Business

Fitch: Naira depreciation may impact Nigerian banks

The ongoing depreciation of the naira may negatively impact Nigerian banks, a Senior Director of credit ratings agency, Fitch Ratings, Mahin Dissanayake, was reported by Reuters as saying yesterday. According to the news agency, Dissanayake, who stated this during a press briefing in Accra yesterday, predicted that the next 12 to 18 months will be […]

Business

Naira drops to 630/$1 at parallel market

The naira fell further at the parallel market yesterday, dropping to N630 per dollar compared with the N620$1, it traded last Friday, traders said. Bureaux De Change operators (BDCs) attributed the local currency’s decline to increased demand for the dollar by importers at the parallel market. According to the operators, the scarcity of the greenback […]

Business Top Stories

Naira falls to N611/$1 at parallel market

The naira dropped by 0.66per cent to N611/$1 yesterday morning from N607/$1 recorded on the previous day, findings by New Telegraph show. Also, data on FMDQ Exchange website shows that naira closed slightly weaker on Wednesday at the Investors and Exporters’ (I&E) window with a 0.05 per cent depreciation, to close at N420.5/$1 compared to […]

Business

Naira surges to N535/$ at parallel market

The naira strengthened significantly against the dollar at the parallel market yesterday, appreciating to N535/$1 from N570/$1 which it has traded at in recent weeks, findings by New Telegraph show. Forex dealers attributed the appreciation of the Naira to the CBN’s massive intervention in the market as well as a drastic drop in demand for […]

Business

Import: OPS flays multi-billion naira losses to clearing hitches

The Lagos Chamber of Commerce and Industry (LCCI), a member of the organised private sector, has lamented that port users and the business community are losing huge revenue running into billions of naira to operational bottlenecks caused by excessive procedures, duplication of functions and weak infrastructural support at the ports. The Director-General of LCCI, Dr. […]

Business Top Stories

Naira drops to N540/$1 at parallel market

The naira continued its decline against the dollar at the parallel market yesterday, closing at N540/$1 compared with N535 per dollar on Wednesday, accordingtodataobtainedfrom abokiFX.com (a website that collates parallel market rates in Lagos). The local currency also fell against the Pound Sterling and the Euro yesterday, closing at N740/£ and N632/€ respectively compared with […]

Business

Naira drops to N535/$1 at parallel market

The local currency, naira, weakened further against the dollar at the parallel market yesterday, closing at N535/$1 compared with N532 per dollar on Monday, according to data obtained from abokiFX. com (a website that collates parallel market rates in Lagos). Naira also fell against Pound Sterling and the Euro yesterday closing at N730/£ and N629/€ […]

Business

Naira drops to N522/$1 at parallel market

The naira weakened further against the dollar at the parallel market yesterday, closing at N522/$1 compared with N521 per dollar on Wednesday, according to data obtained from abokiFX.com (a website that collates parallel market rates in Lagos). Following its plunge to record low of N525/$1 on July 28 in the wake of the Central Bank […]

Business

Naira strengthens to N508/$1 at parallel market

The naira strengthened to N508/$1 at the parallel market yesterday compared with N512 per dollar on Monday, data obtained from abokiFX.com (a website that collates parallel rates in Lagos), shows. At the Investors and Exporters’ (I&E) window, the naira remained flat at N411.50 per dollar, according to FMDQ. The local currency had dropped to a […]

Opinion

Ending unending depreciation of naira via local production

Nigerians are bothered at the unending depreciation of their legal tender, the naira. The currency exchanged at N197 to a dollar in June 2015, but now exchanges at around N500. The Central Bank of Nigeria (CBN), recently devalued the naira by seven per cent against the dollar, in a bid to migrate towards a single […]

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