#30Days30Voices: ‘People are hungry but ….’ | Man assesses the Buhari administration

With the critical Forex situation, crashing oil prices and the volatile situation of the economy, there appears to be a sense of frustration from Nigerians about the change the present administration led by President Buhari, promised. Nigerians are beginning to get uneasy as they feel the government has still not fulfilled its set of promises... Read More

#30days30voices, citizenship, dollar, economy, man, nigeria, President Muhammadu Buhari

August 25, 2016

Emir Sanusi is as stern as they come – 12 reasons we’re totally feeling his vibe

by Tolu Omoyeni The Emir of Kano and former Central Bank governor, Sanusi Lamido Sanusi is resolute in his opinions on how the country should be run. When he speaks at public lectures, there’s always a rare bluntness to his tone and he serves his comments without fear or favour. His diagnostic approach to explaining... Read More

APC, dollar, Emir of Kano, exchange rate, Forex, kano, Muhammadu Buhari, PDP

August 14, 2016

According to the CBN governor, this is why the Naira is falling

Governor of the Central Bank of Nigeria, Godwin Emefiele, on Saturday, explained that the Naira is depreciating against the dollar because Nigeria doesn’t export anything except oil. Speaking at a career talk organised for the teenagers of Redeemed Christian Church of God (RCCG) at TEAP school, Abuja, Emefiele noted that Nigeria’s over dependence on oil led... Read More

The News Blog

CBN, dollar, economy, Emefiele, Forex, Governor, naira, nigeria

August 5, 2016

Nigerians on Twitter react to CBN’s subsidized exchange rate for Hajj pilgrims

Following the news that the Central Bank of Nigeria (CBN) intends to give subsidy on foreign exchange to Hajj pilgrims, Nigerians have taken to social media to express their opinion on the decision by the CBN. A vast majority of commentators condemned the decision of the apex bank, pointing out that it is a reckless, spendthrift... Read More

The News Blog

Buhari, CBN, dollar, Forex, hajj, nigeria, twitter.

July 21, 2016

How to solve Nigeria’s current Forex scarcity, by Dolapo Oni

by Dolapo Oni Nigeria urgently needs to increase the supply of dollars in the economy, especially at the interbank market where access is really limited and customers of banks are unable to get enough dollars. Consequently, there are issues with imports of various petroleum products, food items and even services. The gap between the official... Read More

CBN, Currency, dollar, economy, Forex, forex scarcity, Godwin Emefiele, Muhammadu Buhari, naira, nigeria

July 6, 2016

New forex policy: Import duty increases

Custom duties on imported cargoes has skyrocketed to 43 percent following the implementation of the Central Bank of Nigeria’s new foreign exchange policy, the Punch reports. Before the the introduction of the foreign exchange policy, import duties were calculated on N197 to one dollar. This was contained in a circular released to all zonal coordinators and... Read More

The News Blog

Customs, dollar, economy, icnrease, import duty, naira, Tin-Can

July 3, 2016

Nigerians will not buy airline tickets in foreign currency anymore – This is why

Airlines operating in Nigeria have been warned by the Nigerian Civil Aviation Authority (NCAA) to desist from selling flight tickets in foreign currencies with immediate effect. The NCAA had apparently got wind of some of the practices of some airlines that reject naira only to accept foreign currencies in payment for their tickets. In a... Read More

The News Blog

airlines, CBN, dollar, economy, money, naira, plane

June 22, 2016

Opinion: What do you want Okonjo-Iweala to do?

by Bade Adebolu Nigeria is struggling in the face of a 40 percent slump in crude prices since the second half of last year, which has forced authorities to scale back budgeted spending and devalue the naira as foreign-currency reserves fell. It is no longer news that the government relies on oil for about 70 percent... Read More

dollar, economy, famine, kemi Adeosun, naira, ngozi okonjo iweala, nigeria, Oil, Politics, Rotimi Amaechi

June 17, 2016

The week ahead – A light has appeared at the tunnel’s end

The CBN has finally let go of pegs on the naira, allowing the market forces to determine the true value of the local currency against other currencies across the world. Godwin Emefiele, governor of the CBN, said that the bank will operate a single trading window, which will take off on June 20, 2016, adding... Read More

CBN, dollar, Godwin Emefiele, naira, NBS, SBM Intelligence

May 16, 2016

Get ready for another round of fuel scarcity

Nigerians should be set to witness another round of fuel scarcity as some sea vessels are stuck on the coast of Nigeria, unable to unload the products they are carrying due to lack of payment and difficulty in finding dollars. According to The Punch, about 75 ships carrying a combined total of two and a... Read More

The News Blog

dollar, Forex, fuel scarcity, nigeria, oil marketers, ship, Vessel

May 15, 2016

Even the president of the Bureau de Change association is wailing

The President of Association of Bureau de Change of Nigeria, Aminu Gwadabe, has declared that there is no better option for the government than to revert to the two official exchange codes in the face of the diminishing foreign reserves. Aminu revealed this to the Guardian today. He said an outright devaluation of the naira would effect... Read More

The News Blog

dollar, economy, foreign exchange, market, naira, nigeria

May 14, 2016

Report: Buhari devalues Naira 290 to Dollar

President Muhammadu Buhari has agreed to demands to devalue the Nigerian currency to N290 against the dollar, according to SaharaReporters. This is coming just barely a day after removal of fuel subsidy by the Buhari administration, increasing the price of fuel to N145 a liter. According to the report, President Buhari made the decision together with... Read More

The News Blog

CBN, dollar, IMF, President Muhammadu Buhari

March 1, 2016

‘Naira, IGR’ | I have the master plan, and no one has approached me – Ifeanyi Ubah

Chairman, Capital Oil and Gas Limited, Ifeanyi Ubah, who says he has the master plan to bring the naira back to about N200 to a dollar in the space of a month, now says he has designed a template to help boost Nigeria’s Internally Generated Revenue (IGR) by 30 per cent. Ubah, who disclosed this in... Read More

The News Blog

dollar, economy, Forex, Ifeanyi Ubah, nigeria

February 26, 2016

Opinion: The naira, dollar and the heat in our houses

I grew up in Nigeria at a time when Nigeria was still in its early developmental stage, certain areas seem to have been on a decline. It didn’t start today, it has been declining for years, but we did little about it until it became part of us. It is not just the naira, what... Read More

dollar, heat, naira, nigeria

February 24, 2016

Falana drags CBN to court over ‘weakened naira’

Human rights lawyer, Femi Falana (SAN) has filed a suit before the Federal High Court in Abuja on Wednesday, February 24 requesting the court to stop the Central Bank of Nigeria from letting market forces control the exchange rate of the naira. In his suit, FHC/ABJ/CS/146/16, Falana also requested the court to compel the CBN... Read More

The News Blog

dollar, falana, human rights, law, legal

February 24, 2016

Naira on road to recovery, rises to 280 against dollar

The Nigerian currency is finally gaining momentum after over a month of sharp decline against the American greenback. The naira, which was trading at 310 to a dollar on Tuesday, showed healthy signs of recovery on Wednesday to trade for 280 against the United States currency. Closing at 375 to a dollar on Monday, the... Read More

The News Blog

dollar, N280, naira

February 24, 2016

‘Increase in naira is artificial, people are manipulating it’ – Ifeanyi Ubah

Chief Executive Officer of Capital Oil and Gas, and a one time governorship candidate for Anambra state, Ifeanyi Ubah, on Tuesday, stated that the naira has fallen substantially to about N310 to 1 dollar. Ubah made this known through his Facebook page where he stated that people were manipulating the naira so as to make... Read More

Featured

dollar, Ifeanyi Uba, naira

February 20, 2016

‘Naira would exchange for N700 to a dollar, if…’

Owing to the persistent depreciation of the value of the Nigerian currency- Naira- the Lagos Chamber of Commerce and Industry and the Association of National Accountants of Nigeria, on Friday, called for the review of the country’s foreign exchange policy. According to the two professional bodies, if Nigeria doesn’t review the current exchange policy, the... Read More

The News Blog

dollar, foreign exchange policy, naira, naira devaluation, nigeria

February 19, 2016

Naira falls further, Nigerians react (READ)

The free falling that has characterised the naira- in recent time- continued at the parallel market on Thursday, February 18, with the Nigerian currency nosediving to 391 against the dollar as the foreign exchange scarcity persists. The naira in less than two weeks has lost over 28% of its value in the black market with... Read More

The News Blog

Buhari, dollar, economy, naira

February 16, 2016

‘Things may get worse’ | Naira crashes to record low of 345/dollar

The continuous fall of the Nigerian currency- naira- reached a record low of 345 against the dollar at the parallel market on Monday. Following the Bankers’ Committee’s announcement last week Thursday, of plans to stop providing foreign exchange for school fees and medical bills payment- the naira crashed to a new low of 338 against... Read More

Featured

345, dollar, naira, record low

January 14, 2016

Naira nosedives to lowest figure in 43 years, sells at N305 per dollar

At the close of trading on Wednesday, January 13, the Nigerian foreign exchange and stock market had sunk to a new low. The Nigerian currency- the Naira- crashed to it’s lowest figure in 43 years at N305 per dollar. Although the Naira was trading at N287 per dollar on Tuesday, the parallel market exchange rate... Read More

Featured, The News Blog

305, Crash, dollar, naira, Stock Exchange

September 3, 2015

‘Buhari can’t possibly make naira equal to dollar’

A former Chairman of the Labour Party, Dan Nwanyanwu, says that President Muhammadu Buhari, will not make the Nigerian currency equal to the American currency. Nwanyanwu, also doubted the possibility of Buhari’s administration giving N5,000 to unemployed and poor Nigerians. The pioneer Chairman of LP advised Nigerians to come to terms with the fact that President... Read More

campaign promises, Dan Nwanyanwu, dollar, N5000, naira, president buhari

July 31, 2015

#YNaijaExplains: Why are some banks rejecting forex deposits?

One of the favourite past times of Nigerians over the last few months has been the daily check of exchange rates. Every new low of the Naira against either the Dollar or Pound has brought with it weeping and gnashing of teeth from those who have to deal regularly in foreign exchange for either personal... Read More

Featured

CBN, dollar, foreign exchange, Godwin Emefiele

June 30, 2015

Henry Boyo: Mr. President, removing fuel subsidy will make Nigerians suffer

by Henry Boyo Instructively however, Nigerians may change from this same melody if a N50/litre rise in petrol price pushes the rate of inflation, beyond 10% within six months or so from the date of subsidy removal. Inevitably, the prices of foodstuffs and all earners of static income would probably be hardest hit. According to... Read More

dollar, economy, fuel subsidy, henry boyo, naira, opinion, ynaija

February 12, 2015

Interbank trading briefly suspended as Naira crashes to 206 against dollar

by Kolapo Olapoju Earlier today, trading was briefly suspended for the second day in a row at the Interbank market. The market hit its limit of N204.10, as naira nosedived further.. As a result of the above-limit mark, the circuit breaker was triggered, which consequently led to a closure for about an hour on all 2-way... Read More

dollar, Interbank market, naira, nigeria, trading

December 18, 2014

Highest fall in 5 years: Naira trades for N187 to dollar

by Godwin Akanfe The naira has experienced its highest fall in 5 years. The Nigerian currency fell by four percent against the dollar to 187.05 at the interbank foreign exchange market on Wednesday, December 17. According to foreign exchange market dealers, the fall is caused by the Central Bank of Nigeria’s announcement that its... Read More

#BigBrotherAfricahotspots, central bank of Nigeria, dollar, foreign exchange, Freefall, Interbank, naira, Retail Dutch Auction System

December 4, 2014

The Naira has truly lost its value: See what it’s being used for

by Azubuike Azikiwe At present, the naira is being traded against the dollar at the rate of 179 to 1. While every Nigerian is quick to blame the government and dwindling oil prices for the sharp decline, we may also be culpable. We came across a commercial bus (Danfo) driver using the N1000 note as a... Read More

The News Blog

dollar, Fuel funnel, naira, value

September 11, 2014

Opinion: The ‘Ponmocalypse’ is Here

by Gbenga Adeyemi Some days ago, at a conference in Ibadan, statements were made to the effect that the popular delicacy known as ponmo may become rare as the days go by due to its regulation by the government because of the high potential of foreign exchange from hides and leather. The statements were made by... Read More

ban, dollar, gbenga adeyemi, nutritional, Ponmo, value, ynaija

October 9, 2013

Les Leba: Guess who is dollarising the economy

by Les Leba A stronger naira will shift market preference from the dollar and reduce the propensity for round tripping. Any patron of Bureau de Change may find that a difference of about N10 per dollar now exists between the official rates of N155 per dollar ex-Central Bank, and about N165/dollar in the open market. ... Read More

CBN, denomination, dollar, economy, Les Leba, naira, nigerians, Reserves

August 5, 2013

Opinion: Naira – Redesign, redenomination or revaluation?

by Les Leba The advantages of redenomination may however, be short-lived, if the abiding economic instigators of inflation are not adequately tackled. In a recent interactive section with the House of Representatives Committee on Banking and Currency, the Governor of the Central Bank, Lamido Sanusi, noted that if the plan to redesign naira... Read More

cedi, central bank, dollar, economy, fiscal, kobo, Les Leba, naira, nigeria, opinion, redenomination, redesign, Sanusi Lamido Snusi, save, weak, ynaija

#30Days30Voices: ‘People are hungry but ….’ | Man assesses the Buhari administration

Emir Sanusi is as stern as they come – 12 reasons we’re totally feeling his vibe

According to the CBN governor, this is why the Naira is falling

Nigerians on Twitter react to CBN’s subsidized exchange rate for Hajj pilgrims

How to solve Nigeria’s current Forex scarcity, by Dolapo Oni

New forex policy: Import duty increases

Nigerians will not buy airline tickets in foreign currency anymore – This is why

Opinion: What do you want Okonjo-Iweala to do?

The week ahead – A light has appeared at the tunnel’s end

Get ready for another round of fuel scarcity

Even the president of the Bureau de Change association is wailing

Report: Buhari devalues Naira 290 to Dollar

‘Naira, IGR’ | I have the master plan, and no one has approached me – Ifeanyi Ubah

Opinion: The naira, dollar and the heat in our houses

Falana drags CBN to court over ‘weakened naira’

Naira on road to recovery, rises to 280 against dollar

‘Increase in naira is artificial, people are manipulating it’ – Ifeanyi Ubah

‘Naira would exchange for N700 to a dollar, if…’

Naira falls further, Nigerians react (READ)

‘Things may get worse’ | Naira crashes to record low of 345/dollar

Naira nosedives to lowest figure in 43 years, sells at N305 per dollar

‘Buhari can’t possibly make naira equal to dollar’

#YNaijaExplains: Why are some banks rejecting forex deposits?

Henry Boyo: Mr. President, removing fuel subsidy will make Nigerians suffer

Interbank trading briefly suspended as Naira crashes to 206 against dollar

Highest fall in 5 years: Naira trades for N187 to dollar

The Naira has truly lost its value: See what it’s being used for

Opinion: The ‘Ponmocalypse’ is Here

Les Leba: Guess who is dollarising the economy

Opinion: Naira – Redesign, redenomination or revaluation?

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