FOREX: Importers Groan As Customs Raise Exchange Rate To N589.45/$1
From today, June 26, 2023, importers will pay more import duty for the clearance of their cargoes at the nation’s seaports as the Central Bank of Nigeria (CBN) has increased the official exchange rate used...
Airfares Rise As Foreign Airlines Hike Exchange Rate
International airfares on Nigerian routes have gone up further by over 20 per cent after foreign airlines raised the exchange rate for ticket sale from N462 per dollar to N551 per dollar.
International travellers on Nigerian routes have...
Naira Remains Constant, Exchanges At 421/$
The Naira on Tuesday remained constant at exchanging at 421.00 to the dollar for the second day at the Investors and Exporters window.
The local currency remained unchanged at 421.00 to the dollar, same as the 421.00 traded on Monday.
The...
Dollar Hits N590 As Forex Scarcity Bites Harder
The lingering foreign exchange (FOREX) scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1.
The development may lead to massive job loss in the manufacturing industry,...
Fed Govt Excessive Borrowing From CBN Threatens Exchange Rate, Others
The Federal Government’s excessive borrowing from the Central Bank of Nigeria through the Means and Ways Advances window can have adverse effects on the apex bank’s monetary policy and subsequently harm domestic prices and exchange...
Nigeria’s Exchange Rate Strategy Discourages Investors, Increases Inflation – W/Bank
The World Bank says the Nigerian government’s exchange rate management policies are discouraging investments and fuelling inflation in the country
The bank disclosed this in the November edition of its Nigeria Development Update.
While highlighting the role...
