Panic sale weighs on dollar as BDC window reopens
What appears like a gradual easing of the naira started at the weekend as the parallel market operators started dumping dollars ahead of the resumption of sale of foreign exchange (FX)
Foreign, local firms restrategise to cushion currency devaluation, others
In a situation that appears worse than that of 2016, multinationals and local firms that depend on foreign exchange for operations are reappraising their business continuity plans in Nigeria owing to “unfavourable regulations, currency devaluation and scarcity of the Greenback” for importation and backward integration. With lower incomes and rising unemployment aggravated by the COVID-19…
IMF-induced policies will repress Nigeria's currency, Labour warns
Submitting to the International Monetary Fund, IMF-induced policies would further distort and repress Nigeria's currency, organised labour has warned.
Naira weakens marginally to dollar
The Naira on Friday weakened marginally against the dollar at both the parallel market in Lagos and the investor’s window.
Naira weakens further as dominant currencies alter pricing decisions
With many trade transactions benchmarked against dominant currencies like the U.S. dollar, the International Monetary Fund (IMF), has expressed concerns that currency movements pose great challenges to developing countries’ domestic economy, especially trade.
MAN welcomes CBN’s unification of exchange rates
The Manufacturers Association of Nigeria (MAN) says the unification of the country’s exchange rate is a welcome development that will engender increased investment inflow in the real sector of the economy.
CBN bows to pressure, devalues naira again
The country’s fiscal state faces tougher times as the Central Bank of Nigeria (CBN) bowed to pressure, last week, and further devalued the local currency.
Transform ECO to ACU now!
The currency world has a government and whether we like it or not, any local currency is a mere subset or, at worst an insignificant element in a global subsets led, as at now
₦500, ₦1000 denominations most commonly counterfeited banknotes- CBN report
The Central Bank of Nigeria (CBN) on Wednesday, said that a total of 119,663 pieces of counterfeit notes with a nominal value of N98.82 million was recorded in 2018.