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 – On Monday, the Nigerian naira experienced a depreciation in both the official and parallel markets. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira fell to 1,523.85 per dollar from the previous close of 1,509.67. NAFEM, … Continue reading Naira falls to 1,523/$ in official market
AGS NEWS – Fitch Ratings has forecasted that the Nigerian naira will end the year at 1,450 to the US dollar. This was revealed by Gaimin Nonyane, Director of Sovereigns at Fitch Ratings, during a webinar focused on Nigeria and … Continue reading Naira may settle at 1450/$ by December – Fitch Ratings
AGS NEWS – Operatives of the Economic and Financial Crimes Commission (EFCC) reportedly conducted arrests at the bustling Wuse Zone 4 market on Tuesday, targeting Bureau De Change operators. Traders at the market claimed that some of the BDC operators … Continue reading Naira’s decline to N1,416/$ leads to arrests of BDC operators
AGS NEWS – Singer Habeeb Okikiola, popularly known as Portable, has raised concerns over alleged plans by the Economic and Financial Crimes Commission (EFCC) to arrest him for alleged Naira abuse. Currently abroad, Portable claimed that upon his return to … Continue reading EFCC is planning to arrest me please help me – Portable
AGS NEWS – The Nigerian Naira experienced a notable recovery against the US Dollar on Wednesday across both official and parallel markets. This surge follows the announcement by the Central Bank of Nigeria (CBN) regarding the complete resolution of all … Continue reading Naira bounces back to N1,400/$ as speculators sell off forex
AGS NEWS – The Senate has cautioned the executive against enlarging the budget size through a supplementary budget, urging the government to utilize anticipated excess savings from the recent devaluation of the naira to address the deficit. This warning follows … Continue reading Senate cautions against supplementary budget and excessive loans amid naira depreciation
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 $10 billion to bolster exchange rate amid naira decline
AGS NEWS – Nigerian Breweries Plc has revealed a significant foreign exchange loss amounting to N153 billion, attributed to the devaluation of the naira. This information was disclosed in the company’s earnings report, which accompanied its audited results for the … Continue reading Nigerian breweries reports naira devaluation causing N153bn forex loss
AGS NEWS – The Central Bank of Nigeria (CBN) has implemented new regulations barring International Oil Companies (IOCs) from transferring all their foreign exchange earnings to their parent companies abroad. Under the new policy, which takes immediate effect, foreign oil … Continue reading CBN restricts foreign oil firms, no full repatriation of FX revenue allowed
AGS NEWS – The Nigerian naira saw a slight appreciation against the US dollar on Thursday in the Nigerian Autonomous Foreign Exchange Market, closing at N1,498.25/$ 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
On February 1, 2024, Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, convicted and sentenced actress Oluwadarasimi Omoseyin to six months imprisonment for spraying and stepping on new naira notes at a social event in Lagos State. … Continue reading Nigerian actress sentenced to six months for spraying new naira notes
In a move to address delayed forex access for foreign airlines operating in Nigeria, the Central Bank of Nigeria (CBN) has infused approximately US $61.64 million into their operations. The targeted release of dollars is aimed at resolving a portion … Continue reading CBN releases $61.64 million to airlines in effort to strengthen naira
Recent findings indicate that the Nigerian naira has experienced a significant 38.9% depreciation against the United States dollar at the official Investors and Exporters (I&E) window of the Central Bank of Nigeria (CBN) within the last three months. Data from … Continue reading Concerns of job cuts rise with 39% Naira depreciation
The naira witnessed a 4.72% decline, closing at N1035.12/$ on the official Investor and Exporter foreign exchange window on Wednesday, according to data from the FMDQ Securities Exchange. This marks a consecutive decline in the first two trading days of … Continue reading Naira ends trading at N1035/$ on investor and exporter window
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 Enugu State Police Command has detained Chukwuebuka Igwebuike on allegations of defrauding unsuspecting traders with counterfeit naira notes in the Afor Market area of Garki Awkunanaw. This information was revealed by Daniel Ndukwe, the Command’s Public Relations Officer, in … Continue reading Enugu police arrest individual in possession of counterfeit naira notes
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 Central Bank of Nigeria (CBN) issued a warning on Friday regarding the circulation of counterfeit banknotes, particularly in higher denominations, across major cities in the country. In a statement signed by the acting Director of Corporate Communications, Mrs. Sidi … Continue reading CBN issues warning on counterfeit notes amid ongoing naira scarcity
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 $84.02 million. Despite this rise, the naira experienced a depreciation of … Continue reading Naira continues depreciation despite 46.69% surge in dollar turnover
Eight companies have reported a total currency revaluation loss of N918.1bn, attributing it to a 68.55% decline in the value of the naira against the dollar. Following the Central Bank of Nigeria’s decision to let the market determine the naira’s … Continue reading Firms report N918.1bn loss on naira-dollar revaluation
Despite recent efforts by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market, the naira concluded trading on the Investor & Exporter forex window on Thursday at N996.75/$. This marks a significant 13.95% decrease from the N874.71/$ … Continue reading Naira slumps to N1,000/$ in official market
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
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