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

February 11, 2015

BREAKING: Interbank market shut as naira hits N205

by Jewel Stephen Trading on the interbank market was temporarily suspended on Wednesday as the Naira continued it’s downward trend against the dollar. The Naira is reported to have dropped to N205 to a dollar, forcing market operators to engage a circuit breaker and allow the market cool off. As at the point of filing... Read More

CBN, Interbank markt, naira, nigeria

January 25, 2015

“Tables turned for Emir of Kano, Naira goes digging for gold” – See our Winners and Losers of the week

by Kolapo Olapoju Winners & Losers is a roundup of the week’s major happenings, where we spotlight the ‘winners’ and ‘losers’ of the news cycle. As always, you can agree or disagree.. THE WINNERS All Progressives Congress The major opposition party seems to be working overtime to lose the label of ‘opposition’. In recent months,... Read More

The News Blog

All Progressives Congress, Attahiru Jega, Ayo Fayose, Emir of Kano, Muhammadu Buhari, naira, Nigeria Communications Commission, President Goodluck Jonathan, Winners and losers

January 5, 2015

“Our reserve is depleted” – 10 quotes from OBJ on President Jonathan, the economy and 2015 election

by Kolapo Olapoju Of recent, former president, Olusegun Obasanjo, has become increasingly vocal about the performance of President Goodluck Jonathan. On Monday, January 5, while hosting the South-West women leaders at his residence in Abeokuta, Obasanjo accused the President of squandering $25billion crude oil savings left behind by his administration. He also spoke on the falling oil prices,... Read More

2015 elections, crude oil, economy, naira, olusegun obasanjo, President Goodluck Jonathan

December 25, 2014

Rudolf Okonkwo: Why I can’t wait for May 29, 2019

by Rudolf Okonkwo So you can see why I’m restricting myself to thinking ahead-to Wednesday, May 29, 2019. That is the day that a new president will be sworn in Nigeria. And that president will neither be Goodluck Jonathan nor Muhammadu Buhari. Irrespective of what happens on February 14, 2015, the day after the 2015 presidential election... Read More

2019, may 29, naira, opinion, rudolf okonkwo, ynaija

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 15, 2014

“Even though the Naira was devalued, inflation eased” – NBS

by Tunji Andrews In November 2014, the pace of price increases observed by the Consumer Price Index (CPI) which measures inflation eased for the third consecutive month. Prices rose by 7.9 percent (year-on-year), down by 0.2 percentage points from 8.1 percent recorded in October. The slower pace of price increases recorded by the Headline index... Read More

consumer, Food, inflation, naira, NBS

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

November 25, 2014

#Naira loses 8% of its value after @cenbank meeting

by Tunji Andrews The Central Bank of Nigeria, via the Monetary Policy Committee, in line wind the growing head winds from the shock in global crude oil prices; which has also seen the value of the Naira fall to a 2 year low, has unanimously decided to devalue the Naira, in a bid to preserve... Read More

central bank, Godwin Emefiele, naira, nigeria

November 1, 2014

Global shocks closing in on the Naira

by Tunji Andrews Indications continue to mount that the nation’s currency, the Naira, will experience further pressure, as the liquidity position continues to worsen, especially as the nation draws close to the 2015 general elections. The nation’s liquidity is set to significantly rise as Asset Management Corporation of Nigeria (AMCON) set to inject N866 billion... Read More

Asset Management Corporation of Nigeria, central bank of Nigeria, Currency, economy, naira, Nigerian Stock Exchange, World

August 18, 2014

The naira in your pocket is getting smaller according to the Statistics Bureau

by Tunji Andrews In July 2014, the Consumer Price Index (CPI) which measures inflation, edged higher from the previous month. Prices rose by 8.3% (year-on-year), up by 0.1 percentage points from 8.2% recorded in June. This is the fifth consecutive month of year-on-year increases in the Headline index. The faster pace of price increases recorded... Read More

The News Blog

CBN, consumption, Food, inflation, naira, NBS, nigeria

June 11, 2014

Woman arrested for stealing goods worth millions of naira in Rivers (PICTURED)

by Zara Mustapha A business woman who identified herself as Ifeoma Williams Iheanacho, has been arrested by the police in Rivers State for allegedly stealing goods worth N2,079,000 from Zara Boutique, Port Harcourt. In a statement explaining the incident, the Commissioner of Police, Rivers State Command, Tunde Ogunsakin said the suspect had visited Zara Boutique at No. 4 Mbonu... Read More

Business woman, naira, stealing goods, stolen goods, worth millions

November 22, 2013

Expect new generation naira notes before June next year – CBN

by Oke Efagene The Central Bank of Nigeria (CBN) has revealed plans to create a new generation of naira notes before the second quarter of next year, 2014. This development was made known by the Deputy Governor, Operations, CBN, Tunde Lemo. Lemo, however, said that the apex bank had previously made it known... Read More

CBN, central bank of Nigeria, Central Bank of Nigeria to issue new naira notes before June 2014, circulation, denomination, Deputy Governor, illegal hawkers, June 2014, money in circulation, naira, naira notes, new naira notes, paper notes, polymer notes, second quarter of 2014, transactionary, Tunde Lemo, withdrawal of notes in circulation

November 18, 2013

Opinion: Sanusi, who is backing the Naira? (Part 1)

by Niyi Shomade Have we been devalued with the Naira and are we still devaluing? If there is a correlation between culture and economics, does that mean that our value as Nigerians is also related to the Naira valuation? Who are we and what have we become? To become who we were, we must study... Read More

bretton wood, CBN, devalue, Leadership, naira, niyi shomade, opinion, ynaija

November 16, 2013

Opinion: Oga, your ‘generosity’ is contributing to Nigeria’s problems

by Desmond Ovbiagele On a humorous level, my friend narrated the consternation of a certain ‘madam’ whose chosen salary ‘top-up’ was food, and who took offence on a fateful day when her long-suffering employee rejected the dish offered to him as not meeting his taste! A few days ago, I received a phone call from a... Read More

“VIP”, accostomed, beneficiary, call, concern, conscious, contributing, Desmond Ovbiagele, disruption, force, Fraud, generousity, gratification, madam, man, men, mindset, money, morals, naira, nigeria, Oga, popularity, woman

October 28, 2013

Les Leba: Negative income from PHCN’s sale

by Les Leba Curiously, therefore, despite the alleged infusion of over $12bn to supplement existing PHCN assets by former president Olusegun Obasanjo, current Power Minister, Chinedu Nebo, recently also observed that an annual average of $3.5bn has been expended by successive governments to raise generating capacity in the last 10 years! Public expectation for adequate... Read More

DISCOs, economy, income, Les Leb, naira, PHCN, Power, President Goodluck Jonathan

October 21, 2013

Les Leba: Where do Africa’s brightest and fittest go?

by Les Leba So, how did the future of the African youth and by extension the economic viability of countries in the continent become so bleak? When did the selfless spirit of the founding fathers of African political freedom desert us? “Africans in the prime of their lives were forcibly plucked from their homes and... Read More

African youths, economy, europe, future, Les Leba, migrants, naira, opinion, ynaija

October 14, 2013

Ijeoma Nwogwugwu: The problem with the Naira

by Ijeoma Nwogwugwu In defence of the measures, Sanusi said Nigeria had overtaken Russia as the largest importer of foreign currency, insisting that no country in the world pays its citizens in foreign currency for transfers into their economies. However, what Sanusi refused to voice was his concern that the demand for foreign currency by... Read More

CBN, Currency, economy, ijeoma nwogwugwu, Lamido Sanusi Lamido, naira, Russia

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

September 24, 2013

Opinion: Nigerian Naira coins – Legal tender or national artifacts?

by Chibuike Wogu I once went to a certain commercial bank to deposit coins but I was told by the bank’s teller that they do not accept deposit of coins in the bank. When I insisted, other bank staff confirmed this to me. I probed further to find out why this was so and I... Read More

central bank, coins, deposit, legal tender, naira, nigeria, sanusi lamidi sanusi

September 23, 2013

Les Leba: A parable of a fool and his money

by Les Leba These banks, which currently post hundreds of billions of naira profits, are the same banks, which were also beneficiaries of over N5tn government funding in the last three years, according to recent reports from AMCON; meanwhile, revitalisation of the real sector has remained just a promise! The other day, a friend narrated... Read More

AMCON, banks, CBN, economy, fool, Les Leba, money, naira, parable, sanusi

August 20, 2013

Opinion: Of social media activism and the big three menace

by Adeyemi O.J Lest I forget, the Minister who wept about the deplorable state of our roads, have since expended billions of Naira on a private jet, in order not to ever experience that kind of embarrassing moment again. Just like The New-Media, the slogan; “New Nigeria” has been on our lips for quite sometime... Read More

Adeyemi O.J, deplorable roads, menace, Minister, monster, naira, opinion, social network, ynaija, youths

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

July 22, 2013

Les Leba: Sanusi’s tall story on high interest rates

by Les Leba The stupendous profits posted by Nigerian banks at a time of contracting industrial activities and the current high unemployment rate is ample testimony of who are the actual beneficiaries of CBN’s curious strategy for maintaining economic and price stability. Nigeria’s hope of early economic rejuvenation and growth may have been sadly foreclosed... Read More

“Dr Ngozi Okonjo-Iweala, banks, borrowing, CBN, fiscal deficits, Lamido Samusi, naira, Nigerian, price stabiliuty, private sector, profits

December 7, 2012

This is not even funny: N2.1 Billion worth of N1,000 notes said to be missing from Minting Company

The board of directors of the Nigeria Security Printing and Minting Company (NSPMC) met yesterday over the scandal that rocked the establishment where it was revealed that a whopping N2.1 billion of newly printed N1,000 notes have mysteriously gone missing. The board meeting, chaired by the Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi,... Read More

mint, naira, noted

November 13, 2012

Open letter to the President: Security implications of Arabic inscriptions on the Naira

OPEN LETTER TO PRESIDENT GOODLUCK EBELE JONATHAN ON THE SECURITY IMPLICATION OF ARABIC INSCRIPTIONS ON NAIRA NOTES. Dr. Goodluck E. Jonathan President and Commander-In-Chief of Armed Forces Federal Republic of Nigeria State House Presidential Villa Aso Rock, Abuja. Your Excellency, Immediate necessity and ultimate concern for our national unity alerted me to write this... Read More

central bank of Nigeria, Currency, Hauusa, igbo, naira, olusegun obasanjo, President Goodluck Jonathan, Yoruba

September 13, 2012

Opinion: Soludo’s solution to restructure naira

by Vincent Bamigboye A NATION’S currency is one of its most powerful symbols. Leaders will go and leaders will come but the nation’s currency remains. The American Dollar symbolises the strength, the all-pervading power of the United States of America, to the extent that all inter-governmental and international businesses the world over are done through... Read More

CBN, Charles Soludo, Currency, economy, Lamido Sanusi, naira, Vincent Bamigboye

Interbank trading briefly suspended as Naira crashes to 206 against dollar

BREAKING: Interbank market shut as naira hits N205

“Tables turned for Emir of Kano, Naira goes digging for gold” – See our Winners and Losers of the week

“Our reserve is depleted” – 10 quotes from OBJ on President Jonathan, the economy and 2015 election

Rudolf Okonkwo: Why I can’t wait for May 29, 2019

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

“Even though the Naira was devalued, inflation eased” – NBS

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

#Naira loses 8% of its value after @cenbank meeting

Global shocks closing in on the Naira

The naira in your pocket is getting smaller according to the Statistics Bureau

Woman arrested for stealing goods worth millions of naira in Rivers (PICTURED)

Opinion: Let us kill subsidy before it kills us

Soyombo Ayomikun: An Okada man’s anger (Poetry)

Go and Cash: Oshiomhole gives young plantain chips hawker N1million gift

Expect new generation naira notes before June next year – CBN

Opinion: Sanusi, who is backing the Naira? (Part 1)

Opinion: Oga, your ‘generosity’ is contributing to Nigeria’s problems

Les Leba: Negative income from PHCN’s sale

Les Leba: Where do Africa’s brightest and fittest go?

Ijeoma Nwogwugwu: The problem with the Naira

Les Leba: Guess who is dollarising the economy

Opinion: Nigerian Naira coins – Legal tender or national artifacts?

Les Leba: A parable of a fool and his money

Opinion: Of social media activism and the big three menace

Opinion: Naira – Redesign, redenomination or revaluation?

Les Leba: Sanusi’s tall story on high interest rates

This is not even funny: N2.1 Billion worth of N1,000 notes said to be missing from Minting Company

Open letter to the President: Security implications of Arabic inscriptions on the Naira

Opinion: Soludo’s solution to restructure naira

Recent Posts

Categories

Recent Comments

YNaija

Join the Newsletter