LAGOS AUGUST 10TH (NEWSRANGERS)-The Nigerian naira extended its slump in black-market trading as the nation’s dollar shortage deepened two months after the central bank moved to a more flexible exchange rate to encourage inflows. The currency of Africa’s biggest crude oil producer weakened to 923 naira per dollar, compared with 917 naira the day before,…
LAGOS AUGUST 8TH (NEWSRANGERS)-The Nigerian currency, the naira exchanged at the black foreign market for as low as N900 to a dollar on Monday, August 7, 2023. According to street traders who spoke to Legit.ng, Nigerians looking to buy dollars should be ready to pay as high as N902 as of 3 pm on Monday…
LAGOS JULY 16TH (NEWSRANGERS)-The forex reform of President Bola Tinubu is seen to be having a positive impact on inflow of remittance into the country. The reform aims to address the challenges of foreign exchange by floating the Naira, allowing market forces to determine the exchange rate. Many Nigerian big firms have since then…
LAGOS JUNE 14TH (NEWSRANGERS)-Nigeria’s central bank allowed the naira to slump to a record low as officials look set to phase out currency controls that have distorted Africa’s biggest economy for years. The naira slid 29% to 664 per dollar at the close in Lagos, according to FMDQ, a local exchange operator. The Central Bank…
LAGOS MAY 27TH (NEWSRANGERS)-Nigeria’s currency weakened in the parallel market to the lowest level in a year on expectations of a possible change in exchange-rate management after Bola Tinubu takes office as president on Monday. The naira dropped to 775 per dollar on Friday from 762 the previous day in the unauthorized market in Lagos,…
LAGOS FEBRUARY 4TH (NEWSRANGERS)-Former presidential candidate of the African Democratic Party, ADC and CBN Deputy Governor, Kingsley Moghalu has said the country’s currency, Naira, has become a commodity in the black market. Moghalu also said the current scarcity of the Naira was a way of the currency responding to its smuggling, arbitrage and other forms…
LAGOS DECEMBER 23RD (NEWSRANGERS)-Nigeria’s currency is poised for its eighth straight day of losses and on track for its longest losing streak since 2020, less than two months before a presidential election. The naira traded at 453.16 to the dollar as of 4:30 p.m. local time on Thursday in the spot market. The currency has…
LAGOS NOVEMBER 16TH (NEWSRANGERS)-The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira. Bawa stated this in an interview with Deutsche Welle (DW) Hausa service, saying President Muhammadu Buhari did well to approve the redesigning. He said, “The law…