Tag
EXCHANGE RATE
The exchange at the start of the week was N385.33.
Nigeria may need more than $3.4 billion from the IMF and bond buyers making it inevitable that the currency will be floated
CBN recently adjusted the exchange rate for import duty payment from N326/$ to N361/$ as part of its efforts at achieving convergence in exchange rates
COVID-19 pandemic and the crash in oil prices have all but extinguished supply of dollars from the IFEX market (official market for trading forex).
Interestingly, the dollar fell significantly against most major currencies on Tuesday, amid concerns that the currency had surged too quickly when safe-haven demand is dropping.
Anytime we hear about foreign reserves, we just learn about the movement in the reserves, whether upwards or downwards. But there is more to the concept. Let's show you.
Naira continues on its downward slide against major currencies of the world as it dipped further against the US dollar to stand at an average of $1/N412.
The Central Bank of Nigeria, in a note issued to Bureau De Change operators (BDCs) in the country, suspended the sales of foreign currency for two weeks.
Governor, Godwin Emefiele clarifies the supposed devaluation of Naira. Says it is an adjustment of price and not a devaluation of the currency.
In Nigeria, Coronavirus possesses a different kind of imminent threat which could cost economies even more.
Speculators strike as exchange rate falls to N366/$1, stocks lose another N1 trillion.
Parallel market exchange rate between the Naira and three of the world's major currencies.