News

Latest news on Naira exchange rates from Nigeria and abroad

CBN Auctions $418 Million To Boost Forex Liquidity

The Central Bank of Nigeria, CBN, has auctioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors.

 

The CBN acting Director, Corporate Communications, Isaac Okorafor. said in Abuja that the $480 million offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees at the same period.

He said that in the weeks ahead, …

Naira Is Currently 10 – 20% Overvalued By CBN – IMF

The International Monetary Fund (IMF) has said that the Nigerian Naira is overvalued by about 10% to 20%.

Gene Leon, who is IMF’s mission chief for Nigeria, stated this during a news briefing in Washington on Wednesday. He also said the Nigerian government, has acknowledged the the need for reforms and must implement them.

Nigerian Naira

“The Nigerian economy has been hit by lower oil prices and lower production and the need for adjustment is recognised by the government,” Leon …

CBN injects additional $31m into BDC as Naira falls to N395

AGOS—The Central bank of Nigeria (CBN) Wednesday, intervened in the bureau de change (BDC) segment by selling additional $31.3 million or $10,000 to 3,135 BDCs, even as the naira depreciated to N395 per dollar in the parallel market.

Meanwhile, the nation’s external reserve rose by $21 million to $30.32 billion on Tuesday from $30.297 billion at the end of last month.

Commenting on the additional dollar sales to BDCs, Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor, said the …

CBN injects $240 million into forex ($150 To BDC, $90 To FOREX)

$240 million has been injected  into the country’s foreign exchange by the  has been injectedinto the nation’s foreign exchange market by the Central Bank of Nigeria (CBN), Monday, to sustain Naira’s gains against the Dollar and other hard currencies.
Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele said that, $90 million was to meet requests for invisibles such as BTA/PTA, medical and school fees. The balance of $150 million was given to authorized FOREX dealers in the interbank wholesale …

CBN sells $1bln to help clear backlog in biggest dollar sale since June

Nigeria’s Central Bank sold about $1 billion on the forward market last week to clear a backlog of dollar obligations in selected sectors, traders said on Thursday, its largest special auction since a currency peg was removed in June.

 

A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. REUTERS/Afolabi Sotunde

Outstanding dollar demand was about $4 billion before June, when the 16-month-old peg was removed. Efforts to cut dollar demand have been largely unsuccessful

Naira tumbles to 428 after MPC decision

The naira tumbled against the United States dollar to 428 on Wednesday, down from 424 on Tuesday, as persistent dollar shortage continues to weigh on the economy.

The major decline in the local currency against the greenback came a day after the Central Bank of Nigeria’s Monetary Policy Committee retained the benchmark lending rate at 14 per cent.

The MPC had risen from its two-day bi-monthly meeting and left the Monetary Policy Rate unchanged, contrary to calls for its reduction …

Naira to begin recovery next week – ABCON

The Association of Bureau De Change Operators of Nigeria says it foresees the naira on the path of recovery by Monday due to the introduction of Travelex, a licensed Forex dealer.

The President of ABCON, Alhaji Aminu Gwadabe, said on Thursday in Lagos that a licensed Forex dealer would enhance transparency in the distribution network.

 

Travelex, an international money transfer organisation, was officially directed by the Central Bank of Nigeria to distribute Forex to Bureaux De Change operators by …

Naira sustains fall against major currencies

The Naira on Thursday crashed further against the major currencies in all the segments of the market, the News Agency of Nigeria (NAN), reports.

At the interbank market, the naira fell by 2.99 points to close at N313.07 from N310. 08 recorded on Wednesday.

 

At the Bureau De Change segment of the market, the naira traded at N424, N549 and N468 to the dollar, Pound Sterling and the Euro respectively.

At the parallel market, Naira lost eight points to …

Recession: CBN Says the Worst is Over, Confirms $1bn Foreign Investment in 3 Months

The Central Bank of Nigeria (CBN) believes that the worst is over as far as the economic recession facing the country is concerned.

 

CBN Governor

CBN Governor

CBN governor, Mr Godwin Emefiele speaking to newsmen at the weekend in Lagos expressed the position of the apex bank on Nigeria’s recovery from recession and other issues.

Emefiele hinted that the economy will begin an upward movement from the 4th quarter of the year which spans October to December.

He said the result …

CBN Licenses 11 New International Money Transfer Operators

Full List CBN Licenses 11 New International Money Transfer Operators  : The Central Bank of Nigeria has licensed 11 new international money transfer operators in the country.

The Acting Director, Corporate Communications, Isaac Okorafor said in a statement on Tuesday, that the apex bank took the decision to ensure liquidity and make foreign exchange more readily available to low end users.

 

 

The newly licensed operators are;

TRANS-FAST REMITTANCE LLC,

WORLDREMIT LIMITED,

UAE EXCHANGE CENTRE LLC,

WARI LIMITED, HOMESEND