IMF Seeks Unified Exchange Rate For Naira
The International Monetary Fund (IMF) has urged the Central Bank of Nigeria (CBN) to get the country a unified exchange rate for the naira.
It remained stable at N378 to dollar on the CBN’s official rate.
The naira was on...
Parallel Market Responds To Devaluation, As Dollar Trades At N500
The parallel market has responded to the fresh devaluation of the naira amidst growing foreign exchange illiquidity. The local currency weakened to N500/$ at the black market at the weekend.
The Central Bank of Nigeria (CBN)...
Export Proceeds, Remittances Diverted To Parallel Markets Weakening Naira
The continued diversion of export proceeds by exporters and diaspora remittances inflows to the parallel market are responsible for the ongoing depreciation of the naira against the dollar, global forex dealers have said.
Trading Desk Manager, AZA,...
Naira Continues Further Decline
The naira depreciated against the dollar across the official and parallel markets yesterday with many pundits predicting further decline of the national currency.
At the official Investors and Exporters (I & E) Window, naira declined by 2.0 per cent to N393.25 per...
CBN To Banks: Cut Service Cost
The Central Bank of Nigeria (CBN) has advises banks and other financial institutions to reduce the cost of providing banking services to their customers, especially the underbanked and unbanked within the society.
CBN Director, Payment System Management Department, Musa Jimoh...
CBN Battles Recession, Raises COVID-19 Facility To N300bn
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, yesterday said the bank would raise its COVID-19-targeted facility from N150 billion to N300 billion in order to accommodate more Nigerians in a bid to cushion the impact...
