Just another News Updates
The Naira continued its decline on Friday, falling to ₦1,700 per dollar in the parallel market, down from ₦1,675 per dollar the previous day. Conversely, the Naira gained ground in the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating to ₦1,540.78 per dollar. Data from the FMDQ Exchange indicated that the official NAFEM exchange rate improved […]
Hoteliers, school owners, and other businesses accepting payments in dollars face the threat of arrest, warns the Economic and Financial Crimes Commission (EFCC). Ola Olukoyede, Chairman of the EFCC, issued this caution in the agency’s publication, EFCC Alert, on Monday, emphasizing that individuals engaging in dollar transactions risk legal action. Exceptions are made for transactions […]
The Central Bank of Nigeria (CBN) has issued new regulations mandating foreign exchange sellers to Bureau De Change (BDC) who deal in amounts equivalent to or exceeding $10,000 to disclose the sources of their forex. According to Haruna Mustapha, Director of the Financial Policy and Regulation Department at CBN, these measures aim to curb irregularities […]
Nigeria’s local currency has soared above the ₦2,000 mark against the Great British Pound on the parallel market. Malam Ibrahim, a Bureau de Change operator at Wuse Zone 4, confirmed the staggering rates earlier today. “It’s indeed true,” he affirmed. “We’re now trading above ₦2,000 for the pound, driven by relentless demand.” This latest surge […]
The Central Bank of Nigeria (CBN) sold nearly $90 million in the spot FX market on Tuesday, marking its return to dollar sales after a hiatus since September 2023. According to sources familiar with the matter, the CBN offered the dollars at a favorable rate of N1490 per dollar, with a majority of the 34 […]
The United States Royal Court in Jersey has ruled for the return of stolen assets worth £6.9m ($8.9m) to Nigeria. These funds, allegedly diverted by Nigerian government officials in 2014 under the pretext of purchasing arms to combat Boko Haram, were deposited in a Jersey bank account. The court found that the money was likely […]
On Monday, the naira weakened against the dollar, reaching 1,233/$ at the parallel market, as reported by Bureau de Change operators. According to some BDC operators, the local currency was both bought and sold at rates of 1,228/$ and 1,233/$, consistent with the rates on the previous Friday. Figures from Abokifx indicated that the Pound […]
The Naira is gaining strength against the US Dollar as the federal government takes steps to clear outstanding debts. In October, the Foreign Exchange market saw a substantial turnover of $2.23 billion. Both the parallel and official markets saw the Naira’s resurgence as the Central Bank of Nigeria (CBN) reportedly allocated $6.7 billion to assist […]