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Posts published in “Exchange Rates”

Sterling steadies as virus curbs dampen rate hike hopes

The pound held steady on Thursday, just above its 2021 low hit the day before when Britain announced tougher restrictions against COVID-19 as the emergent Omicron variant spreads.

Improved forex supply important for naira stability – Comercio report

The ability of the Central Bank of Nigeria to improve forex liquidity that will match the demand in the financial system will help to boost stability of naira.

BDCs fear N300bn loss, job cuts due to Forex Scarcity

BDCs fear N300bn loss, job cuts due to Forex Scarcity.

More than two months after the Central Bank of Nigeria stopped the sale of forex to its licensed Bureau de Change operators, workers in the sector are being laid off over scarcity of forex, findings have revealed.

Naira slumps further, exchanges for 570/$

The naira continued its downward trend after exchanging to the dollar for 570 on Thursday.

Naira weakens to N484/$1 despite new dollar policy

The naira yesterday exchanged at N484/$1 at the parallel market.

The rate is N4 weaker than N480/$1 it exchanged before the Central Bank of Nigeria began the implementation of its new ‘Naira for Dollar Scheme” on Monday.

The naira has, however, remained stable at N379 to dollar on the Central Bank of Nigeria’s (CBN’s) official rate, a check at the apex bank’s website showed.

Naira Depreciates To 410/$ At Official Market

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the naira has depreciated at the official market to 410 against the dollar.

Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

Naira Down, Exchanges for N477/$ at Parallel Market

The Nigeria naira on Friday exchanged for 477/$ at the parallel markets.

Attach the Investor & Exporter forex window, the naira closed at 396.17/$ after hitting a high of 401/$.

The Central Bank of Nigeria recently disclosed that it injected $4.37bn into the foreign exchange market in the third quarter of 2020 as part of efforts to ensure the stability of the naira.

Naira struggles for stability as external reserves gain

Nigeria currency, the Naira dipped slightly after it exchanged for N474/$ at the parallel market on Monday.

It had earlier exchanged for 473/$ for most of last week.

At the Investors & Exporters forex window, it closed at N388/$ after it had reached a high of N415/$.

Nigeria Bureau De Change Operators Introduces Online Portal for Exchange Rate Updates

Nigeria Bureau De Change Operators Introduces Online Portal for accurate Exchange Rate Updates.

The Association of Bureau De Change Operators of Nigeria (ABCON) says it has launched a real-time exchange rates platform to provide forex information to those interested in the status of the Nigerian currency.

Aminu Gwadabe, the association’s president, said this on Tuesday at a virtual symposium organised by Arbiterz Media Limited, in association with EGM trading partners.