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Nigeria has officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy. The development means buyers and sellers of foreign currency in the official FX market are now allowed to quote rates they find comfortable in the FX market, as against previous practice
Human rights lawyer, Femi Falana, SAN, has condemned what he described as the dollarisation of the Nigerian economy, adding that the country has no business selling crude oil in dollars. He said he has led a campaign against the dollarisation of the economy to the leadership of the Central Bank of Nigeria who have promised
Bureau de change operators in Adamawa State are rejecting foreign currencies and notably, dollars from customers due to growing uncertainty in the parallel market as reflected in the unexpected comeback of the naira. Some of the money changers interviewed at Jimeta Modern Market in Yola said they were apprehensive over the sudden and continued crash
History made as Naira crashes to 800 per dollar. The Naira is currently trading at 800 against the dollar according to some exchange platforms. Checks made by Peoples Gazette on Saturday revealed that the current parallel market rate is N800 to a dollar and N890 to British pound sterling. READ ALSO : Finance Minister,
The Central Bank of Nigeria (CBN) has announced an upward adjustment of the negotiable minimum interest rate payable on local currency savings deposits to 30 per cent of the Monetary Policy Rate (MPR). In September 2020, the central bank, as part of efforts to mitigate the impact of the COVID-19 pandemic, had slashed the minimum
Nigerians once again berate the CBN governor, Godwin Emefiele for the current currency dwindling and economic crisis in the country. This would come after the Naira keeps experiencing a free fall. This CBN governor took over the apex banking job with Naira at N170 to $1 and today, it has risen to N675 to $1. Emefiele’s
Nigeria is on auto-replay. Events of the past find a clever way of repeating themselves. Very few things that happen in this African giant are new. Conversations around the naira and dollar are definitely not new, and we are back at a familiar junction: let’s call it the naira devaluation avenue. On Monday, at the