Tag: Naira

Naira hits ₦1,401/$ amid global tensions

Aminu Imam
Naira forex rate

…Analysts warn of FX volatility The Naira traded at ₦1,401.4 per dollar at the official foreign exchange (FX) market on Tuesday, marking a 4.09% depreciation over the past three weeks from ₦1,346.32/$ on February 20. Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency crossed the ₦1,400/$ threshold on Monday, trading at ₦1,405.62/$. This is the first time the naira has hit this level since January 27, when it traded at ₦1,401.2/$. At the parallel market, the naira weakened slightly by 0.70%, moving from ₦1,430/$ on…

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“Old Naira notes remain legal tender” CBN debunks Dec. 2024 deadline claims

Aminu Imam
CBN on old Naira

The Central Bank of Nigeria, (CBN) has debunked reports claiming that the old series of N200, N500, and N1,000 banknotes will cease to exist as legal tender by December 31, 2024. In a statement issued on Thursday by the Acting Director of Corporate Communications, Sidi Hakama, the apex bank noted that the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023 to extend the use of old naira banknotes still holds indefinitely. According to the statement, The attention of the Central Bank of Nigeria (CBN) has been…

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?”Worst of naira volatility over” – Cardoso

Aminu Imam
Cardoso on Naira

Central Bank of Nigeria, (CBN), governor,, Yemi Cardoso, says hes relatively pleased about the rare calmness the naira has witnessed in the past months. In an interview with BloombergTV yesterday, Cardoso, who is the apex bank’s Monetary Policy Committee (MPC) Head, expressed optimism that the excessive volatility of the naira may not resurface again. I do believe that we have more or less seen the worst in terms of volatility, he stated. We are also very alive to observing the way and manner in which that market operates, and ensuring…

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‘Nigerians hoarding 94% cash’ CBN

Aminu Imam
Naira slumps

Nigerians are holding onto cash at an unprecedented rate, with a staggering 94 percent of the countrys currency outside the banking system. This trend was revealed by the Central Bank of Nigeria (CBN)’s, in its latest March, 2024 Money and Statistics data. The figures paints a concerning picture of declining trust in the banking system and potential risks to the nations economic growth. According to the data on the CBN website, the amount of physical money (M1) in circulation has skyrocketed compared to the previous year. In January 2024, it…

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Naira slumps again at official window, trades at N1,402/$1

Aminu Imam
CBN on cash

The nation’s currency, the Naira, reversed the gain it recorded on Tuesday to depreciate against the US Dollar at the end of trading on Thursday at the official window. The domestic currency traded at N1,402.67/$1, according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window. At the end of trading on Thursday, the Naira lost N12.67 against the dollar when compared to the previous exchange rate of N1,390/$1 on Tuesday, April 30, 2024. Similarly, the Naira lost against the dollar at the parallel section of the market…

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Naira weakens, as Customs FX duty rate hits N1,373

Aminu Imam
Forex naira

As the Nigerian currency, the Naira, slumped further against the United States dollar in the foreign exchange market, the exchange rate for computing import duties at the nations seaports has increased by 3.5 percent. Recall that the Central Bank of Nigeria, (CBN), raised the Customs FX duty rate from N1,327.35/$ to N1,373.646/$ on Tuesday, according to the information obtained from the official trade portal of the Nigeria Customs Service. This represents a 3.5 percent increase in rate, when compared to the old rate of N1,327.35/$ used for the opening of…

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‘Naira’s devaluation from N460 to N1,400 was the biggest mess created for 2023 – ?angote

Aminu Imam
Dangote

Chairman of ?angote Industries Limited, Aliko ?angote, has declared that the Naira devaluation had a significant negative impact on the company in the year 2023. ?angote, who addressed attendees on Tuesday at the yearly general assembly of ?angote Sugar Refinery Plc., conveyed that the company is diligently working towards delivering dividends this year. He stated that numerous companies, particularly those in the food and beverages sector, have also been impacted and may face challenges in distributing dividends. We are doing whatever it takes to make sure that at the end…

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Naira depreciates to 1,399/$1 & 1,430/$1 at official, parallelwindows

Aminu Imam
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The Naira continued its slump against the American dollar for the seventh consecutive day on Friday, at both the official and parallel windows. ?According to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the domestic currency traded at N1,399.23/$1 and N1,430/$1 respectively. At the end of trading on Friday, the naira lost N89.35 against the dollar when compared to the previous exchange rate of N1,309.88/$1 on Thursday. The intra-day high and low recorded during the day were N1,410/$1 and N1,051 /$1 respectively, representing a wide spread of…

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Naira emerges ‘world’s best-performing currency’ – Goldman Sachs

Aminu Imam
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Forecasts further gains Nigeria’s currency, the Naira, has emerged as the world’s best-performing currency this month, according to a Goldman Sachs Group Inc. economist, with a potential for further gains if current policies are maintained. The Naira has appreciated 12% against the dollar in April, building on a 1% increase in March. This recovery follows a period of significant depreciation, where the currency lost 71% of its value due to two devaluations since June, after the Government relaxed currency controls. The recent rally has brought the Naira to 1,230 per…

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2024: ‘Naira will record worst performance in 25yrs’ – Bloomberg

Aminu Imam

Bloomberg, a US-based media organisation, has predicted that the naira will decline further in 2024. According to the publication, yesterday, the naira is poised for its worst year since the return to democracy in 1999 adding that analysts are predicting further depreciation in 2024. The report said naira fell 55% this year to N1,043 per dollar at the official market on Thursday. The decline, Bloomberg said, made the naira the third worst-performing currency in the world behind the Lebanese pound and the Argentine peso among 151 currencies tracked by…

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