The Central Bank of Nigeria (CBN) has issued a draft revised guidelines in the financial services industry, which seek to raise the minimum share capital of Bureau De Change (BDC) operators to N2 billion and N500 million for Tier 1 and Tier 2 licenses. The guidelines, which seek to enhance the regulatory framework for BDC […]
Tag: ABCON National President -Aminu Gwadabe
ABCON Renews Moves On Publication Of Parallel Market FX Rates
After over two years the Central Bank of Nigeria (CBN) banned AbokiFX for publishing parallel market foreign exchange (FX) rates online, the Association of Bureau De Change Operators of Nigeria (ABCON) has again initiated moves to authorize the publication of the black-market rates of the Naira against other foreign currencies on online platforms. The President […]
Naira Sustains Gain Momentum, Trades N745/$1 At Parallel Market
Nigeria’s national currency, the Naira, on Thursday sustained its exchange rate gain momentum against the US dollar at the parallel market, recording a 2.36% appreciation, to trade at an average rate of N745/$1 from the N763/$1 it exchanged at during Wednesday trading session. The 2.36% appreciation in value recorded by the local currency against the […]
Naira Loses Gain Momentum, Trades N749/$1 At Parallel Market
Nigeria’s currency, the Naira, depreciated against the US dollar in its exchange rate at the parallel market on Thursday, settling at an average exchange rate of N749/$1 and representing a 0.13% decrease compared to its previous day’s exchange rate at N748/$1. Some black market FX dealers in the Federal Capital Territory (FCT) attributed the declining […]
Naira Depreciates, Trades N741/$1 At Parallel Market
Nigeria’s currency, the Naira slightly depreciated in its exchange rate for the US dollar by 0.14% on Tuesday at the parallel market to trade at an average of N741/$1, compared to its N740/$1 exchange value last Friday’s trading session. Available information from foreign exchange (FX) dealers at Wuse Zone 2 of the Federal Capital Territory […]
Naira Appreciates, Trades N745/S1 At Parallel Market
The Naira recorded marginal gain in its exchange rate against the US dollar on Tuesday at the parallel market, to trade at an average rate of N745/S1 from the N746/$1 it traded on Monday. Some FX dealers in the parallel market linked the local currency’s gain to prospect of improved business activities in the economy […]
Naira Depreciates, Trades N750/$1 At Black Market
The Naira depreciated by 0.27% in value at the parallel market on Wednesday, to trade at an average rate of N750/S1 compared to the N748/$1 it traded the previous day. Some FX dealers attributed the depreciation to low demand for the US dollar as business activities remained low nationwide. Also, the Naira depreciated by 0.06% […]
Naira Appreciates, Trades N758/$1 At Black Market
The Naira opened the week strongly in its exchange rate tussle against the US dollar at the black market in the early hours of Monday, trading at an average of N758/$1, representing 0.26% appreciation from N760/$1 it exchanged at during Friday’s trading session. FX traders in the black market partly attributed the local currency’s appreciation to the […]
Naira Stabilizes, Trades N745/$1 At Parallel Market
The Naira stabilized in its exchange rate against the US dollar at the black market in the early hours of Thursday, trading at N745/$1, the same rate it exchanged in the previous day’s trading session. Some black market FX traders linked the moderation of the local currency’s rate partly to current policy initiatives by the […]
Naira Dips In Value, Trades N753/$1 At Parallel Market
Nigeria’s national currency – Naira – depreciated in its exchange rate against the US dollar at the parallel market in the early hours on Monday to N752/$1, representing a 0.94% depreciation when compared to the N745/$1 it traded on Friday. Some black market FX traders attributed the depreciation of the local currency to large quantity […]