Thursday, October 28

Tag: Pound Sterling

Naira Gains Against The Dollar… See Latest Exchange Rate
Uncategorized

Naira Gains Against The Dollar… See Latest Exchange Rate

The Naira on Monday gained 50 Kobo to trade at N358.5 to the dollar at the parallel market in Lagos, slightly stronger than N359 traded on Friday. The Pound Sterling and the Euro closed at N458 and N403 respectively. The naira traded at N360 to the dollar at the Bureau De Change (BDC) segment, while the Pound Sterling and the Euro exchanged at N458 and N403, respectively. Trading at the investors window saw the naira closing at N361.48 to the dollar as market turnover stood at 231.92 million dollars. The News Agency of Nigeria (NAN) reports that the naira had been relatively stable at the parallel market due largely to the interventions of the CBN. Activities at the market, however, remained slow on Monday as traders await the outcome of the Monetary Policy Committee (MPC) m...
Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates
News

Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates

Details of the parallel market in Lagos after the close of market on Wednesday revealed how the nation's currency appreciated marginally against the dollar. The Naira on Wednesday appreciated marginally against the dollar at the parallel market in Lagos, exchanging at N358.50 to the dollar. According to the News Agency of Nigeria (NAN), the nation's currency was 10 kobos stronger than N358.60 to the dollar traded on Tuesday, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively. At the Bureau De Change (BDC) window, the Naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively. Trading at the investors’ window saw the Naira close at N361.87 with a daily turnover of 168.74 million dollars, while th...
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...
Naira Falls Against Dollar At Parallel Market
News

Naira Falls Against Dollar At Parallel Market

The naira on Monday depreciated further against the dollar at the parallel market, exchanging at N367 to the dollar. The Nigerian currency lost one point from N366 posted on Friday, while the Pound Sterling and the Euro closed at N476 and N432. At the Bureau De Change segment, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N476 and N432, respectively. The naira, however, appreciated at the investors’ window as it closed at 362.50, stronger than N365.68, its opening rate. Traders said that the demand for foreign exchange outstripped its supply. The Central Bank of Nigeria is intervening at the foreign exchange market to stabilise the naira. The naira had rallied around N363 to the dollar for about two weeks until market forces dra...
Naira Sustains Gain At Parallel Market
News

Naira Sustains Gain At Parallel Market

The naira on Wednesday appreciated against the dollar at the parallel market, exchanging at N363 to the dollar from the N364 posted on Tuesday. The pound sterling and the Euro closed at N477 and N428 to the naira, respectively. At the Bureau De Change (BDC) window, the naira was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively. Trading at the investors window saw the naira closing at N367.50 to the dollar. Traders expressed optimism that the interventions by the CBN at the market were capable of closing the gap further between the rates at the parallel market and other segments. NAN reports that not all the BDCs in the South West bought foreign exchange from the weekly auction on Tuesday. A credible BDC source told ...
Naira Stabilises After Crash At Parallel Market
News

Naira Stabilises After Crash At Parallel Market

The Naira on Tuesday exchanged in the parallel market at N366, same rate it closed on Monday. Pound Sterling and the Euro closed at N477 and N428, respectively. This is just as the Central Bank of Nigeria (CBN) injected $195 million into the interbank market. A statement by Acting Director, Corporate Communications Department, CBN, Isaac Okoroafor, made the announcement. He said, “In the wholesale segment of the inter-bank Foreign Exchange market, the CBN auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45m respectively.” Okorafor encouraged those who genuinely required foreign exchange for their transactions to approach their banks, noting that the banks had enough forex to meet the deman...
Naira Gains Against Dollar
News

Naira Gains Against Dollar

The Naira on Wednesday appreciated marginally against the dollar at the parallel market. The Nigerian currency gained 50k to exchange at N362.50, stronger than N363 posted on Tuesday, while the Pound Sterling and the Euro traded at N473 and N422 respectively. At the Bureau De Change window, the Naira was sold at N363, while the Pound Sterling and the Euro traded at N472 and N423 respectively. The Naira, however, depreciated at the investors’ window, selling at N368.50 from 367.28 to the dollar. Traders at the market said that uncertainty on the exchange rate permeated trading as buyers exercised great caution. Since the implementation of the flexible exchange rate policy, the forces of demand and supply had been the sole determinant of the exchange rate. Though the Centra...
Naira Gains, Dollar Crashes At Parallel Market
News

Naira Gains, Dollar Crashes At Parallel Market

- The Naira has gained strength against the American Dollar at parallel market - The local currency however crashed against the Pound but stayed firm against Euro - Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange BDC and a rate for foreign school fees The Naira on Wednesday, May 17, continued its growth against the American Dollar at the parallel market. This follows report that the local currency closed the day at N385 to the Dollar, one point stronger than the N386 it closed on Tuesday, May 16. However, the local currency weakened against the Pound Sterling but stayed firm against the Euro at the same segment. It dropped seven points against the Pound to close at N497 a...
Naira Strengthens, Gains N2 Against Dollar
News

Naira Strengthens, Gains N2 Against Dollar

The Naira on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to the dollar, stronger than the N388 it closed on Wednesday. At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively. At the Bureau De Change (BDC), the naira was N362 to the dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively. The naira was exchanged at N305.6 to the dollar at the interbank. Currency traders said that the weekly offering of foreign exchange to BDCs by the CBN was paying off and restoring stability to the exchange rate. Alhaji Aminu Gwadabe, the President of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the naira to continue to appreciate in the coming weeks. Gw...
Photos Of The Money Uncovered By EFCC In Ikoyi, Lagos
News

Photos Of The Money Uncovered By EFCC In Ikoyi, Lagos

The whistle blowing policy of the Federal Government is paying off positively as the Economic and Financial Crimes Commission today stormed a residential building in the 7th Floor of a four - bedroom apartment at Osborne Towers located at 16, Osborne road Ikoyi, Lagos, where a humongous find of foreign currencies and Naira notes to the tune of $43.4m, £27,800 and N23.2m was uncovered. The operation followed a whistle blower's confidential alert received by the Commission's Lagos office this morning regarding some noticed suspicious movement of bags in and out of a particular apartment in the building. According to the source, the movers of the bags, make believe that they bring in bags of clothes. Another source who is conversant with the apartment of interest indicated that some wom...
Bureaux De Change At Risk As Naira Gains More Muscle
News

Bureaux De Change At Risk As Naira Gains More Muscle

Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses. The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN). The naira exchanged at N375 to the dollar in the parallel market at the weekend. It is tipped to gain more within the week as the CBN sustains dollar interventions in the interbank market. About $1.5 billion has been injected into the interbank market since February when the interventions started. Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe, who hinted of some BDCs likely closure after losing N130 million within the week, said the losses came...
Surplus Dollars Hit Nigeria Market
News

Surplus Dollars Hit Nigeria Market

The surplus supply of dollars has again jolted speculators and caused a further increase in value of the Naira. The foreign exchange market closed on Friday without selling off all the foreign currency released by the Central Bank of Nigeria (CBN). Fresh 100 million dollars was released at the interbank market to meet customers’ demands, but the dealers were only able to pick about 81.35 million dollars, leaving surplus. Mr Isaac Okorafor, the Acting Director, Corporate Communications, CBN, attributed the inability of authorised dealers to pick up the entire offer of the CBN to increasing dollar supply. In a statement, he said another reason was the current sense of apprehension among dealers who anticipate a further crash in the rate of the dollar. He reiterated the determi...
CBN Pumps $195Million To Boost Forex Market, As Naira Firms Up
News

CBN Pumps $195Million To Boost Forex Market, As Naira Firms Up

​THE Central Bank of Nigeria on Tuesday sustained the supply of foreign exchange to the market by releasing $195 million. The CBN Acting Director, Corporate Communications, Isaac Okorafor, gave a breakdown of the release. Okorafor said of the amount $150 million was released through wholesale auction. He said that the remaining $45 million was for medicals, tuition, Personal and Business Travel Allowance. Okorafor said the Bank acted promptly and proactively in line with its promise to keep the market liquid enough to meet the needs of genuine requests. He said that banks were becoming saturated with foreign exchange, as most of them were now able to meet demands for foreign exchange within the stipulated time frame. Okoroafor said: “As you can see all the pent-up demand fo...
Dollar Crashes Again At Parallel Market
News

Dollar Crashes Again At Parallel Market

The News Agency of Nigeria (NAN) reports that the Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday. However, the Naira weakened against the Pound Sterling but maintained its Euro rate as it traded at N560 and N480, respectively. At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, while the Pound Sterling and the Euro closed at N580 and N525, respectively. The Nigerian currency also traded at N305.50 at the interbank window. In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the Naira at N370 to a dollar. Traders expressed the hope that the strengthening of the Naira would reposition the economy for greater ...
Naira Weakens To N458 Per Dollar At Parallel Market
News

Naira Weakens To N458 Per Dollar At Parallel Market

According to reports, the local currency has crashed to N458 per dollar as against the N455 it closed yesterday, March 1. The Naira also weakened to N540 against the Pound from the previous rate of N535 and to N475 against the Euro as against the previous rate of N460. Recall that just last week, the value of the Naira recorded the highest and fastest gain of 11.9 per cent in four days at the parallel market, in over three years. This follows the Central Bank of Nigeria (CBN) decision to sell a total of $372.4 million to ease the pressure on the local currency. Financial experts had predicted that the local currency will continue to appreciate if the status quo was maintained. On its part, the CBN said the recent appreciation of the Naira against other currencies was the res...
N530B Arms Contract Probe : Army Generals Block Magu
News, Scandals and Rumours

N530B Arms Contract Probe : Army Generals Block Magu

More than six months after the Economic and Financial Crimes Commission, EFCC launched investigation into alleged diversion and misappropriation of over N530 billion allocated for procurement and operations in the Nigerian Army between 2007 and 2015, the Commission appears finding it tough with Army Generals under probe. As a result, the acting Chairman of the agency, has come under immense pressure to back down. The AVM Jon Ode (Rtd)-headed Presidential Committee on the Audit of Defence Equipment Procurement in the Armed Forces (2007-2015) had in a statement on Thursday July 14, 2016 recommended a number of serving and retired military officers for further investigation. Among those listed for investigation are 18 serving and retired military personnel, 12 serving and retired public...
Naira Extends Stability At Major Forex Market, Exchanges At N498 To A Dollar
News

Naira Extends Stability At Major Forex Market, Exchanges At N498 To A Dollar

Lagos – The Naira on Tuesday continued to extend its stability against the dollar at all the major segments of the forex market. At the parallel market, the Naira exchanged at N498 to a dollar, while the Pound Sterling and the Euro traded at NN615 and N525, respectively. Trading at the Bureau De Change (BDC) window saw the Naira exchanged at N399 to a dollar, Central Bank of Nigeria (CBN) controlled rate, while the Pound Sterling and the Euro closed at N616 and N527 respectively. The Naira also remained stable at the interbank market as it traded at N305.25 to a dollar. Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said that the increase in the nation’s external reserves and the global fall in the dollar contributed in the Na...

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/gqbzggmy/public_html/wp-includes/functions.php on line 5107