Naira thrown into open market, official exchange rate nullified

The Central Bank of Nigeria, CBN, yesterday, announced a flexible exchange rate regime aimed at making foreign currencies more accessible. With this action, the CBN has nullified the official exchange rate regime of N197/dollar. The CBN took the measure following severe pressures on external reserve and foreign exchange supply crisis. Governor of the CBN, Mr.… Read More Naira thrown into open market, official exchange rate nullified

President Muhammadu Buhari insists that the Naira won’t undergo devaluation

President Muhammadu Buhari has continually insisted that he would not approve any further devaluation of the Naira. President Buhari said that Nigeria, which is not an exporting nation, would be worst hit if the Naira was devalued. He noted that only the Western countries, with lots of items to export, could benefit from the economic… Read More President Muhammadu Buhari insists that the Naira won’t undergo devaluation

Naira depreciates against the Dollar at the parallel market

The naira continued its slide against the dollar at the parallel market on Wednesday trading at N305 to the dollar. It was traded N290 to the dollar at the same segment in Lagos on Tuesday. The naira exchange rate was, however, stable at N197 to the dollar at the official market on Wednesday. The naira… Read More Naira depreciates against the Dollar at the parallel market