Tag: Naira

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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Old, new Naira notes remain legal CBN

Aminu Imam

The Central Bank of Nigeria (CBN) says that all banknotes remain legal tender after reports of anxiety among some members of the public over the legality of old naira banknotes. In an issued statement yesterday, the apex bank’s Director, Corporate Communications, Isa AbdulMumin, said the old naira notes should not be rejected, as they will be issued alongside redesigned banknotes in adequate quantities to banks for the benefit of their customers. The CBN said: Our attention has again been drawn to reports of a scarcity of cash across some major…

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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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CBN denies plan to re-denominate Naira

Aminu Imam

The Central Bank of Nigeria (CBN) has debunked the rumours that it plans to redenominate the countrys legal tender, the Naira, with effect from January, 2024. This following the wide circulation of a text message in social media yesterday suggesting that the apex bank intends to redenominate the currency. The CBN said for the avoidance of doubt; there is currently no plan by the Bank to restructure and redenominate the naira. The apex bank’s Director of Corporate Communication, Dr. Isa AbdulMumin, in a statement released, said: We are concerned that this…

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Naira now among Africas worst performing currencies – World Bank

Aminu Imam

The World Bank has said the Nigerian currency, the Naira, is among the worst-performing currencies in Africa. In its report titled: Africas Pulse: An analysis of issues shaping Africas economic future (October 2023 | Volume 28), tha Bank noted that the currency weakened by nearly 40% against the US dollar since a mid-June devaluation. The US-based institution stated that, So far this year, the Nigerian naira and the Angolan Kwanza are among the worst performing currencies in the region: these currencies have posted a year-to-date depreciation of nearly 40 per…

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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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Old Naira: Buhari breaks silence on Supreme Court order

Aminu Imam

The Presidency has said President Muhammadu Buhari never told the Attorney General and the Central Bank of Nigeria to defy the Supreme Court order on the old naira notes of N500 and N1, 000 denominations. According to a statement issued by the presidency via its Twitter handle yesterday, President Buhari said that at no time did he instruct the Attorney-General of the Federation, (AGF) and the CBN Governor to disobey any court orders involving the government and other parties. The statement read in part: The directive of the President, following…

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Naira scarcity: Ibadan-based journalist dies while trekking to office

Aminu Imam

An Ibadan-based radio presenter, popularly known as Baba Bintin slumped and died on his way to work in the early hours of yesterday. According to reports, the presenter died on his way to the Fresh FM station, where he had a programme at Ayefele Music House, Challenge, Ibadan, the Oyo State capital. It was gathered that the journalist was trekking from Amuloko area, where he lived, to Challenge as a result of his inability to get cash for transportation to the studio. The Late presenter usually relieves information on market…

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CBN debunks statement on N500, N1, 000 notes

Aminu Imam

The Central Bank of Nigeria (CBN) has debunked online reports making rounds, claiming the apex bank has approved the circulation of old naira notes till December 31, 2023. Acting Director Corporate Communications, Isa AbdulMumin, who spoke with newsmen on Wednesday, declared the report as fake news. The report quoted him as saying he confirmed the development, saying both the old and new notes are legal tender and banks are currently issuing to customers. However, the apex banks spokesman urged Nigerians to disregard it and avoid purveyors of fake news. Some…

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