The Naira depreciated against the US dollar at the parallel foreign exchange (FX) market in the noon hours of Tuesday when it traded at N1,630/$1, representing a 1.84% depreciation from the N1,600 rate it closed at on Monday. Also, market assessment conducted by our correspondent in the Federal Capital Territory (FCT) reflected that the local […]
The Central Bank of Nigeria (CBN) , in exercise of the powers conferred on it under the Bank and other Financial Institutions Act (BoFIA) 2020, Act No. 5, and the Revised operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change operators. The CBN disclosed that list […]
….Initiates Moves On Automation Of BDCs The Association of Bureaux De Change Operators of Nigeria (ABCON) has described the ongoing clampdown on and arrest of illegal foreign exchange (FX) dealers across the country as a welcome development capable of improving the efficiency of the FX operations in the parallel and official markets. The National President […]
The Association of Bureaux De Change Operators of Nigeria (ABCON) has advised the Federal Government to ban Binance from operations in the country, alleging that the company is partly responsible for the depreciating value of the Naira in the FX market. Binance is a global online FX platform that avails users the opportunity to trade […]
Nigeria’s currency, the Naira, sustained its depreciation trend in exchange for foreign currencies at the parallel market on Monday, marginally decreasing by 0.13% to trade at an average of N747/$1, from N746/$1 that it exchanged at during last Friday’s trading session. Some of the BDC traders at the Federal Capital Territory (FCT) linked the local […]
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 […]
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% […]
The Naira stabilized its exchange rate against the US dollar at the black market on Thursday, trading at an average of N750/$1, the same rate it traded the previous day. Some FX traders at the FCT Wuse Zone 3 axis in the FCT attributed the local currency’s stability to renewed hope about improved business activities after […]
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 […]
The Naira depreciated in exchange for the US dollar at the black market on Tuesday, trading at an average of N753/$1 in the early hours trading session compared to N746/$1 it exchanged on Monday, representing a 1.07% depreciation by the local currency. Information provided by some black market traders indicated that the sharp slide in […]