Naira Drops As Food Inflation Rises       Fears of continued rise in inflation among foreign exchange dealers have further weakened the naira, market statistics have shown. The local currency lost strength at the weekend, dropping to N485/$1 from N483/$1 at the parallel market. The slide followed release of...

Naira Crashes To N485/$1 At Parallel Market       The naira crashed to N485 to a dollar on Tuesday from the previous N475/$1 range at the parallel market. This is in spite of the Central Bank of Nigeria (CBN) warning that forex speculators and hoarders will be punished. It...

Despite New Dollar Policy, Naira Weakens To N484/$1       The naira yesterday exchanged at N484/$1 at the parallel market. The rate is N4 weaker than N480/$1 it exchanged before the Central Bank of Nigeria began the implementation of its new ‘Naira for Dollar Scheme” on Monday. The naira...

In Six Months, CBN Defended Naira With $10.3bn       The Central Bank of Nigeria (CBN) defended the naira in six months with $10.3 billion intervention in the inter-bank foreign exchange market, its half-year report has shown. The naira dipped to N429.75/$1 on the Investors’ & Exporters’ window...

‘Nigeria’s Debt Rose By N1trn Without Borrowing’       By devaluing the naira, Nigeria has added N1 trillion to her total debt without borrowing. The devaluation of the naira and an opaque revenue-generating strategy have contributed to make Nigeria’s debt unsustainable. Senior Economist with SPM Professionals, Dr. Paul Alaje,...

Dangote Refinery’ll Strengthen Naira, Save Economy – NASS       The National Assembly (NASS) has said the oil refinery being built by Dangote Group will strengthen the Nigerian currency and prevent economic doom when it comes on stream. The legislature said this on Tuesday during an inspection visit...