The naira continued its downward trend after exchanging to the dollar at 980/$ at the parallel market on Wednesday. A week earlier, the naira exchanged to the dollar at 950/$. Bureau de Change operators attributed the fall to scarcity of foreign currency. “We bought and sold the naira today at 965/$ and 980/$. The dollar
Read more
…Most banks in the State paid as high as N300,000 respectively to each customer Customers in most commercial banks in Onitsha and environs, Anambra State, smiled home for the first time since the lingering cash scarcity ocasioned by new naira redesign by the Central Bank of Nigeria (CBN). Most banks in the commercial city of
Read more
…CFA franc is the legal tender in eight West African countries Residents of border communities in states including Sokoto, Zamfara, Katsina, Adamawa and Kwara have opted for the CFA franc following the scarcity of the new naira notes across the country. The residents, including traders and commercial drivers, are also rejecting the old naira notes,
Read more
Commercial banks on Wednesday witnessed minimal activity as frustrated customers resorted to alternative means of cash withdrawal following the scarcity of naira notes in the banks. Our correspondents who visited some of the banks in Lagos state revealed that while most banking halls were empty due to paucity of funds in bank vaults, large crowds
Read more
…says the agency is already monitoring banks that were still dispensing old naira notes from their ATMs The Central Bank of Nigeria, CBN has warned that it would sanction banks that continue to dispense the old Naira notes at their Automated Teller Machine, ATM points. The Director of the Legal Services Department of CBN, Mr.
Read more
…insists redesigning of the Naira notes will only cost the nation huge sums of money at the expense of taxpayers A Northern group under the aegis of Concerned Northern Forum, has kicked against the proposed redesign of the Naira notes. The DAILY VENDOR had reported that the Central Bank of Nigeria, CBN announced that the
Read more
Naira depreciated against the dollar on the black market on Monday by N2, according to data gleaned from abokiFX.com, a website that collates parallel market rates in Lagos. The local currency exchanged for dollar currency at N482, N2 or 0.41 per cent weaker than N480, the rate it traded on Friday. The new parallel market
Read more
Nigeria’s Naira is one of Africa’s low-performing currencies so far in 2021 after dropping 2.85 percent of its value against the United States dollar in the forex market. The Naira closed at 393.4 to a dollar on Friday compared to 382 to a dollar recorded on January 1, according to data compiled by www.exchange-rates.org, a
Read more
The Central Bank of Nigeria (CBN) has technically devalued the naira to exchange to the dollar at N380. The apex bank took this decision after all interventions in the market, such as imposing sanctions on errant operators and use of moral suasion to curb illegal forex operations did not sustain the exchange rate of N360.
Read more