Category: Finance and Economy

Naira Depreciates As Dollar Quantity Declines On Thursday

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Naira Depreciates As Dollar Quantity Declines On Thursday

The supply of Dollar and other currencies dropped at the foreign exchange market as the Naira exchange rate depreciated on Thursday. FMDQ data showed that the foreign exchange transactions turnover declined to $87.51 million on Thursday from $139.48 million recorded the previous day. This represents a $57.97 million decrease in FX transactions turnover on a…

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Exchange and Forex

OPay To Charge N50 Transfer Levy On Transactions Above N10,000

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OPay To Charge N50 Transfer Levy On Transactions Above N10,000

OPay has announced a new charge on electronic transfers into personal and business accounts in compliance with Federal Inland Revenue Service regulations. Starting September 9, 2024, a one-time fee of N50 will be applied to transfers of N10,000 and above. In a notice to its customers on Saturday, OPay stated, “Dear valued customers, please be…

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Finance and Economy

Petrol Sells Above N1,000 Per Litre As Fuel Queues Grow Monstrous In Major Cities

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Petrol Sells Above N1,000 Per Litre As Fuel Queues Grow Monstrous In Major Cities

Nigerians across the country are lamenting as the cost of Premium Motor Spirit (Petrol) has gone over N1000 per liter in many parts of the country. This comes as Dangote Refinery offers the Nigerian National Petroleum Company Limited a lifeline to exit the petrol importation burden. Earlier, the 650,000 barrels per day Lagos-based refinery confirmed…

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Finance and Economy

NNPCL In Financial Stress, Fresh Fuel Crisis Looms In Nigeria

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NNPCL In Financial Stress, Fresh Fuel Crisis Looms In Nigeria

The pump price of Premium Motor Spirit (petrol) may rise as the Nigerian National Petroleum Company, NNPCL, has admitted financial stress. NNPCL’s spokesperson, Olufemi Soneye admitted on Sunday that the firm was strained by fuel supply costs. He stated that “This financial strain has placed considerable pressure on the Company and poses a threat to…

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Finance and Economy

FG Issues Traders One Month Ultimatum To Crash Prices Or…

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FG Issues Traders One Month Ultimatum To Crash Prices Or…

The Federal Competition and Consumer Protection Commission (FCCPC), has given one-month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods. The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja. According…

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Trade and Commerce

Naira Plunges To N1,620/$ In Parallel Market

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Naira Plunges To N1,620/$ In Parallel Market

The Naira yesterday depreciated to N1,620 per dollar in the parallel market from N1,615 per dollar on Tuesday. Similarly, the Naira yesterday depreciated to N1,606.56 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,606.59 per dollar from N1,594.27 per dollar…

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Exchange and Forex

Naira Falls To N1,615 /$ In Parallel Market

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Naira Falls To N1,615 /$ In Parallel Market

The Naira yesterday depreciated to N1, 615 per dollar in the parallel market from N1,610 per dollar on Tuesday. However, the Naira appreciated to N1,543.84 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,543.84 per dollar from N1,592.06 per dollar…

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Exchange and Forex

Naira Depreciates Further Against Dollar

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Naira Depreciates Further Against Dollar

The naira continued to depreciate against the dollar on the foreign exchange market on Tuesday. FMDQ data on Tuesday showed that the naira further weakened to N1,592.06 per dollar from N1579.22 exchanged on Monday, which represents N12.84 depreciation. Similarly, at the parallel market, the naira fell to N1615 per dollar on Tuesday from N1610 on…

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Exchange and Forex

Naira Depreciates Against Dollar Continuing Previous Week’s Negative Trend

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Naira Depreciates Against Dollar Continuing Previous Week’s Negative Trend

The naira fell against the dollar at the foreign exchange market to start the week on a negative note. FMDQ data showed that the currency depreciated to N1579.22 per dollar on Monday from N1,564.48 last Friday. This represents N14.74 loss against the dollar. Similarly, at the black market, the naira weakened to N1610 per dollar…

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Exchange and Forex

Naira Depreciates As Dollar Supply Drops By 18.26% To $201m

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Naira Depreciates As Dollar Supply Drops By 18.26% To $201m

The Naira depreciated on Tuesday as Dollar supply at the official foreign exchange market dropped by 18.26 percent to $201 million. FMDQ data showed that the turnover of willing buyers and sellers at the official FX market declined to $201 million from $246.44 million on Monday. This comes as the country’s external reserves also dropped…

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Exchange and Forex