Tag
EXCHANGE RATE
The exchange rate has now weakened by 17.5% in a matter of 5 days as concerns mount over the central bank's ability to sustain the gains recorded in recent weeks.
A force that the global financial markets were not prepared for in 2024 is already affecting them: The dollar is strong again and seems to be here to stay.
The naira remained above the N1200/$ band in the unofficial market, causing the Nigerian currency to pause its winning streak against the American dollar on a weekly spectrum.
The Nigeria Customs Service (NCS) has reduced the exchange rate for import duties collection from N1238.1 to the dollar to N1,147/$. This represents a decline of N91.1 since the last reduction on April 10th April.
The naira strengthened against major currencies on Monday the greenback saw an increased safe-haven demand, in the wake of an Iranian strike on Israel, putting it at more than five-month highs.
Same Bukayo Saka but different valuation, So which is the actual value of Saka? Is €100m overvalued, or is €10m undervalued?
The exchange rate between the Naira and the Dollar at the official window rose by 7.7% on Friday to close the week at N1,142/$1.
The exchange rate for clearance of goods and import duties assessment by the Nigeria Customs Service (NCS) has dropped from N1,246.66/$ to N1,238.17 to the USD.
It was learnt last week that the drivers of the new power tariffs in Nigeria are the exchange rate of the Naira to the US dollar and inflation.
Following the Central Bank of Nigeria's reforms, the country's currency has consistently appreciated against the US dollar and other foreign currencies since the first week of March 2024.
The Nigerian government’s move to revise electricity tariffs is set to deliver a 52% cut in monthly subsidy expenses.
The Nigeria Customs Service revealed that the service encountered major challenges with the fluctuations of the CBN exchange rate regime for import duty, which it says has disrupted its activities.