Naira exchange rates: OPEC’s Renewed Efforts to Stabilize Oil Prices

The secretary general of OPEC, Mohammad Barkindo’s  crude oil production freeze agreement has been largely successful in reshuffling the oil market. Barkindo, at a Baghdad forum, stated that crude stockpiles were beginning to decline, and this was bringing the market to balance. At the forum, he said that with the decision to freeze production levels, […]

Naira exchange rates: CBN To Raise Dollar Supply To BDCs To $40,000 Weekly

In a bid to stabilize the Naira and influence the Naira exchange rates, the Central Bank of Nigeria (CBN) has made a resolution to increase the Dollar supply to the Bureau De Change (BDC) operators to $40,000 weekly, starting from next week. This increase is from the $20,000 it sold this week to the Dollar […]

Naira exchange rates: EFCC uncovers $43.4m kept in Lagos flat

On Wednesday, in Lagos, the Economic and Financial Crimes Commission (EFCC) discovered another stockpile of foreign currencies mixed with some Naira notes. After the discovery, the EFCC counted the monies it discovered, and it totaled an unbelievable sum of $43.4 million, £27,800 and N23.2 million. The EFCC released the figures on its official Facebook page. […]

Naira exchange rates: why the Dollar isn’t a one-way bet on strength

Highlights: Experts have different opinions about the direction of the Dollar. Some expected that the greenback would be supported by the expectations of Fed hikes and continued geopolitical risks. Others are of the opinion that Trump’s agenda may flounder.     We all know that the Dollar to Naira black market exchange rate influences Naira […]

Naira exchange rates: No Import Licenses For Debtor Oil Marketers – FG

On Monday, the Federal Government of Nigeria made a statement that petroleum product import license would not be issued to oil marketers that have not cleared their legal financial obligations to the Petroleum Equalization Fund. Nigeria depends heavily on petroleum, hence any review in the price affects the Naira exchange rates, and the economy at […]

Naira Exchange Rates Policy Hurting Non-Oil Exports, Says LCCI

According to the Lagos chamber of commerce, the Dollar to Naira black market exchange policy put in place by the federal government is unfavorable to non-oil exports. It has also led to corruption and sharp practices in the documentation of export process. On Friday, Mr. Muda Yusuf, Director-General LCCI, made a statement in which the […]

Naira exchange rates: Naira slides to 410/$ at BDCs, traders pledge to support the CBN

Because of apprehension in the Naira exchange rates market over supply constraints, the Naira slipped further to 410 yesterday against the U.S Dollar. Naira, Nigeria’s local currency weakened against the Dollar both on the official market rate, and also on the Dollar to Naira black market rates. This is happening now that the Bureau De […]

Naira Exchange Rates: CBN Releases $100m, Naira Rises To 397/Dollar

According to currency traders who quoted a notice from CBN, on Thursday, $100m was offered by the Central Bank of Nigeria (CBN) in currency forwards, which within 60 days is to be settled. In order to narrow down the gap in the between the official Naira’s rate and the Dollar to Naira black market rates, […]

Naira Exchange Rates Rises on Payments For Debt Purchases – REUTERS

According Reuters, the central bank debited bank accounts for debt purchases, and this led to the lending rate loss of Nigeria rise by 2.5% points. This is draining liquidity in the Dollar to Naira black market and the money market at large. On Friday, this overnight lending rate rose to 14.5 %, growing up from […]

Naira Exchange Rates- Troubled Discos Threaten To Unravel Nigeria’s Power Privatization

In Nigeria, the Electricity Distribution Companies (Discos) are earning low in tariffs compared to the power cost they supply to businesses and households. The Dollar to Naira black market rates plays a vital role in this poor record. This technically means that they are insolvent, threatening to unravel the whole effort of the power privatization. […]

How to Avoid Naira Exchange Rates Loss While Travelling

It is no news that the naira exchange rates isn’t stable, and one needs to get used to some tips that will enable you save more when dealing with the Naira to Dollar exchange rate today at the black market if you are travelling out of the country. Economists say that low exchange rates, unexpected […]

IMF Says Nigeria Economy Needs Urgent Reform, No naira Exchange Rates Curbs – REUTERS

According to Reuters, the International Monetary Fund (IMF) has given Nigeria a warning that it needs to urgently reform its economy, adding that an unstable naira exchange rate is dangerous for its economic growth, as the Dollar to Naira black market rate, if not monitored will destroy the economy. According to the report, Nigeria is […]

Buhari Inaugurates ERGP And Promises To Influence The Naira Exchange Rates And Change The Country For Good

Nigeria’s president Muhammadu Buhari inaugurated the Economic Recovery and Growth Plan (ERGP) 2017-2020, calling on Nigerians to support its struggle to change the country’s economy for good, which in the long run will influence the dollar to naira black market rate and also the naira to dollars exchange rate. According to the president, this inauguration […]

Top 5 Ministers Influencing The Naira Exchange Rates Today

The current administration has been struggling to balance the Dollar to Naira black market rate and also the Nigerian economy. In doing so, some ministers are classified among the top in the country, due to the key positions they hold which influences the Naira to Dollars exchange rate. Below are the ministers:   Minister of […]