Tag: Forex

Naira Slumps To N1,410/$ In Parallel Market

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Naira Slumps To N1,410/$ In Parallel Market

Yesterday, the Naira depreciated to N1,410 per dollar in the parallel market, from N1,395 per dollar last weekend. This was contrary to Naira’s appreciation in the Nigerian Foreign Exchange Market, NAFEM, to N1,354.21 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,354.21per dollar from N1,400.4 per dollar last…

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Exchange and Forex

CBN To Cease Sale Of FOREX To Banks By Year End – Emefiele

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CBN To Cease Sale Of FOREX To Banks By Year End – Emefiele

The Central Bank of Nigeria has revealed that it would stop the sale of foreign exchange to banks by the end of the year. CBN Governor, Godwin Emefiele, said the banks must begin to source their forex from export proceeds. “The era is coming to an end when, because your customers need 100million dollars in…

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Finance and Economy