Naira – Page 3

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

Sep 25, 2024. by Ekohot Editor

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

U.S. Federal Rate Cut May Influence Nigeria’s MPC Rate Adjustments

Sep 19, 2024. by Ekohot Editor

The U.S. Federal Reserve’s recent interest rate cut is expected to influence the upcoming decisions of Nigeria’s Monetary Policy Committee (MPC), which meets next week to discuss potential rate changes. With the Fed reducing borrowing costs, Nigeria’s central bank may feel compelled to consider a similar move, as it balances inflation management with the need … Read more

NNPC Requests Office Space At Dangote Refinery Amid Crude Supply Deal

Sep 13, 2024. by Praise Ben

The Nigerian National Petroleum Corporation (NNPC) Limited has requested dedicated office space for around 10 of its employees at the Dangote Refinery as part of an agreement related to crude oil supply. During a Twitter Spaces event titled “Unlocking How Dangote Refinery Shapes Price,” Devakumar V.G. Edwin, Vice President of Oil & Gas at Dangote … Read more

Forex Market Sees Lowest Turnover Since January as Naira Exceeds N1,600/$1

Aug 7, 2024. by Ekohot Editor

Dollar To Naira Rate For Today - July 22

The FMDQ forex market recorded a turnover of just $61.9 million, marking the lowest since January 2024. This figure is the second-lowest daily average turnover this year, following the $59.6 million recorded on January 8, 2024. EKO HOT BLOG learnt that in January, forex turnover was notably low as the central bank grappled with strategies … Read more

Dangote Refinery: FG To Save $7.32 Billion Annually With Naira-Based Crude Oil Sale

Jul 30, 2024. by Praise Ben

29 Million Barrels NUPRC Dangote Refinery

EKO HOT BLOG reports that the Nigerian government aims to save $7.32 billion annually following President Bola Tinubu’s directive that the Nigerian National Petroleum Company Limited (NNPC) sell crude oil to local refineries in Naira. This announcement, made by Zacch Adedeji, Special Adviser on Revenue, came after the Federal Executive Council (FEC) meeting chaired by … Read more

Arewa Group Gives A Nod To Tinubu For Crude Oil Sales Directive To Dangote Refinery

Jul 30, 2024.Jul 30, 2024. by Praise Ben

The Arewa Consultative Forum (ACF) commends President Bola Tinubu for directing NNPC to sell crude oil to local refiners in naira, urging affordable petroleum prices in return. EKO HOT BLOG reports that the Arewa Consultative Forum (ACF) has praised President Bola Tinubu for directing the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to … Read more

BREAKING: Tinubu Issues Fresh Directives To NNPCL Over Dangote Refinery

Jul 29, 2024. by Ekohot Editor

President Bola Tinubu has directed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Petroleum Refinery in Naira. Eko Hot Blog reports that this was contained in a press statement issued on Monday by Bayo Onanuga, special adviser on information and strategy to the president According to Onanuga, the proposal was … Read more

Naira Becomes Worst-Perfoming Currency Globally

May 11, 2024. by Praise Ben

Recent Bloomberg report identifies Nigeria’s naira as worst-performing currency Naira hits record low against dollar, attributed to severe shortage of US dollars in local market. Volatility in currency expected to intensify pressure on CBN for rate hike. EKO HOT BLOG reports that a recent Bloomberg report highlights Nigeria’s currency, the naira, as the world’s worst-performing currency … Read more

FG Announces Plans To Remove Naira From P2P Platforms

May 6, 2024. by Ekohot Editor

Eko Hot Blog reports that the Securities and Exchange Commission (SEC) has announced plans to delist naira from all peer-to-peer (P2P) platforms. This was disclosed by Emomotimi Agama, SEC director general (DG), during a virtual meeting with stakeholders in the blockchain industry on Monday. Details Later… Click To Watch Our Video Of The Week

Group Slams Akpabio For Attacking Emefiele, Accuses Him Of Corruption

May 6, 2024. by Ekohot Editor

Middle Belt Youths Forum slams Akpabio for criticizing Emefiele Accuses Senate President of patronizing executive, seeking favors Defends Emefiele’s handling of naira, calls out Akpabio’s alleged corruption Eko Hot Blog reports that the Middle Belt Youths Forum (MBYF) has come out swinging against Senate President Godswill Akpabio for his recent comments demonizing former CBN Governor … Read more

EFCC Declares War Against Schools, Hotels, Others Charging Customers In Dollars

May 3, 2024. by Praise Ben

EFCC has announced a crackdown on businesses charging customers in foreign currencies Schools, hotels, and supermarkets are among the entities targeted for accepting dollars and other foreign currencies The commission has deemed this practice illegal, putting pressure on the Naira, and vows to take action against offenders. EKO HOT BLOG reports that the Economic and Financial … Read more

Price Wars: Naira Counterattack And FG’s Bid To Address Escalating Prices

Apr 21, 2024.Apr 21, 2024. by Ekohot Editor

In recent weeks, the Naira has staged an impressive comeback against the United States Dollar, soaring by over N700 from N1,800 to its current N1,020 rate. This remarkable resurgence is attributed to the strategic policies implemented by the Cardoso-led Central Bank of Nigeria, which has effectively bolstered the Naira’s position against the dollar. Editor’s Picks … Read more

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

Apr 9, 2024. by Praise Ben

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.

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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.

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.

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

Apr 8, 2024.Apr 8, 2024. by Philip Ibitoye

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

Naira Maintains Streak, Appreciates To 1,250/$

Apr 2, 2024.Apr 1, 2024. by Ekohot Editor

Eko Hot Blog reports that the Nigeria’s official currency, the Naira, on Monday, appreciated to N1,250 per dollar at the parallel section of the foreign exchange (FX) market. The FX rate is a 0.43 percent increase from the N1,280 recorded on March 29. Editor’s Picks JUST IN: Army Reacts As Explosion Rocks Ikeja Cantonment Police Confirm Delta … Read more

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

Mar 22, 2024. by Ekohot Editor

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

Forex Market Shift: Naira Bounces Back To N1,400/$

Mar 21, 2024. by Ekohot Editor

Eko Hot Blog reports that the Naira on Wednesday showed a remarkable rebound against the US dollar in both the official and parallel markets. The local currency notably strengthened against the greenback, particularly in the black market. This came as the Central Bank of Nigeria announced the final settlements of all valid foreign exchange backlogs, … Read more

Court Jails Lagos Woman Bags For Money Racketeering

Mar 17, 2024. by Philip Ibitoye

Eko Hot Blog reports that the Federal High Court sitting in Ikoyi, Lagos State, has sentenced one Bose Lateef to serve one month in prison for an offence bordering on money racketeering. The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) secured the conviction on Friday, March 15, 2024. EDITOR’S PICKS How … Read more

CBN Sells Record N1.3tr Treasury Bills To Strengthen Naira

Mar 9, 2024. by Praise Ben

EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has recently sold a record N1.3 trillion in Treasury Bills, with a specific focus on attracting overseas investors. This strategic move is designed to bolster the influx of foreign exchange (forex) into Nigeria, ultimately aiming to fortify the value of the Naira. Lately, the Naira … Read more

FG Denies Imposing $10 Billion Fine On Binance Over Naira Fall

Mar 2, 2024. by Praise Ben

EKO HOT BLOG reports that the President Bola Ahmed Tinubu-led Federal Government has denied slamming a $10 billion fine on the cryptocurrency trading platform, Binance, over the free fall of the naira. In an interview with the BBC on Friday, presidential spokesman, Bayo Onanuga, had accused the cryptocurrency platform of aiding those fixing the Nigerian exchange … Read more

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.

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