Tag: Naira
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CBN Slams N150 Million Fine on Banks Aiding Naira Currency Hawkers
The Central Bank of Nigeria (CBN) has escalated its battle against currency mismanagement, imposing a hefty N150 million fine on Deposit Money Banks (DMBs) found complicit in facilitating the illicit flow of mint Naira banknotes to currency hawkers and unscrupulous economic agents. In a strongly worded circular dated December 13, 2024, the CBN’s acting director…
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Naira Continues Rapid Gain Against the Dollar as Rate Drops to N1,535
The Nigerian naira has experienced a remarkable appreciation, closing at N1,535 to the dollar on Friday, December 6, 2024, in an unprecedented market transformation driven by the Central Bank of Nigeria’s Enhanced Foreign Exchange Market System (EFEMS). The trading day revealed extraordinary market dynamics, with an intra-day high of N1,575 and a low of N1,510,…
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Naira Gains Three Days of Consecutive Appreciation
The Nigerian naira has shown significant gains in recent days as trading data reveals a steady appreciation of the naira across both official and parallel markets. On the Nigerian Autonomous Foreign Exchange Market, the currency closed at 1,567/$ on Thursday, a notable improvement from 1,608/$ the previous day and a substantial leap from 1,660/$ on…
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Naira Falls to N1,750 Against Dollar in Parallel Market, Gains in Official Window
The Nigerian Naira showed mixed performance across different markets on Friday, depreciating to N1,750 per dollar in the parallel market while strengthening in the official Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ revealed that the Naira gained N6.05 in the official window, closing at N1,652.62 per dollar compared to Thursday’s rate of N1,658.67.…
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Nigeria’s Foreign Reserves Hit $40.1bn Milestone as Naira Tests New Lows Against Dollar
Nigeria’s foreign reserves have reached a milestone of $40.167 billion as of November 11, 2024, marking the highest level since 2022, according to fresh data from the Central Bank of Nigeria (CBN). This comes amid continued pressure on the naira, which recorded notable depreciation against the US dollar in recent trading sessions. The latest figures…