The naira depreciated to N1,510 per dollar in the parallel section of the foreign exchange (FX) market on Monday, marking a 1.34 percent decline from the N1,490/$ rate observed on May 31. Currency traders, commonly known as bureau de change (BDC) operators, reported buying the dollar at N1,490 and selling it at N1,510, resulting in … Read more
The Nigeria Customs Service (NCS) has revised the foreign exchange (FX) rate for import duties, setting it at N1,474.69 per dollar as of Friday. This new rate signifies an increase of N278, or 23.2 percent, compared to the previous rate of N1,196.61/$ that was in place on Thursday, May 30. Reports indicate that the updated … Read more
The Presidential Committee on Fiscal Policy and Tax Reforms has advised the federal government to set an exchange rate of N800 per US dollar for calculating Customs import duties. This recommendation was revealed by Taiwo Oyedele, the committee’s chairman, during a press conference held in Lagos on Thursday. Oyedele discussed the difficulties businesses encounter due … Read more
On Wednesday, the Nigerian naira saw a notable appreciation to N1,490 against the US dollar in the parallel section of the foreign exchange market. This marks a 2 percent increase compared to the rate of N1,520 reported on May 27. Currency traders, commonly known as bureau de change operators, quoted the buying price of the … Read more
On Monday, the naira faced depreciation in the parallel section of the foreign exchange (FX) market. In Lagos, bureau de change (BDC) operators, commonly known as currency traders, reported the naira trading at N1,520 to the US dollar. The buying price was set at N1,490, while the selling price stood at N1,520, giving traders a … Read more
The naira appreciated further to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday, reflecting a 1.34 percent increase from the N1,510/$ rate recorded on May 17. Currency traders in Lagos, known as bureau de change (BDC) operators, quoted the buying rate of the dollar at N1,450 and the … Read more
The Nigerian currency, Naira, breached the N1,450 mark against the greenback on the black market amid evolving market dynamics in Nigeria’s fragile FX market, defying efforts by the Federal Government to shore up its value. Market fundamentals affirm that the naira lost its support at N1450, setting up a new wave of free decline, continuing … Read more
Nigeria’s naira has reversed recent gains and is now the world’s worst performing currency in the last month, increasing pressure on the central bank to keep raising interest rates, Bloomberg reported on Friday. The naira has slipped to 1,466.31 to the dollar, its weakest level since March 20, hurt by the local scarcity of the … Read more
On Wednesday, the naira fell to N1,450 in the parallel foreign exchange (FX) market. The current FX rate indicates a 1.4% decrease from the N1,430 transacted on May 6. Currency traders, commonly known as bureau de change (BDC) operators, set the greenback’s buying rate at N1,410 and the selling price at N1,450, resulting in a … Read more
The foreign currency (FX) market began on Monday, with the naira exchanging for $1,430 on the parallel market, also known as the black market. This is a 5.49 percent depreciation against the dollar, compared to the black market closing price of N1,350 per dollar on Friday. Traders attributed the naira weakness to increased demand for … Read more