value of the Naira and they blame the Government. But…Read More Fall of Naira to the Dollar, dont blame Buhari : Sen. Ben Murray Bruce.
President Muhammadu Buhari has once again reiterated that his government would not devalue the naira, Premium Times reports. Speaking on…Read More We Will Not Devalue The Naira—Buhari
Honestly, this is scary! Very scary, who else thinks President Muhammadu Buhari should do something about this? Starting from the…Read More Exchange Rate Of Naira To Dollar Increases To N348
The naira weakened a second day and Nigerian stocks headed for biggest drop since 2010 as central bank measures to protect the currency of Africa’s largest crude producer from falling oil prices stifled trading.
There were nine trades in the naira between 9 a.m. and 12:30 p.m. in Lagos, compared with 122 in the same period four weeks ago, according to data compiled by Bloomberg from at least 39 local and international banks. The naira weakened 0.8 percent to 185 per dollar, extending losses over the past three months to 11 percent, the most of 24 African currencies tracked by Bloomberg.
The Abuja-based regulator last month told banks to clear foreign exchange positions daily, having previously allowed them net-open positions of 1 percent of shareholder funds. The move has made it difficult for non-Nigerian investors to exit their holdings, according to Samir Gadio, head of African strategy at Standard Chartered Plc.
“For those whoRead More Nigeria’s Naira Drops as Central Bank Controls Choke Trading