Category: Exchange and Forex

Court Jails Three Bureau de Change Operators in Kwara

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Justice Olukayode Ariwoola of the Federal High Court, sitting in Ilorin on Monday, February 10, 2025 convicted and sentenced three bureau de change operators for operating without license. The convicts are, Mustapha Idris, Hassan Bala and Ajayi Ernest Isaac, all from Chikanda in Baruten Local Government Area of Kwara State. They were prosecuted by the Ilorin Zonal Directorate of the Economic…

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Exchange and Forex

Naira Value Against US Dollar To Depreciate In 2025 – Report

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The Nigerian currency, the Naira, is expected to decline to a fair value of ₦1,804 per dollar in the official market by 2025.This forecast is outlined in a recent Afrinvest report, ‘Beyond The Rhetorics: Transforming Reformsto Tangibles’. The report indicates that this projection stems from the expectation that the Central Bank of Nigeria (CBN) may…

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Exchange and Forex, Finance and Economy

Naira Recovers, Sells At N1,660/$ In Parallel Market

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The Naira on monday appreciated to N1,660 per dollar in the parallel market from N1,662 per dollar last weekend. However, the Naira depreciated to N1,550 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange…

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Exchange and Forex

Naira Plummets Against Dollar Ending Week Negatively

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The naira plummeted against the dollar on Friday at the foreign exchange market, closing the week on a negative note. Data from the Central Bank of Nigeria’s FX rate showed that the naira fell to N1,540.00 per dollar on Friday, compared to N1,532.00 on Thursday. This represents a slight depreciation of N8 against the dollar…

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Exchange and Forex, Finance and Economy

Naira Rises Impressively Against Dollar In Official, Black Markets

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The Naira gained value impressively at the official and parallel foreign exchange markets on Friday to end the week on a good note. The Central Bank of Nigeria’s exchange market data showed that the Naira appreciated to N1,535 per dollar on Friday from N1,567 per dollar on Thursday. This showed that the Naira gained N32…

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Exchange and Forex

FOREX: Naira Depreciates To N1,745/$ In Parallel Market

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The Naira depreciated to N1,745 per dollar in the parallel market from N1,740 per dollar on friday. Similarly, the Naira depreciated to N1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,672.69 per dollar from N1,644.86 per dollar on Thursday,…

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Exchange and Forex, Finance and Economy

Naira Moves Up To N1,725/$ In Parallel Market

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The Naira yesterday appreciated to N1,725 per dollar in the parallel market from N1,735 per dollar last week Friday. But the Naira depreciated to N1,676.9 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,676.9 per dollar from N1,666.72 per dollar…

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Exchange and Forex

Naira Falls Massively As Forex Supply Dips

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The naira massively depreciated against the dollar at the foreign exchange market to kick off the week on a negative note amid a significant drop in Forex supply on Monday. FMDQ Data showed that the naira dropped to N1670.65 per dollar on Monday from N1600 exchanged last Friday. This represents a N70.65 depreciation. Similarly, at…

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Exchange and Forex

Naira Exchange Makes Gain, Sells At N1,715/$ In Parallel Market

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The Naira yesterday appreciated to N1,715 per dollar in the parallel market from N1,725 per dollar last weekend. However, the Naira yesterday depreciated to N1,603.16 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,603.16 per dollar from N1,600.78 per dollar…

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Exchange and Forex

Naira Appreciates To N1,680/$ In Parallel Market

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The Naira yesterday appreciated to N1,680 per dollar in the parallel market compared to N1,690 per dollar last weekend. Similarly, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from N1,641.27 per dollar…

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Exchange and Forex