Tag: Forex

Naira now N980/$ at parallel market- ABCON

Aminu Imam

…Cites dollar liquidity President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has said the Nigerian currency, the Naira, continued its appreciation streak against the dollar, strengthening to N980/$ in the parallel market on Friday. Earlier in the day, the Naira had appreciated to N1, 040 against the dollar at the parallel section of the foreign exchange market. According to him, the currency rebound is the manifestation of measures of dollar liquidity injection and naira mopping through the instrumentality of interest rate hikes. He said,…

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FX transactions outside official window to attract excise taxes soon – FG

Aminu Imam

Foreign exchange transactions conducted outside Nigerias official FX window will soon incur excise tax penalties. This is one of the 20 recommendations put forward by the Presidential Fiscal Policy and Tax Reform Committee, established by President Bola Ahmed Tinubu to evaluate and provide guidance on reforms aimed at shaping Nigerias fiscal policy and tax system. Announcing this development on X, formerly known as Twitter, Taiwo Oyedele, the committees Chairman, indicated that the committees quick win recommendations, designed to address pressing economic issues including exchange rate management, the impact of fuel…

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$10bn forex inflow expected in weeks Finance Minister

Aminu Imam

Minister of Finance and Coordinating Minister of the Economy Wale Edun, has disclosed that around $10 billion of forex inflows is expected within weeks rather than months. Edun stated this during a panel session at the ongoing Nigeria Economic Summit, where he answered questions about stabilising the foreign exchange market and enshrining liquidity in the market. According to him, In addition, from the supply of foreign exchange through NNPC, increased production, reduced expenditure, from transactions such as forward sales from our discussions with sovereign wealth funds that are ready to invest…

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Forex rate: FG pledges to honour legitimate obligations

Aminu Imam

President Bola Tinubu has allayed the concerns of the business community, assuring them that crucial plans are underway to improve foreign exchange liquidity. In an issued press statement yesterday, signed by the Special Adviser to the President (Media and Publicity) Ajuri Ngelale, the President said his administration will honour every legitimate contract with respect to the nations foreign exchange obligations. The Naira exchange rate in Abuja and Lagos has scaled the roof and brought immense hardship to Nigerians. According to a parallel market dealer, Today (yesterday)s rate Pounds to Naira is…

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Dollar supply drops by 86.99% after CBN restored 43 items

Aminu Imam

Dollar supply, which rose sharply to $407.66 million on Thursday, the same day the Central Bank of Nigeria (CBN) lifted the forex ban on 43 items, dropped by 86.99 percent on Friday. Data from the FMDQ showed that the dollar supply, which reflected the volume of transactions at the Investors and Exporters (I&E) forex window, declined to $53.02 million on Friday from $407.66 million the previous day. The CBN, on Thursday, restored the 43 items prohibited from access to foreign exchange (FX), eight years after, a move seen to usher…

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Nigeria gets Afrexim $3bn to fight Naira speculators – NNPCL

Aminu Imam

President Bola Tinubu and the Central Bank of Nigeria, (CBN), have received a three billion dollars firepower from African Export-Import Bank, (AFREXIM) in Cairo to help them fight the so-called speculators that have ambushed the local currency. According to a statement issued late yesterday, the state oil company, the Nigerian National Petroleum Company Limited, (NNPCL), the NNPCL and Afrexim Bank have jointly signed a commitment letter and term sheet for an emergency $3bn crude oil repayment loan. It was learnt that senior oil officials from the NNPCL, NUPRC as well…

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Expect a return to a CBN-controlled exchange rate system EIU

Aminu Imam

…Says Naira should trade N815/$1 in 2024 The Economic Intelligence Unit (EIU) has predicted in its latest report about the Nigerian currency, the naira, that it believes the Nigerian government will go back to a system where they have more control over the exchange rate. This, it said, is to try and stop the naira from losing its value much further. The EIU pointed out that the Central Bank of Nigeria (CBN), which manages the countrys money, doesnt have much experience handling a flexible exchange rate system. Before President Bola…

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Naira drops against US Dollar, exchanges at N803.90at official window

Aminu Imam

The Naira on Friday depreciated against the dollar, exchanging at N803.90at the investors and exporters window. According to Financial statistics, the Naira decreased by 7.72 percent when compared with N746.28, for which it exchanged for the dollar on Thursday, July 13. The open indicative rate closed at N763.36 to one dollar on Friday. A spot exchange rate of N829 to the dollar was the highest rate recorded within the days trading before it settled at N803.90. The Naira sold for as low as N689.34 to the dollar within the days trading. A…

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Naira depreciates to N776.9/$ at I&E window, N793/$ at parallel market

Aminu Imam

Nigeria’s currency, the naira, has once again slightly depreciated, reports have shown. The currency on Friday depreciated by 1.87 percent, to close at N776.9/$ at the investors and exporters (I&E) window. Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, showed that the local currency opened with an exchange rate of N762.5 to the dollar and sold for an intra-day high of N825/$ before closing at N776.9/$. A total of $73.42 million in FX value was traded at the I&E window on Friday. Meanwhile,…

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Forex: Naira stabilises at N775 per dollar, as supply rise

Aminu Imam

The Naira has stabilised, at N775 per dollar, as demand pressure has waned amid increased supply of the greenback at the parallel market, also known as the black market. For the past three days, the dollar was quoted at N775/$1 at the unofficial market, after depreciating to close to N1, 000/$1 (890) in the early week of November 2022. The pressure on Naira eased on Wednesday on the back of dollar supply, after the Central Bank of Nigeria (CBN) unveiled the newly redesigned banknotes. According to analysts, prior to the unveiling…

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