Naira Depreciates by 0.3% at Parallel Market The naira on Tuesday witnessed a flat rate as the dollar was quoted at N1,570 in the parallel market also known as black market, following improved liquidity in the foreign exchange (FX) market. The current rate shows a slight...

Diaspora Remittances and Cardoso’s New Tricks, by Rahma Olamide Oladosu   Diaspora remittances have long been a crucial pillar of Nigeria’s economy, providing vital foreign exchange (forex) liquidity and contributing to financial stability. These inflows from Nigerians living abroad serve as a buffer against external shocks,...

The onus then fell on the Central Bank of Nigeria (CBN) headed by Olayemi Cardoso to do everything possible within the ambit of the law for the naira to survive the disastrous decline in value. 

Naira Sustains Gains, Sells at ₦1,565/$ in Parallel Market The naira continued its upward trend on Monday, gaining ₦45 against the dollar in the parallel foreign exchange market. As of Monday, February 10, 2025, the naira was trading at ₦1,558/$ (buy) and ₦1,565/$ (sell), though market...

Again, Naira Records Gain Against Dollar at Black Market The Naira has appreciated further against the Dollar at the parallel foreign exchange market. ‎This comes as the Naira recorded the biggest gain against the dollar at the black market on Friday on a week-on-week basis. ‎A Bureau...

Banks Borrow N1.2trn From CBN in One Day Amid Liquidity Pressure   Owing to liquidity challenge, Nigerian Deposit Money Banks (DMBs) have made the largest single withdrawal of N1.2 trillion from the Central Bank’s (CBN) Standing Lending Facility (SLF) to fund operations due to a liquidity shortfall in the...