By Elizabeth Adegbesan The Naira yesterday appreciated to N1,493 per dollar in the official foreign exchange market. Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,493 per dollar from N1,506 per dollar on Wednesday, indicating N13 appreciation for the naira….
By Elizabeth Adegbesan The Naira today appreciated to N1,660 per dollar in the parallel market from N1,665 per dollar on Thursday. Similarly, the Naira appreciated to N1,531 per dollar in the official foreign exchange market. Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM)…
Cash scarcity has been a reoccurring challenge for many Nigerians since the aborted Naira redesign policy introduced in the last quarter of 2023 by the Central Bank of Nigeria, CBN. The manifestations of this challenge include cash rationing by banks; lack of cash at ATM points; long queues for cash in banks and ATM points;…
The Central Bank of Nigeria has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still…
BY: Henry Falaiye The Association of Senior Staff of Banks, Insurance, and Financial Institutions has attributed the worsening cash shortage across the country to the Central Bank of Nigeria’s inability to meet the cash demands of commercial banks. Speaking with The PUNCH, ASSBIFI President, Olusoji Oluwole, highlighted the dire impact of the scarcity, particularly as…
By Elizabeth Adegbesan The volume of dollar traded (turnover) in the Nigerian Foreign Exchange Market, NAFEM, rose Year-on-Year (YoY) by 61.9 percent to $43.09 billion in the first eleven months of 2024 (11M’24) from $26.6 billion in the corresponding period of 2023. Details of the quarterly transactions in the market as published by FMDQ showed…
