Naira Officially Trades At N402/$       The naira traded officially at N402/$ at the Investors & Exporters’ forex window on Thursday. Trading which commenced at an opening rate of N392.88/$, recorded a high of N402/$ and a low of N385/$. It, however, pegged the Central Bank of Nigeria’s...

Naira Recovery Against Dollar To Begin February 2021 - CBN         The Central Bank of Nigeria (CBN) has said the naira will begin recovery against the dollar and other global currencies from February 2021. This was contained in the latest CBN Business Expectation Survey released by its...

Cooking Gas Price Rises 20% On Weak Naira         The price of Liquefied Petroleum Gas, popularly known as cooking gas, sold to marketers in the country has risen by over 20 per cent in the past one month, with consumers paying more for the product. The naira...

Nigeria’s Forex Reserves Drops By $132.06m       Nigeria’s foreign exchange (forex) reserves dropped by $132.06 million at the weekend as the apex bank continued to use the forex reserves as a buffer against currency depreciation despite slowdown in forex inflows. A report by investment banking group, Cordros...

Forex Interventions Give False Hope On Naira - IMF         Regular foreign exchange (forex) interventions in Nigeria and other emerging economies create false sense of security and hope on the local currency, the International Monetary Fund (IMF), has warned. Nigeria, which operates a flexible exchange rate regime,...

Naira In Mixed Performance As Forex Reserves Decline by $198m         The naira recorded a modest appreciation at the official window but was flat at the parallel market as Nigeria’s foreign exchange (forex) reserves dropped by $197.84 million to $35.01 billion at the weekend. The naira appreciated...