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The Central Bank of Nigeria (CBN) has reaffirmed that the standard ₦100 banknote remains legal tender across the country, warning Nigerians, businesses, financial institutions and other economic operators against refusing to accept it for transactions. The clarification followed reports that some traders, transport operators and members of the public had begun rejecting the standard ₦100…
The Naira yesterday appreciated to N1,518 per dollar in the parallel market from N1,520 for a dollar on Monday. However, Naira depreciated to N1,493.2 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,493.2 per dollar…
The naira yesterday appreciated to N1, 618 per dollar in the parallel market from N1,620 per dollar on Monday. But, the Naira depreciated to N1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,604…
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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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THE Naira yesterday appreciated to N1,580 per dollar in the parallel market from N1,585 per dollar last weekend. Similarly, the Naira yesterday appreciated to N1,570.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,570.99 per dollar from N1,574.2 per dollar…
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The naira has again depreciated against the dollar in the foreign exchange market despite the increase in Nigeria’s external reserves. FMDQ data showed that the naira depreciated to N1523.85 against the dollar on Monday from N1509.67 traded last Friday. This represents N14.18 loss against the dollar compared to the N1509.67 traded on Friday. Similarly, the…
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The naira appreciated against the dollar at both official and parallel foreign exchange markets to begin the week on a good note. FMDQ data showed that the naira appreciated to N1,476.12 per dollar on Monday, a N9.87 gain compared to the N1485.99 recorded last Friday. Similarly, in the parallel market section, the naira appreciated to…
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The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 percent this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. IMF disclosed this in its February 2024 Post–Financing…
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