Tag
EXCHANGE RATE
Mr. Olayemi Cardoso, the CBN headmaster, is implementing a strategy involving the removal of subsidies, floating the Naira, and encouraging foreign portfolio investment (FPI). The goal is to stabilize the Naira and create breathing space for the fiscal team to address underlying economic dysfunctions.
CPPE says high exchange rates for cargo clearance by the customs can lead to diversion of cargo by importers to neighbouring countries.
In a statement on Friday, the International Monetary Fund’s (IMF) Resident Representative for Nigeria, Christian Ebeke, has said that the IMF does not publish exchange rate forecasts.
It has been a tumultuous twenty-four hours after the exchange rate between the naira and USDT, plummeted to approximately N1900/USDT before subsequently rising to N1354.3.
The Nigerian Electricity Regulatory Commission (NERC) is considering increasing the price of prepaid meters once again.
The exchange rate between the naira and the dollar has depreciated to an all-time low, reaching N1,537.96/$1 at the official market.
The Central Bank of Nigeria (CBN) has raised the exchange rate for the clearance of goods from N1444.56/$ to N1515.09 against the USD, marking an increase of N70.53 compared to the prior rate.
The exchange rate between the naira and dollar closed at N1,534/$1 on the official NAFEM market on Monday, February 12th, 2024.
Some market operators have said that as long as economic factors such as inflation and high exchange rates remain elevated, share prices are likely to continue their upward trajectory.
The Naira experienced depreciation against the US Dollar across both the official and black markets as demand pressure continued to weaken Nigeria’s currency.
The Naira gained against the dollar on Monday, 5th February 2024 at the both official market and the black market.
The exchange rate between the naira and dollar at the official NAFEM closed the year at N 907.11 per dollar marking a turbulent year for the currency of Africa’s largest economy.