Dollar

Again, Naira Slumps Against Dollar

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The Naira on Wednesday slightly depreciated at the official market, trading at N1,631.17 to the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira declined against the dollar by 72 kobo. This represents 0.04 per cent loss when compared to the previous trading date on Tuesday, when it was … Read more

Again, Naira Slumps By 4.41% Against Dollar At Official Market

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The Naira on Monday depreciated at the official market, trading at N1670.65 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N70.65. This represents a 4.41 per cent loss when compared to the previous trading … Read more

Naira Declines in Both Official, Black Markets Following CBN’s Interest Rate Hike

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Dollar to Naira Rate September 4

The naira experienced a significant decline against the dollar in the foreign exchange market following the Central Bank of Nigeria’s (CBN) fifth interest rate hike, raising the rate to 27.25%. According to FMDQ data, the naira traded at N1,658.48 per dollar on Tuesday, down from N1,562.66 on Monday, marking a depreciation of N95.82. Similarly, in … Read more

‘It Will Trade Below…’ – Tinubu’s Govt Gives Fresh Prediction Of Naira To Dollar Exchange

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Dollar to Naira Exchange 5th September

  • Tinubu’s Govt Gives Fresh Prediction Of Naira To Dollar Exchange.

  • Onanuga suggests the possibility of Naira trading below N1000 to a dollar in the near future.

  • Central Bank of Nigeria sells $15.8 million at N1,101 per US dollar to meet foreign exchange demand.

EKO HOT BLOG reports that Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, has made a new prediction regarding the exchange rate of the naira to the dollar in the upcoming weeks.

Onanuga expressed confidence in the naira’s strengthening position against the dollar, suggesting that it’s plausible for the Nigerian currency to trade below N1000 to a dollar in the near future.

EDITOR’S PICKS

He said that if that happens it will be “a great rally compared to where it (dollar to naira exchange rate) was weeks ago.”

Onanuga’s statement is coming amidst the Central Bank of Nigeria (CBN) selling $15.8 million at N1,101 per US dollar to bureau de change (BDCs) operators to meet demand for individual foreign exchange needs.

Naira To Dollar Exchange
Naira To Dollar Exchange

The CBN, in a notice said that it had sold $10,000 each to 1,588 bureau de change operators to meet eligible retail market demand and told operators to sell in turn to end users at a spread of not more than 1.5% above the purchase price.

FURTHER READING 

Speaking on the development via X, Onanuga wrote, “The way the Naira is gaining ground over the US Dollar, it will be safe to predict that the Naira will sooner than later be trading below N1000 to a dollar, a great rally compared to where it was weeks ago.”

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CBN Goes Below Market Rate, Sells Dollars To BDC Operators At N1,101/$

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Black Market Exchange Rates 24th May

BDCs will be getting the dollar from the CBN at the rate of N1,101/$. The CBN instructed them to sell dollars at a rate not exceeding 1.5% above the purchase price. That means BDCs are not expected to sell above N1,117/$1. Eko Hot Blog reports that bureau de change (BDC) operators have started buying foreign exchange … Read more

Tinubu Tells Nigerians To Buy Nigeria-made Goods To Boost Naira

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President Bola Tinubu urged Nigerians to support locally made products to maintain the recent improvements in the naira’s value. The Tinubu administration implemented measures like ceasing petrol subsidies and unifying foreign exchange rates to combat currency volatility. Special Adviser Ajuri Ngelale emphasized the need for collaboration with the Central Bank and reporting of activities devaluing … Read more

CBN Pegs Purchase Of Dollars In Cash At $500

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CBN

EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has pegged the payment of cash dollar purchase to a customer at $500 saying that the foreign currency (FX) exceeding this amount will be made through a transfer to their Naira bank account. If the customer purchasing the foreign currency is a non-resident, regardless of … Read more

EFCC Apprehends Six Currency Racketeers In Lagos, Recovers New Naira Notes

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Eko Hot Blog reports that six individuals have been apprehended in Lagos by the Economic and Financial Crimes Commission (EFCC) for their alleged participation in currency racketeering and the illicit trade of new naira notes for commercial gain. The EFCC’s spokesperson, Dele Oyewale, conveyed this information in a statement released on Tuesday in Abuja. The … Read more

Naira: Atiku’s Solution Will Return Nigeria To Emefiele Era – Presidency

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Naira

EKO HOT BLOG reports that the Presidency says a controlled floatation of the naira to prevent further devaluation would only return Nigeria to the economic regime of the embattled former Governor of the Central Bank of Nigeria, Godwin Emefiele. It said the policy, which saw about $1.5bn spent monthly to shore up the naira, fuelled financial … Read more

Naira Stability: CBN Stops IOCs From 100% Income Repatriation

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has announced far-reaching measures to shore up the value of the Naira, with more liquidity in the Foreign Exchange (FX) market as it directed International Oil Companies to henceforth repatriate 50 percent of their revenue to Nigeria.

The bank also announced an end to cash Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), as such allowances are henceforth to be obtained in cards.

According to Vanguard, CBN’s Director of Trade and exchange, Dr. Hassan Mahmud, issued two different circulars on the two measures which were released to Dealer banks Wednesday night.

CBN Governor, Michael Cardoso

Until now, IOCs paid their FX earnings 100 percent directly to their parent companies through what is called Subsidiary pools, without the Nigerian FX market benefitting from their export proceeds.

However, under the new policy, the CBN said IOCs will no longer be allowed to remit 100% of their forex proceeds to their parent company abroad as soon as they are earned.

Instead, they will be allowed to repatriate only 50% of their proceeds immediately while the other 50% must be repatriated to Nigeria and the amount held for at least 90 days in Nigeria from the day of inflow before being allowed to be taken out of the country.

The apex bank therefore directed, “banks to pool cash on behalf of IOCs, subject to a maximum of 50% of the repatriated export proceeds in the first instance, the balance of 50 % may be repatriated after 90 days from the date of inflow of the export proceeds.”

The CBN outlined documentation requirements to include: its approval for the repatriation of funds under the “Cash Pooling” transaction; a “Cash Pooling” agreement with the parent entity of the IOCs operating in Nigeria; Statement of Expenditure incurred in the period prior to the cash polling.

Wale Edun, Nigeria’s Minister Of Finance

Others are: Evidence of the source of foreign exchange inflow; and Completion of relevant forex form(s) as required under extant regulations.

The CBN directed all banks to inform their customers and comply with the regulation.

It said that it remained committed to the promotion of transparency in Nigerian FX market and would continue to develop policies to stabilize and deepen the market.

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NNPCL Board Approves Dollar Revenue Transfer To CBN

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Eko Hot Blog reports that the Central Bank of Nigeria has created a department to deal with crude oil sales transactions by the Nigerian National Petroleum Company Limited, the Group Chief Executive Officer, NNPCL, Mele Kyari, announced on Thursday. Kyari also revealed that the Board of Directors of NNPCL had approved the decision to move … Read more

NNPCL Board Approves Dollar Revenue Transfer To CBN

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NNPCL

EKO HOT BLOG reports that the Central Bank of Nigeria has created a department to deal with crude oil sales transactions by the Nigerian National Petroleum Company Limited, the Group Chief Executive Officer, NNPCL, Mele Kyari, announced on Thursday. Kyari also revealed that the Board of Directors of NNPCL had approved the decision to move significant … Read more

CBN Bans Use Of Foreign Currencies For Transactions

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has warned against the use of foreign currency as a medium of exchange in the country. The apex bank gave the warning in a statement on Sunday which was signed by its Director of Corporate Communications, Ibrahim Muazu. Editor’s Picks  Prof Anthony Ani Wins … Read more

‘We Are Not Selling Dollars To Nigerians Today’ – BDC Operators Shut Down Market Over Forex Scacity

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Exchange rate

EKO HOT BLOG reports that the Association of Bureau De Change (BDC) Operators has reportedly decided that members will not open the market for transactions today, 1st February 2024. This online meia platform understands the operators have agreed not to sell US Dollars to customers due to the continued slide in the value of the naira … Read more

Naira Free Fall: CBN Clamps Down On Banks, Pegs Trade, Assets In Forex

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Eko Hot Blog reports that, in the latest effort to address the free fall of the Naira against the dollar, the Central Bank of Nigeria, CBN, has ordered banks to limit the Net Open Position, NOP, of their foreign currency assets and liabilities to 20 per cent of shareholders’ funds. NOP defines a bank’s risk … Read more

Naira Falls to N1089/$ On official Investor and Exporter Window

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Dollar to Naira Exchange Rate Today – May 26

The official Investor and Exporter window witnessed the naira falling to N1089.51/$ on Tuesday, marking a significant 27.19% drop from its Monday closing rate of N856.57/$ On Tuesday, the naira experienced fluctuations, opening at N922.22/$, reaching a high of N1251/$, a low of N720/$, and finally closing at N1089.51/$. The continued decline in the naira’s … Read more

Naira Gets Major Boost As CBN Clears $61.64m Backlogs To Foreign Airlines

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has disbursed about $61.64 million to foreign airlines operating in the country as part of efforts to decrease its outstanding liability to the airlines. The CBN acting Director, Corporate Communications Department, Hakama Sidi, who made this known in a statement yesterday, disclosed that the … Read more

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