Tag: Naira
Naira Plummets to N1,600/$ in Official Market as Parallel Market Gap Widens
The Nigerian naira suffered another significant blow on Friday, crashing to N1,600 per US dollar in the official Nigerian Foreign Exchange Market (NFEM) for the first time in three months. Market Breakdown: What This Means:The latest depreciation marks: Market Reactions:Financial analysts attribute the slide to: CBN’s Challenge:The widening gap between official and parallel rates presents…
Niger State Assembly Speaker Sparks Controversy After Awarding N7 Million to Failed Councillorship Aspirant
The Speaker of the Niger State House of Assembly, Abdulmalik Sarkin Daji, has drawn widespread criticism after publicly presenting N7 million in cash to his personal assistant, Ibrahim Awwal, who lost his bid for a councilorship seat in Mariga Local Government Area. The controversial gesture occurred during a public gathering where the Speaker dismissed Awwal’s…
Reps Urge CBN to Suspend Hike in ATM Charges
The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs. The resolution followed a motion of urgent public importance moved by Hon. Marcus Onobun, who drew attention…
Naira Depreciates to N1,570/$ in Parallel Market, Widens Gap with Official Rate
The Nigerian Naira experienced a decline in the parallel market on Monday, depreciating to N1,570 per dollar from N1,545 per dollar over the weekend. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated to N1,528 per dollar, according to data published by the Central Bank of Nigeria (CBN). This represents a N14 gain…
Naira Depreciates to N1,510/$ in Parallel Market, Gains Slightly in Official Market
The Nigerian Naira experienced mixed fortunes in the foreign exchange markets yesterday, depreciating in the parallel market while recording a slight gain in the official Nigerian Foreign Exchange Market (NFEM). In the parallel market, the Naira fell to N1,510 per dollar from N1,505 per dollar over the weekend, reflecting a N5 depreciation. However, in the…
Nigeria Takes Major Step Towards Energy Self-Sufficiency: Crude Purchase and Product Sales in Naira Commence
Abuja, Nigeria – September 13, 2024 In a landmark development aimed at reducing pressure on the naira, eliminating transaction costs, and enhancing the availability of petroleum products, the Federal Government has officially launched the sale of crude oil to local refineries and the corresponding purchase of petroleum products in naira. The Honourable Minister of Finance…
EFCC Cracks Down on Institutions Demanding Dollar Payments
In a bid to uphold the integrity of Nigeria’s currency and safeguard the local economy, the Economic and Financial Crimes Commission (EFCC) has issued a stern warning to schools, supermarkets, hotels, and other establishments against demanding payment in dollars from their local customers. Ola Olukoyede, the Chairman of the EFCC, delivered the cautionary message in…
EFCC Investigates Bobrisky for Naira Abuse
The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into the actions of popular Nigerian internet personality, Idris Okuneye, widely known as Bobrisky, for allegedly spraying Naira notes at a public event. Operatives from the Lagos Zonal Command of the EFCC summoned the 31-year-old following a video report showing him spraying and flaunting…
Federal High Court Sets Date for Formal Charging of Binance Holdings Limited and Executives
The Federal High Court in Abuja has announced a scheduled date for the formal charging of Binance Holdings Limited, a global cryptocurrency exchange platform, along with two of its executives, Tigran Gambaryan and Nadeem Anjarwalla. The court proceedings are set to take place on Thursday before Justice Emeka Nwite. The charges against Binance Holdings Limited…
Dollars Crashed but Food Prices Haven’t – Unraveling the Economic Puzzle
In recent weeks, the Nigerian Naira has witnessed a significant gain against the dollar, trading at around N1250 to a dollar, marking a notable 35% drop from its previous tumultuous period at N1900 in the black market. This commendable appreciation is attributed to the concerted efforts by the Central Bank of Nigeria (CBN), spearheaded by…