Naira Springs Back After CBN Directive on Shelling Excess Dollar Before the February 1, 2024 deadline given by the Central Bank of Nigeria (CBN) to commercial banks to sell all excess foreign exchange holdings, Deposit Money Banks on Thursday made frantic efforts to offload their...

UK, US Airfare Surges By 55% As a result of the depreciation of the naira against the United States dollar by 55 per cent on the official foreign exchange market, there has been a decline in airfare on international routes in Nigeria. The naira plummeted from...

Cedrus Group: CBN Reforms Will Yield Results In Q2 On Thursday, the Chief Executive Officer of Cedrus Group Africa, Olubusayo Adeniyi, stated that the reforms and policies of the Central Bank of Nigeria (CBN) will start yielding results from the second quarter of 2024. Speaking at...

CBN Warns Forex Dealers As Naira Plunges In Official Market   The naira plunged further at the official window on Tuesday, closing at an all-time-low of N1,482 against the United States dollar. The local unit had closed at 1,348 against the greenback on Monday after the FMDQ...

Naira's Tragic Descent: What is the Way Forward? by Kabir Fagge Ali   The distressing descent of the Naira paints a bleak economic picture for Nigeria. As citizens grapple with the consequences of these interconnected challenges, it becomes imperative to critically examine the root causes, the...

Naira Drops to ₦1,399 Per Dollar at Official FX Market The Nigerian foreign exchange (FX) market witnessed a historic drop in the value of the naira, reaching an unprecedented intraday rate of N1,399 per dollar at the official market on Thursday. Data sourced from the Financial...