Connect with us

Business

Again, Naira Slumps, Sells at N1270/$1

Published

on

On the last official trading day ahead of the Christmas celebration, the Naira again weakened against the dollar on Friday, falling 2.71% to close at N885.88/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEN) where the dollar is traded officially has shown.

Data from the NAFEM, the platform where forex is officially traded, showed the naira’s loss representing a N23.97 depreciation compared to the rate of N861.91 it closed on Thursday, December 21, 2023.

The intraday high recorded was N1248/$1, while the intraday low was N700/$1, representing a wide spread of N548/$1.

Similarly, the Naira depreciated at the parallel/black forex market where forex is sold unofficially to N1233/$1, while peer-to-peer traders quoted around N1270/$1. This represents a depreciation of N3 against the previous trading rate of N1230/$1.

The Naira, however, appreciated marginally against the British pound to N1,565/£1 as against the sum of N1,570/£1 recorded on Thursday signifying a gain of N5.

Again, the Naira closed flat against the Euro at N1,285/€1 same as Wednesday while the Naira also closed flat against the Canadian dollar at N975/CA$1.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CBN Revokes Heritage Bank Operating Licence

Published

on

By

The Central Bank of Nigeria (CBN), on Monday, announced the revocation of the operating licence of Heritage Bank Plc with immediate effect.

In a statement issued by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said the move was in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 (1l of the Banks and Other Financial Act (BOFIA) 2020.

This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.

Sidi Ali said, “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.”

Continue Reading

Business

Naira Appreciates, Trades at N1,339/$ in Official Window

Published

on

By

The Naira has recorded its biggest gain in a couple of weeks against the American dollar to trade at N1, 339/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Monday, the Naira gained N143 against the dollar compared to the previous exchange rate of N1,482/$1 on Friday, May 24, 2024.

The intra-day high and low recorded during the day were N1,501/$1 and N1,310/$1 respectively, representing a lean spread of N191/$1.

However, the Naira slumped against the dollar at the parallel section of the market, to trade at N1,520/$1 representing a loss of N10 compared to the N1,510/$1 it traded the previous trading day

Similarly, the Naira slumped against the British Pound to trade at N1,920/£1 as against the previous trading price of N1,900/£1 representing a loss of N20 for the local currency,

The Canadian dollar closed flat against the Naira to trade at N1,200/CA$1, same as the previous trading day rate of N1,200/CA$1.

The Naira also slumped against the Euro to trade at N1,600/€1 as against the rate of N1,580/€1 the previous trading rate, representing a loss of N20 in the local currency.

Continue Reading

Business

CBN Directs BDC Operators to Apply for New Licences

Published

on

By

The Central Bank of Nigeria has directed all existing Bureau De Change Operators to re-apply for new licences in their preferred category.

This was announced on Wednesday in a circular issued by the apex bank which was signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa.

The BDCs were also required to meet the capital requirements for their licence category within six months.

Continue Reading

Trending