AGS NEWS – Global stock markets declined on Monday as the U.S. dollar surged to its highest level in over two years, fueled by unexpectedly strong U.S. jobs data, Reuters reports. The dollar index rose 0.23% to 109.91, briefly reaching … Continue reading Global stock markets decline as dollar hits two-year high
AGS NEWS – The Naira significantly gained against the dollar at the foreign exchange market 24 hours after depreciation. FMDQ data showed that the naira appreciated to N1,555.75 per dollar on Wednesday from N1637.59 on Tuesday. This represents an N81 … Continue reading Naira gains massively against dollar
AGS NEWS – The Nigeria Customs Service (NCS) has announced an increase in the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94 percent rise from the previous rate of N1,373.64/$ set on May 1. … Continue reading Customs raises import duty FX rate to N1,441 per Dollar
AGS NEWS – The Nigerian Federal Government is making plans to secure $10 billion to enhance liquidity in the foreign exchange market, following the naira’s decline to an unprecedented low of 1,850 against the dollar in the parallel market on … Continue reading FG pursues $10 billion to bolster exchange rate amid naira decline
AGS NEWS – The Central Bank of Nigeria (CBN) has implemented new regulations barring International Oil Companies (IOCs) from transferring all their foreign exchange earnings to their parent companies abroad. Under the new policy, which takes immediate effect, foreign oil … Continue reading CBN restricts foreign oil firms, no full repatriation of FX revenue allowed
AGS NEWS – The Nigerian naira saw a slight appreciation against the US dollar on Thursday in the Nigerian Autonomous Foreign Exchange Market, closing at N1,498.25/$ compared to N1,503.38/$ recorded the previous day. This shift occurred as the Central Bank … Continue reading Naira trades at N1,498/$ in official market as CBN cracks down on racketeers
The Nigerian naira experienced a slight uptick against the US dollar on Tuesday, climbing to N1,499/ from its previous record low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market. This represents a 2.3% increase or N35, as reported … Continue reading Naira strengthens officially but weakens to N1500/$ in parallel market
The Nigerian Naira experienced a significant depreciation, reaching a record low of N1,534.39 against the US dollar in the foreign exchange market on Monday. Data sourced from FMDQ revealed this decline from N1,469.97 on Friday, indicating a 4.2% or N64.42 … Continue reading Naira plummets to N1,534 against US dollar in foreign market
In Monday’s trading session at the parallel market, the Naira was exchanged at 1,233 per US dollar, as reported by Bureau de Change operators. Several BDC operators indicated that the local currency maintained the same rate of 1,228 per dollar … Continue reading Naira declines to 1,233 per Dollar in parallel market trading
The United States Securities and Exchange Commission (SEC) has accused Tingo Group Inc. and its CEO, Mmobuosi Banye, also known as Dozy Mmobuosi, of engaging in a multi-year scheme to inflate financial performance metrics. ALSO READ: Osimhen secures €140 million … Continue reading SEC accuses Nigerian businessman and firms of multimillion dollar fraud
The Nigerian naira experienced a significant appreciation of 27.16%, closing at N864.29/$ on the official Investors and Exporter window on Monday. The daily turnover of the dollar also saw a substantial increase, surging by 86.83% to $132.46 million compared to … Continue reading Naira gains ground, trades at N864/$ on official market with increased dollar supply
The volume of dollars traded on the Investor & Exporter forex window surged by 46.69 percent to $123.25 million on Monday, marking a significant increase from Friday’s turnover of $84.02 million. Despite this rise, the naira experienced a depreciation of … Continue reading Naira continues depreciation despite 46.69% surge in dollar turnover
Eight companies have reported a total currency revaluation loss of N918.1bn, attributing it to a 68.55% decline in the value of the naira against the dollar. Following the Central Bank of Nigeria’s decision to let the market determine the naira’s … Continue reading Firms report N918.1bn loss on naira-dollar revaluation
The Nigerian Naira faced another significant depreciation against the US Dollar on Tuesday, reaching a rate of N1,080/$ in the parallel market. This marked a 4.85% decline when compared to the N1,030/$ rate observed on the previous day. This marks … Continue reading Naira extends decline, hits N1,080 against US dollar
In response to a decline in the value of the Nigerian Naira, the Central Bank of Nigeria (CBN) has announced measures to increase the supply of dollars in the foreign exchange market and has lifted the ban on 43 previously … Continue reading CBN boosts dollar supply and lifts ban on 43 items, including cement
The U.S. dollar’s ascent has pushed the Japanese yen further into intervention territory, as the robust U.S. economy highlights the need for sustained higher interest rates. Meanwhile, the Bank of Japan’s ultra-dovish stance struggles to defend its policy approach. Australian … Continue reading Dollar strengthens as US economy holds strong; Australian dollar declines on employment figures
Economists have outlined several strategies to counter the depreciation of the Nigerian naira and address the scarcity of US dollars. One key recommendation is to secure balance of payment facilities from multilateral institutions, which could inject foreign currency into the … Continue reading Economists propose strategies to increase Dollar supply amid Naira depreciation
The Nigerian naira sustained its downward trajectory against the US dollar, reaching 876/$ in the parallel market on Sunday, as reported by Bureau de Change (BDC) operators. Just a week earlier, the local currency had traded at 820/$, reflecting the … Continue reading Forex shortage worsens, dollar hits N876
The Nigerian naira experienced a positive upswing on Tuesday, strengthening by 6.58% to close at N742.93/$ at the investors and exporters (I&E) window. This improvement comes after the currency reached an all-time low of N803.9/$ just two sessions prior. Data … Continue reading Naira strengthens further at I&E window, closes at N742.9/$
As the incoming administration approaches, the Nigerian currency continues its decline against the US dollar. On Friday, at the Investors and Exporters window, the naira was traded at N464.51 to the dollar, representing a 0.18% increase compared to the N463.67 … Continue reading Naira continues downward slide against Dollar ahead of new administration
In less than two weeks before the inauguration of President-elect Bola Tinubu, Nigeria’s currency, the naira, has experienced a significant decline, reaching a historic low of N465.07 against the US dollar. The Central Bank of Nigeria reportedly permitted the currency … Continue reading Naira hits record low against dollar ahead of presidential inauguration
Central Bank of Nigeria (CBN) has given foreign banks permission to grant loans to Nigerians and companies operating in Nigeria in dollars. This move by the CBN is aimed at expanding dollar liquidity in Nigeria through foreign bank representatives by … Continue reading CBN allows foreign banks to provide dollar loans to Nigerians
Over the last four months, Nigeria’s foreign exchange reserves have decreased by $1.82 billion, according to official data and reports. The forex reserves have been on a downward trend since the start of the year, with fears that the economy … Continue reading Nigeria’s Forex reserves plunge $1.82bn in four months, raising economic concerns
The US dollar faced a significant downturn on Wednesday as consumer prices in the United States rose less than expected in March, leading experts to speculate that the Federal Reserve may halt its rate-hiking efforts, possibly after a rate increase … Continue reading Dollar declines as inflation falls short of economists’ forecasts
On Monday, the Naira experienced a decline in value against the dollar, trading at N463.50 at the investors’ and exporters’ window. This rate represents a 0.46% reduction compared to its previous value of N461.38 on March 31. The open indicative … Continue reading Naira declines by 0.46% against the dollar
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