Tag
NAIRA
The exchange rate between the naira and dollar was quoted for as high as N895/$1 on the black market, the weakest in history.
The latest earnings results on the NGX show that blue-chip brands that include Airtel Africa, Guinness Nigeria, Nigerian Breweries, and Cadbury Nigeria lost a significant amount of money due to FX exposures.
The House of Representatives has turned down a motion urging the Federal Government to intervene and take necessary steps to stabilize the Naira.
Google on Wednesday announced that Nigerians can now make payments on its Play Store using the local currency, the naira.
The exchange rate between the naira and dollar plunged to N888/$1 on Binance a crypto platform.
CBN on Thursday issued a letter to all Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs), and the general public, announcing the inclusion of the Naira as a payout option for diaspora remittances.
The naira has been fluctuating over the past two weeks, trading between 750 and 790 nairas on Wednesday, when it reached a high of 782.36/$ at its highest levels on the official market
Cryptocurrency has gained significant popularity over the years, and many individuals are now actively participating in the digital asset market.
The Naira/British Pound exchange rate hovered above N1,000/£ for about a week due to strong parallel market demand.
It has been a month since CBN allowed the Naira to drop up to 36% on the official market but it hasn’t stopped an uptick in the P2P market.
Naira depreciated against US dollar at official market on 30th June 2023.
ACMAN has said that the economic fundamentals required to support a Naira float are still weak, especially with sources of forex.