Naira Declines Amid Devaluation Concerns   The Naira depreciated at the official and parallel markets amid growing concerns that oil revenue fluctuation and global monetary tightening would lead to further devaluation of the currency. Official data and trading reports showed that the Naira depreciated by 0.12 per...

CBN Will Spend $8bn Defending Naira This Year - Rewane   The Managing Director of Financial Derivatives Company Ltd and economist, Bismarck Rewane, yesterday, painted a mixed picture of the economy, projecting the Central Bank of Nigeria (CBN) will spend between $8 and $10 billion to...

Naira Opens First Trading Day On Positive Note At N422/$   Naira opened trading for the year at the Investors and Exporters’ (I & E) window on an upswing yesterday. It was quoted at N422.67 per dollar, gaining N8.75, as against last year’s closing rate of...

Naira To Drop Below N570/$ As Travelers, Businesses Resume Dollar Scramble   The naira which yesterday closed at N570/$ at the parallel market is expected to weaken further by next week as businesses resume and travelers scramble for more dollars. Findings showed that demand for hard currencies...

Naira Slides Ahead Of Yuletide, Exchange For 570/$   The naira continued its downward trend as the dollar was sold for N570 in the parallel market on Tuesday. Operators, who spoke to our correspondent, said the dollar was bought and sold for N567 and N570 respectively on...

Naira Slides To 555/dollar In Parallel Market   The naira lost steam at the parallel market on Monday, sliding to 555 per dollar. The local currency had crashed to 540/dollar on Friday, after trading at 535/dollar on Thursday. After tumbling to 575/dollar recently, the local currency began a...