News as it breaks
The Nigerian naira recorded a marginal appreciation against the United States dollar at the official foreign exchange market, according to the latest data released by the Central Bank of Nigeria. Figures from the Nigerian Foreign Exchange Market (NFEM) showed that the naira traded at an average rate of about ₦1,358…
The Nigerian currency opened at N1,379.05 per dollar trading at the official window of the Nigerian Foreign Exchange Market (NFEM), reflecting continued stability amid tight liquidity conditions. Data from the Central Bank of Nigeria showed that the exchange rate fluctuated within a narrow band during the morning session, touching a…
The Federal Government is considering a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency. If the plan succeeds, the government will order the conversion of foreign currencies sitting in individuals’ and corporate organisations’ domiciliary accounts…
In the I&E window, the local currency depreciated 3.9 percent W-o-W to N803.9/$ from N776.9/$ the previous Friday.
The naira then gained by 3.61 per cent compared with N769.25, which it exchanged for the dollar at the close of business on June 30.
“The operatives of the NSCDC traced the supplier of the fake currency notes to Kwartarkwarshi village, a residential home town of the prime suspect Muazu Abdulkarim who is now at large.”
3/3/23 NEW-NOTES/JUDGMENT 200, 500 And 500 Naira Notes To Remain In Circulation Till December The Supreme Court has declared that the old and the new Naira notes of 200, 500 and 1000 remain in circulation as a legal tender until the 31st of December, this year. The Apex court held…
However, reacting to questions on the allegations of breach of Supreme Court order by the President and his administration, Malami said: “Your question can best be answered within the context of what constitutes a rule of law in the Nigerian situation. Where an order is made by a court, you have multiple options but let me state before even addressing the issue of the options available at our disposal as a government.
Specifically, the currency-in-circulation fell from N3.3tn recorded on October 31, 2022 (a few weeks before the CBN began the implementation of the naira redesign policy) to N1.54tn on January 31, 2023.
In a nationwide survey conducted by Market Trends International (MTI) among stakeholders to gauge opinions and understand the perception of the average Nigerian
