Tuesday, October 19

Tag: Exchange Rate

President Buhari Never Promised to Make one Naira Equal to one Dollar – Presidential aide, Femi Adesina
News

President Buhari Never Promised to Make one Naira Equal to one Dollar – Presidential aide, Femi Adesina

Special Adviser to President Buhari on Media and Publicity, Femi Adesina, has said that President Buhari never made an electoral promise that he will make one Naira equal to one dollar. Adesina denied this claim when he appeared on Channels TV on Sunday night, March 28. The presenter had asked him what the president is doing to keep his promise to make  dollar equal to Naira. According to the presenter, the President at his presidential rally held at the Dan Anyiam Stadium in Imo state, had promised to ensure equality in both currencies, but in his five years in office, Nigerians have instead seen an increase in the dollar to Naira exchange rate. Responding, Adesina said President Buhari never made such a promise. ''What you just said does not exist, it is fake, it is ...
Mompha Shows Off his N118m Richard Mille Wristwatch
Celebs

Mompha Shows Off his N118m Richard Mille Wristwatch

Instagram celebrity, Mompha has taken to his Instastory to show off his N118m Richard Mille wristwatch. The Richard Mille Yohan Blake Rm wristwatch which Mompha showed off costs $285,985, which is about N118m at the official exchange rate of N410/$1.
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/$."
Abacha $311 Million: It’s An Investment, Not Loot: Daddy Freeze
Celebs

Abacha $311 Million: It’s An Investment, Not Loot: Daddy Freeze

Popular On-Air-Personality, Daddy Freeze has described the $311 million Abacha loot that was recently returned to the country as more of an investment than a loot. Speaking via his official Instagram page, he further cited that the money would have appreciated greatly, especially now that exchange rate is N450 to 1 dollar. He wrote: “Al’loot’a continua??? “Just when we thought that we were broke, we got an alert from Abacha… “Loot and reloot, at least Abacha came through with 311 million usd at nearly 450 Naira to a dollar, that’s not looting, that’s investing if you ask me.”
CBN devalues Naira, restores uniform exchange rate of N380/USD
News

CBN devalues Naira, restores uniform exchange rate of N380/USD

The Central Bank of Nigeria has made an alteration in the exchange rate of dollar to Naira as confirmed in a communique to all banks and Bureau De Change on Friday, March 20. The apex bank on Friday sold dollars to deposit money banks at the rate of N380 to one dollar signaling the official return of a single exchange rate regime in the country’s foreign exchange market. The CBN directed banks and Bureau De Change to ensure that the end-user sales of the Dollar should not be more than N380/1USD. The communique was on the disbursement of the proceeds of the International Money Transfer Operator (IMTO). CBN's communique which backed the highest official exchange rate between the dollar and naira in over two years, came barely a week after the apex bank denied plan to devalue the N...
Stop calling us NEPA, it shows you don’t Want Electricity – Sunday Oduntan
News

Stop calling us NEPA, it shows you don’t Want Electricity – Sunday Oduntan

The Spokesperson of the Discos responsible for the distribution of electricity across Nigeria, Sunday Oduntan has asked Nigerians to stop calling them NEPA. Oduntan who appeared on TVC's 'Your View', debunked claims of a 78% increase in electricity tariff as he pointed out that the Nigerian Electricity Regulatory Commission (NERC) is the independent regulatory body in charge of regulating the power sector just like the Central Bank of Nigeria (CBN) regulates banks. He further revealed that more than 95% of what is used in Nigeria's power sector are imported which is why there is a proposed increase in electricity tariff. Oduntan added that if the exchange rate is okay and there is reduced importation in the electricity sector, there will also be reduced electricity tariff. The...
‘We Have Recovered N605bn Through Whistle Blowing’, Says Finance Minister
News

‘We Have Recovered N605bn Through Whistle Blowing’, Says Finance Minister

Zainab Ahmed, Minister of Finance in Nigeria, has said that the federal government of Nigeria has recovered N605billion through the whistleblowing policy. She gave the figure while speaking with journalists in Abuja on Thursday. She also said that states yet to receive their final tranche of the Paris Club debts refunds would be paid soon as funds have been released to that effect. Speaking on how much the whistleblowing policy, which was launched in December 2016, has helped the country to retrieve, Ahmed said not less than N540bn was recovered in 2018 alone. She added that the policy has been a “huge success” adding that the federal government would continue to ensure monies stolen by individuals from the national treasury would be recovered “The whistleblower policy of go...
Naira Stable At N364 In Parallel Market
News

Naira Stable At N364 In Parallel Market

The Naira, yesterday, was stable at N364 per dollar in the parallel market. Meanwhile, the naira yesterday appreciated by seven kobo in the  Investors and Exporters (I&E) window due to a 189 percent increase in the volume of dollars traded. Data from FMDQ showed that the indicative exchange rate for the window dropped to N364.15 per dollar yesterday from N364.22 per dollar on Tuesday, translating to seven kobo appreciation of the naira. The volume of dollars (turnover) traded yesterday in the window rose by 189 percent to $390.15million from $134.90 million on Tuesday.
Naira Appreciates To N358.5/$
News

Naira Appreciates To N358.5/$

The Naira, yesterday, appreciated by 70 kobos to N358 per dollar in the parallel market. According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange dropped to N358 per dollar from N358.7 per dollar on Tuesday, indicating 70 kobo appreciation of the naira. Similarly, the naira appreciated by one kobo to N361.69 per dollar in the Investors and Exporters (I&E) window yesterday. Data from FMDQ showed that the indicative exchange rate for the window dropped to N361.69 per dollar yesterday from N361.7 per dollar on Tuesday, indicating one kobo appreciation of the naira.
Naira Depreciates Against Major Currencies… See Latest Exchange Rate
News

Naira Depreciates Against Major Currencies… See Latest Exchange Rate

The Nigerian naira has continued to record a slope against major currencies at the exchange rate market on Thursday. The naira on Friday sustained its depreciation against the dollar at the investor’s window, the News Agency of Nigeria reports. The Nigerian currency shed 11 kobo to exchange at N360.42, weaker than N360.31 traded on Thursday. At the parallel market, the Naira exchanged at N362 to a dollar, while the Pound Sterling and the Euro closed at N515 and N445. Trading at the Bureau De Change, BDC segment saw the Naira closed at N362 to a dollar, while the Pound Sterling and the Euro closed at N515 and N445. The Naira exchanged at N305.6 to the dollar at the CBN window, while the Pound Sterling and the Euro posted N435.14 and N378.30 on Thursday. Traders said in spi...
Hajj: CSO Seeks N200/$1 Exchange Rate Concession
News

Hajj: CSO Seeks N200/$1 Exchange Rate Concession

A Civil Society Organisation, an Independent Hajj Reporters, on Thursday appealed to the Federal Government to grant an exchange rate concession of N200 to a dollar to 2017 intending pilgrims. The group made the appeal in a statement by its National Coordinator, Ibrahim Muhammed, and Publicity Secretary, Abubakar Mahmoud in Abuja. It said such gesture would lower the financial burden of the exercise on the intending pilgrims. The News Agency of Nigeria (NAN) reports that the 2017 hajj fare is between N1.48 million and N1.58 million per pilgrim depending on their state, including $800 the Basic Travelling Allowance. In the 2016 hajj operations, according to the state, it was between N1 million and N1.1 million per pilgrim. The National Hajj Commission of Nigeria (NAHCON), whi...
Lagos Prophet Arrested Over $500 Fraud
News

Lagos Prophet Arrested Over $500 Fraud

A man who identified himself as Moses Edwin, a prophet in one of the orthodox churches in Lagos was on Friday arrested by men of Rapid Response Squad of the Lagos State Police Command for stealing $500 belonging to a customer while trying to convert $5,000 into Naira. Edwin, 50, a bureau de change operator and his gang member, Daniel Ebhohimen, were arrested beside Airport Hotel, Ikeja three days after stealing $500 from $5,000 bills presented to them by one Bayo Lookman for conversion into naira. The two suspect had in exchanging $5,000 for Bayo Lookman, a member the National Youth Service Corp serving in Lagos, surreptitiously removed $500 from the notes presented to them for confirmation opposite Airport Hotel, Ikeja. Edwin had promised an exchange rate of N387 to a dollar ...
CBN Opens Special Forex Window For Smes
News

CBN Opens Special Forex Window For Smes

The Central Bank of Nigeria on Monday said it had opened a special foreign exchange window for the Small and Medium Enterprises. The window would enable them to import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter. The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, who disclosed this in a statement, explained that the apex bank’s special intervention was necessitated by its findings that a large number of the SMEs were being crowded out of the forex space by large firms. Under the special arrangement, he said enterprises with staff strength of between 10 and 199 and asset base of between N5m and N500m would be offered the opportunity to import eligible items within the approved threshold. Meanwhile, the ...
Dollar 2 Crash Further As CBN Reiterate Determination To Sustain Forex Liquidity
News

Dollar 2 Crash Further As CBN Reiterate Determination To Sustain Forex Liquidity

The Central Bank of Nigeria on Sunday reiterated its determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users. The apex bank’s Acting Director, Corporate Communications, Mr. Isaac Okorafor in a statement said the bank wants to disabuse the notion by market speculators that it wouldn’t be able to sustain its forex intervention. He said that the bank would again, early this week, inject more foreign exchange into the market, leading to a further weakening of the dollar. “This is in addition to the further increase in the sale of dollars to the Bureau de change operators from 8,000 dollars to 10,000 dollars per week,’’ he said Okorafor warned commercial banks and o...
We’ll Push Dollar To N305—CBN Boasts
News

We’ll Push Dollar To N305—CBN Boasts

The Central Bank of Nigeria (CBN) has disclosed that it was determined to bring down the exchange rate of the Naira per Dollar to the official rate of about N305. This information was revealed on Wednesday, March 29, 2017, by the Acting Director of Corporate Communications Department of the CBN, Mr Isaac Okorafor. Mr Okorafor, while speaking on a radio programme on RayPower FM, Fact File, assured Nigerians that the present success of the Naira at the foreign exchange market would be sustained. On the programme, which was monitored by Business Post, the apex bank’s spokesman noted that the current development was mainly aimed to make the exchange rate on the major segments of the market stay at par. ‘We are bringing the rate down to the official CBN rate; N305 per Dollar, that i...
Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$
News

Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$

The Naira extends its gain against the US dollar on Thursday for the fourth consecutive day. The local currency gained N21 from N501 it traded on Wednesday to close at N480 to a dollar. Bringing its total gain in a week to N40 after reaching all-time low of N520 on Monday. On Monday, the CBN had announced a new forex policy actions to cater for categories previously excluded from the official forex rate and increase forex liquidity in the market. The apex bank has since sold $370 million in an auction, forward contracts, and also appropriated a weekly $20 million to commercial banks at N375 to a dollar for school fees payment, medical bills and personal travel allowance. According to the traders, the buy rate strengthened to N470 per dollar, from N490/$ it closed on Wednesday. ...
Naira Records Gain, Closes At 512/dollar On Tuesday
News

Naira Records Gain, Closes At 512/dollar On Tuesday

The naira recorded slight gain on Tuesday and closed at 512 against the United States dollar on the parallel market, a day after the Central Bank of Nigeria introduced a new foreign exchange policy action. The CBN had on Monday announced its decision to begin sale of $1m weekly to each of the country’s 21 commercial banks at a rate of 375 naira to clear a backlog of demand for retail users and try to narrow the premium between the official and black market rates. The decision was announced hours after the naira tumbled to 520/dollar on the parallel market as scarcity of the greenback continued to weigh on the exchange rate.
Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action
News

Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action

The Naira plunged to N520 against the U.S. dollar at the parallel market on Monday, after the CBN announced its readiness to sell dollar at N375 for school fees payment and personal travel allowance on Friday. The Naira which had closed at N516 to a dollar on Friday, following a record low of N510 on Thursday remained weak despite the rising oil prices and national foreign reserves. A Reuters report, attributed the fall in Naira value to retail currency trader’s reservation on the new forex policy as they tried to price in its possible impact on the market current rate and commercial banks approach to the announced policy. Experts have said the announcement has increased the demand for dollar for school fees payment as well as personal travel allowance by intending travelers, lead...
China Emerges Nigeria’s Leading Source Of Imports With $1.6bn
News

China Emerges Nigeria’s Leading Source Of Imports With $1.6bn

It emerged at the weekend that China is now Nigeria’s leading source of imported goods with an import value of $1.6 billion (N478 billion) equivalent to 20 per cent of Nigeria’s total imports. This is, according to the merchandise trade data released by the Nigerian Bureau of Statistics (NBS) in its latest foreign trade statistics for the third quarter of 2016. According to the NBS data, Belgium emerged the second largest source of imports in the review period, with an import value of $1.1 billion (N331billion). The NBS data put the total value of trade at N4.72 trillion, representing an increase of 16 per cent on the preceding quarter. The data, however, showed a trade deficit of N104 billion, which compared with N482 billion in the second quarter of 2016. Analysts at FBN Q...
Petrol Price Hike Imminent As Marketers Propose N165 Per Litre – Leadership
News

Petrol Price Hike Imminent As Marketers Propose N165 Per Litre – Leadership

Another hike in the price of Premium Motor Spirit (PMS) may be imminent, as petroleum marketers have proposed a new pump price of N165 per litre for the product, saying that the subsisting price of N145 per litre is no longer sustainable due to the scarcity of foreign exchange to finance fuel importation. They lamented that the current price is driving them out of business. In a letter submitted by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to the chairman, House of Representatives ad-hoc committee on review of pump price of premium motor spirit, the marketers argued that in May 2016 when the price of petrol was reviewed from N97 to N145 per litre, the exchange rate was based on N285 to a dollar. They noted that from June 2016 till date, the exch...
Naira Stabilises At N497 To Dollar
News

Naira Stabilises At N497 To Dollar

The naira on Monday stabilised at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery. The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515 posted on Friday. At the Bureau De Change window, the naira traded at N399 to a dollar, a rate it would maintain for the rest of the week, while the Pound Sterling and the Euro traded at N604 and N522 respectively. Trading at the interbank market saw the naira weakened further at N305.25 to a dollar, from N305 posted on Friday. Traders at the market said that while the scarcity of the greenback remained visible, there were strong indications that the Na...

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