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...

Naira Gains Slightly, Exchanges For 473/$     The naira on Monday exchanged at 473/$ at the parallel market, after trading at 477 the previous week. At the Investors & Exporters forex window, the naira hit a high of 422/$ before closing at 390/$. The Central Bank of Nigeria...

Naira Bounces Back, Appreciates To N470/$ In Parallel Market       The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar. The naira had earlier depreciated by N30 against the dollar, as the parallel market...

Parallel Market Responds To Devaluation, As Dollar Trades At N500       The parallel market has responded to the fresh devaluation of the naira amidst growing foreign exchange illiquidity. The local currency weakened to N500/$ at the black market at the weekend. The Central Bank of Nigeria (CBN)...

Export Proceeds, Remittances Diverted To Parallel Markets Weakening Naira         The continued diversion of export proceeds by exporters and diaspora remittances inflows to the parallel market are responsible for the ongoing depreciation of the naira against the dollar, global forex dealers have said. Trading Desk Manager, AZA,...

CBN Rebukes Those Using Parallel Market To Push For Naira Devaluation       Those using parallel market rates to put pressure on the Central Bank of Nigeria (CBN) to devalue the Naira won’t have their way. The CBN Governor, Mr. Godwin Emefiele gave this indication at the end...