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Majority of Nigerians are seriously angry with the General overseer of Redeemed Christian Church of God, Pastor Enoch Adeboye after his latest pronouncement about the economy of Nigeria. The popular Nigerian pastor was quoted as saying that the dwindling currency of Nigeria would have been worse if not their prayers…. Naira would have been 10,000/dollar
The exchange rate between the Naira and the dollar fell to a four-month low of N1,611 on the official Investor and Exporter window on Monday, July 29th, 2024. This is according to data from the FMDQ, where currencies are traded officially. The depreciation of the naira on the first day of the week reversed the
The naira has suffered further depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, closing at N1,603.80/$1 on Thursday, July 25, 2024. According to data from the FMDQ Securities Exchange, the naira depreciated by 1.07% from N1,586.71/$1 recorded the previous day. It is also the lowest level since March 14, 2024, when it was
The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau de Change (BDC) operators in the country. This was disclosed in a memo issued on Tuesday and signed by Hassan Mahmud, the director of Trade and Exchange Department at the apex bank. This move marks a pivotal shift from the
Bureau de Change Operators, under the Association of Bureau de Change Operators of Nigeria have shutdown operations over the surge in the price of the dollar. Members under the Abuja Bureau de Change Association who operate in Zone, 4, a hub for black market foreign exchange have also shutdown operations Major areas for sourcing foreign
Amid the impact of the Central Bank of Nigeria’s foreign exchange reforms, the Naira depreciated against the dollar on Friday, exchanging at N803.90 at the investor’s and exporters’ window. According to NAN, the country’s currency decreased by 7.72 per cent compared to N746.28, which it exchanged for the dollar on Thursday. The open indicative rate
The dollar exchanged at N600 on Monday at the parallel market, heightening fears of a further devaluation of the nation’s currency. The rate at the Importers and Exporters Window was, however, N415.75 on Monday, widening the exchange rate spread to N184.25. At Zone 4 in Abuja, which is the hub of the parallel market in