‘How $3.1 billion intervention to BDCs stabilised Naira, 25,000 jobs’
From the the nation’s money changers came a positive claims of Naira stability and increase in job creation in thousands, made possible by the sustained foreign exchange interventions by the Central Bank of Nigeria (CBN). Under the aegis of the Association of Bureaux De Change Operators of Nigeria (ABCON), they affirmed that the 163…
Naira loses marginally against dollar at parallel market
The Naira on Monday lost 50 kobo to close at N360.5 to the dollar, weaker than N360 posted on Friday at the parallel market in Lagos.
Stable exchange rate best choice for Nigeria – Emefiele
The Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele, says maintaining stable exchange rate to avoid depreciation of the Naira is better than building foreign reserve buffers. Emefiele told newsmen on Sunday that this was part of the outcome of the Nigerian delegation’s meetings with investors and institutions at the International Monetary Fund (IMF)…
The journey to end the defacing of naira
Sir: Nigerians woke up to the news that the Central Bank of Nigeria has given a verdict that mobile courts will start to sentence people to jail for hawking; spraying money in ceremonies amongst others. This has become a cliché in the society and the Central Bank has been like a toothless bulldog on the…
Nigeria-China currency swap and economic growth - Part 2
It is demeaning that the Asians now control domestic commodity trading in Nigeria. They were able to hedge out Nigerian produce buyers. They buy produce like cocoa, coffee, groundnut, cotton, sorghum, gum Arabic, rubber, palm produce etc. It was easy for them to do that because they possess large capital. It is, therefore, mindboggling that…
What is Nigeria celebrating at 58?
Today, as always, at this time of the year, Nigerians from every tribe and tongue, join their compatriots scattered all over the world to mark the anniversary of Nigeria’s independence from colonial Britain in 1960. And as it is usual for many Nigerians, it is a day of pomp and celebration from official quarters; one…
Naira weakens against dollar at investors’ window
The Naira on Monday weakened against the dollar at the investor’s (I&E) window, exchanging at N364.28, weaker than N363.68 traded on Friday.
CBN steps up distribution of lower denominations
The Central Bank of Nigeria (CBN) has stepped up the campaign to rid the country of dirty notes, make lower denominations available and stem the tide of racketeering in new notes, as it approved a disbursement to traders at the Tejuosho Ultra-modern Market, in Lagos.
Nigerians decry circulation of mutilated naira notes
Some Nigerians have decried the widespread circulation of mutilated naira notes in the country and called on the Central Bank of Nigeria (CBN) to reverse the trend and ensure better management of the nation’s currencies. In interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos, they noted that several cases of misunderstandings…
The priceless gift to Nigeria - Part 2
Demand for naira funds and forex via the SFM would include pent-up quest for naira funds by the dollar-laden tiers of government, other listed forex recipients in search of naira funds and tempered national need-based eligible imports.