Business
Dollar loses value against naira in parallel market, trades at N892
On Tuesday, the US dollar experienced a decline to N892 in the informal segment of the foreign exchange market.
Commencing the day at N930, the dollar maintained this rate until approximately 4:00 pm. It was around this time that information regarding a potential intervention by the Central Bank of Nigeria (CBN) reached the Bureau De Change (BDC) operators.
The news triggered a steady decline, such that by close of the day on Tuesday, the exchange rate had come down to N892 to dollar, but remains volatile.
The CBN had announced plans to take critical decisions to reverse the slide of the naira in the next few days, thereby resulting in significant losses to the speculators.
The acting CBN governor, Folashodun Shonubi, dropped the hint on Monday while briefing State House reporters after a meeting with President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
Checks by our reporters at various locations in Lagos indicated that BDCs are buying at N900 and selling at N910, after touching N970 to the dollar earlier in the day.
Best Pan-African Bank for SMEs’ recognition highlights Stanbic IBTC Bank’s commitment to empowering SMEs in Nigeria
AFRIMA To Train 1.2 Million Young Africans in 5 Years
70 customers win first N7 million in the Stanbic IBTC Reward4Saving Promo Season 4
Security operatives nab 20 suspects for allegedly hacking JAMB CBT servers
Court orders arrest of bizman, Ayodele Toyosi over ‘N600m, $50,000 fraud’
Nigerian Man Based Abroad Returns To Find N150M Missing From His UBA Account (Video)
EFCC chairman, Ola Olukoyede urges media vigilance in anti-corruption fight
News2 weeks agoWorld Bank: Subsidy removal gains not fully transferred to federation account by NNPC
Investigation1 week agoSenate confirms five new INEC resident electoral commissioners
Investigation1 week agoNorwegian International School, Port Harcourt unveils renewable energy to promote sustainability
Business1 week agoDangote Growing SMEs In Nigeria-Fatima Wali-Abdurrahman
Business1 week agoSun King, IFC, and Stanbic IBTC Bank Close $80 Million Debt Facility to Expand Solar Access in Nigeria
Investigation5 days agoFidelity Bank Faces N225bn Liability After Supreme Court Ruling, Scrambles to Avoid Insolvency
Investigation2 weeks agoNaira Abuse: Outrage as Nigerians ask EFCC to arrest Tompolo [VIDEO]
Politics5 days agoSenator Natasha Petitions Police IG, Accuses Akpabio Of Orchestrating Smear Campaign Over Sexual Harassment Allegations