FOREX: $1 Goes For N500
Efforts To Save The Naira Have Crumbled – IMF
Abuja & Lagos (New Telegraph) – The naira fell close to N500 against the dollar on the parallel market due to dollar shortages yesterday as Bureaux De Change (BDC) operators set their quotes for dollar purchases at N399/$ for next week, traders said . . .
Continue reading “Efforts To Save The Naira Failed As Nigerian Currency Rates N500 To $1”
Fears as Naira weakens to N490/$, 590/£
Abuja (Daily Trust) – The Naira on Wednesday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break . . .
Continue reading “Naira Weakens Against Dollar, Pound Sterling & Euro”
Nigeria’s central bank to eliminate forex black market; Nokia sues Apple for infringing on patent rights; Nigeria loses N200b yearly to diversion of cargoes; Naira falls again at parallel market . . .
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Abuja (New Telegraph) — The Central Bank of Nigeria (CBN) will try to eliminate the gap in exchange rate against the dollar between the official and black markets, the Minister of Finance, Mrs. Kemi Adeosun, said yesterday. Speaking during an economic conference in Abuja, the Minister said that the: “CBN has been directed to do this and has promised to do something by putting a system in place to eliminate the black market because it was damaging the economy.” . . .
Continue reading “CBN To Eliminate Forex Black Market – Adeosun”
The naira continued to gain strength at the parallel market on Monday as an overflow of dollars chased the local currency. The value of the naira which had gone haywire last week rose to around N367 to the dollar . . .
Continue reading “Naira gains on Dollars as reserves rise”
31 Ships Carrying Petroleum Products, Cargoes Arrive Lagos Ports; Naira falls to a new low on the black market . . .
Continue reading “Shipping & Currency Report”