Dollar Crisis: Banks Slash Foreign School Fees, Travel Allowance    Deposit Money Banks have slashed the amount of Personal Travel Allowance and schools fees their customers can apply for amid a worsening foreign exchange crisis. Shortage of FX in the country has forced lenders to take drastic...

Naira Heads To N1,000/$ As Scarcity Worsens     The rate at which the naira, is depreciating against the dollar shows that it could fall to N1,000/$ before the end of next month, traders said Tuesday. According to the traders, this is due to shortage of the greenback,...

CBN Approves Dollar Sales By Payment Service Banks   The Central of Nigeria (CBN) has released supervisory framework for Payment Service Banks. The framework among other things empowered the PSB operators to sell foreign currencies, especially dollars, to authorised foreign exchange dealers. The CBN framework also authorised...

Naira Sells N436.63/$1 at Spot Market, N731/$1 at Black Market The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday, October 6. Yesterday, the exchange rate of the local currency against the greenback closed at...

Naira Slips to N737  to a Dollar The naira, on Thursday, depreciated further against the dollar at the parallel and official sections of the foreign exchange market. The Nigerian naira collapsed to a new record low, trading at a minimum of N737/$1 on Thursday at the...

Naira Crosses N700/$ At Parallel Market   The naira has continued its downward trend, falling to N702 per dollar at the parallel market. The figure represents N10 or 1.4 per cent depreciation compared to the N692 it traded last week. Bureaux De Change (BDC) operators in Lagos and...