Saturday, October 23

Tag: Depreciated

Naira’s free fall continues, now exchanging at N550 to $1
News

Naira’s free fall continues, now exchanging at N550 to $1

The Nigerian Naira depreciated further against the US dollar on Monday September 13, closing at N550/$1 compared to N545/$1 recorded in the previous trading session in parallel markets. From the data recorded on the FMDQ securities exchange window where forex is officially traded, naira closed at N412.75 per $1 at the official window on Monday, the lowest decline the currency touched on the official window. This translates to a N0.75 or 0.20 per depreciation from the N412.00 it exchanged hands with the greenback currency in the previous session on Friday last week. The new exchange rate represents a 0.92% depreciation and further widens the gap between the black market rate and the official rate. The 550/$ is considered a major psychological barrier to a continuous fall against ...
Naira has depreciated, pay me N200,000 – Man who paid 20k dowry in 2011 tells Divorce seeking wife
News

Naira has depreciated, pay me N200,000 – Man who paid 20k dowry in 2011 tells Divorce seeking wife

A man known as Abdullahi Mustafa has demanded N200,000 from his divorce-seeking spouse, Asma’u Muhammad. In the Shari’a court hearing which occurred Wednesday, August 4 in Magajin Gari, Kaduna, the 40-year-old man said his wife should pay him back the dowry he paid to marry her after she prayed the court to dissolve their 10-year-old marriage. If the divorce goes ahead, they will split through Khul’i, a process where a wife returns dowry to her husband. According to reports, Mustafa told the court that he would not accept the N20,000 dowry he gave Asma’u in 2011 because the Nigerian currency has depreciated saying she should pay him N200,000. The man stressed that the amount will not be enough to marry another wife. “Time has changed and the value of Naira has depreciated....
CBN Governor, Godwin Emefiele Confirms Adjustment of Naira to N410/$1
News

CBN Governor, Godwin Emefiele Confirms Adjustment of Naira to N410/$1

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has confirmed that exchange rate of naira to dollar has been adjusted to N410/$1 at the official market. Addressing bankers at a summit on the economy in Lagos on Friday February 26, Governor Godwin Emefiele said the official exchange rate now stands at 410 to the dollar. Emefiele also disclosed that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. He expressed hope of increased exports helping to boost dollar supply. He said; “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$."
Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens
Business

Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens

Following the uncertainty in the foreign exchange market, the Naira depreciated at the parallel market on Friday evening. Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly known as the black market on Friday evening according to Aboki Fx. This development followed the suspension of sales of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau De Change operators (BDCs). With the current rate of N410, the naira has depreciated by N20 from N390 per dollar traded on Wednesday. Recall that earlier this afternoon, Nairametrics had reported that the dollar sold for N395 in the parallel market. The dramatic change in price attests to the volatility in the market. The raging coronavirus and the crash in oil prices are having a huge e...
Fashola Has Depreciated – Aisha Yesufu
Politics

Fashola Has Depreciated – Aisha Yesufu

Co-convener of the BringBackOurGirls, BBOG, advocacy group, Aisha Yesufu, has reacted to a statement by the Minister of Power, Works and Housing, Babatunde Fashola, that President Muhammadu Buhari will return power to the South West in 2023. Fashola had while speaking at a special Town Hall Meeting on infrastructure organised by the Ministry of Information and Culture and the National Orientation Agency held in Ibadan, Oyo State on Thursday called on the people of the South West to support Buhari’s second term bid in order to regain power in 2013. “Did you know that power is rotating to the South-West after the completion of Buhari’s tenure if you vote for him in 2019? “A vote for Buhari in 2019, means a return of power to the South-West in 2023. I am sure you will vote wisely...

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