24hrs News & Updates
The naira yesterday exchanged at N1,050 to dollar at the parallel market. It exchanged at N1,125 to dollar over the weekend, representing N75 appreciation. Naira appreciated by 0.56 per cent to close at N1,136 to dollar at the official market. The local currency had of recent commenced rapid recovery, as volatility in the market dropped…
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The Central Bank of Nigeria on Monday said it sold $10,000 to each Bureau De Change operators at a rate of N1,251 per U.S. dollar. This was made known in a circular addressed to the President of the Association of Bureau De Change operators of Nigeria. In the circular, signed by Hassan Mahmud, the Director…
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The Central Bank of Nigeria (CBN) says it has cleared all $7 billion foreign exchange (forex) backlog inherited by Governor Yemi Cardoso. In a statement yesterday, Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mrs. Hakama Sidi Ali, confirmed the settlement of all valid forex backlog claims. She explained that the CBN had…
Information filtering in indicate that the Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau de Change (BDCs) operators in the country. This was contained in a statement on Friday by Sidi Ali Hakama, CBN’s acting director of corporate communications. The statement reads: “The Central Bank of Nigeria (CBN), in exercise…
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Naira plunged to a record low on Monday after exchanging at N1,534.39 to a dollar at the official market segment. According to data published on the FMDQ website, the local currency moved to an intraday high of N1000/$1 and a low of N1,550 to a dollar before it eventually settled at N1,534.39 at the close…
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The free slide of the Naira occasioned by pressure on the foreign exchange (FX) market is beginning to ease as the naira recovered after commercial banks offloaded dollars into the official market in response to 24 hours given by the Central Bank of Nigeria (CBN). This became noticeable as the volume of dollar transactions by…
The Central Bank of Nigeria (CBN) has committed $500 million into the forex market. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday. Sidi-Ali reiterated the bank’s commitment to “settling all legitimate foreign exchange backlogs within a short time frame.” She also assured Nigerians that…
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The Economic and Financial Crimes Commission has summoned some officials of the Dangote Group to Abuja to come along with detailed documents on foreign exchange transactions by the conglomerate covering the last nine years. Operatives of the EFCC had on Thursday stormed the headquarters of Dangote Industries Limited in Ikoyi, Lagos, in furtherance of the…
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Some major fast-moving consumer goods companies, including Cadbury, Guinness Nigeria and Nestle lost not less than N472.3bn to naira depreciation during the first nine months of 2023, according to a new report by Meristem. The report stated that the high inflation rate put significant pressure on production costs within the consumer goods sector, particularly affecting…
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The Nigerian currency, Naira, experienced a significant depreciation, reaching N1035.12 against the US dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Wednesday. This decline represents a 4.72 percent decrease from the N988.46/$ rate recorded on Tuesday, the first trading day of 2024. The FMDQ Securities Exchange reported fluctuations in the official…
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