Tag Archives: Dollar

CBN now sells to foreign investors at rate of N443/$

The Central of Nigeria is at present selling forex to foreign portfolio investors at a spot rate of N443/$. This is according to information obtained from forex traders who are privy to CBN block sales. According to Nairametrics, 35% of total funds traded on Wednesday were sold as spot at the rate of N443/$ while the remainder as 150-day forward ...

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ABCON bans street hawking of hard currencies

Association of Bureau De Change Operators of Nigeria (ABCON) have said they will ban street hawking of foreign exchange by BDC operators. Acccording to the group, the measures would bring down the exchange rate which has been rising recently. The intimation was issued  by the President of ABCON, Alhaji Aminu Gwadabe. Speaking, he said that this was part of the ...

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Diaspora Remittances: CBN announces Naira for dollar incentive

The Apex bank, the Central Bank of Nigeria (CBN) says henceforth there will be  an extension to its Naira 4 dollar incentive to encourage diaspora remittances till further notice. The intimation was made  through a memo by Saleh Jibrin, Director of Trade and Exchange Department, addressed to Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs) and the general public. ...

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CBN orders banks to open new dollar accounts

The Central Bank of Nigeria (CBN) has given directive to commercial banks to open new dollar account for receiving international money transfers. WorldRemit- an International Money Transfer Operators (IMTO)  disclosed the CBN policy to to its clients. Recall that two months ago, CBN raised the alarm that its policy, empowering IMTOs to pay diaspora remittances beneficiaries in dollars is not ...

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Naira exchanges at N360.56 against dollar at investors’ window

The Naira, on Wednesday, traded at N360.56 against the dollar at the investors’ window, leading the Nigerian currency to be sold at N362 to the dollar at the parallel market, while the Pound Sterling and the Euro closed at N492 and N440, respectively. At the Bureau De Change (BDC) window, the Naira exchanged it was unchanged. At the official Central ...

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Naira appreciated by 30.3% against dollar in 10 months

The Naira has appreciated by 30.3 per cent since February when the Central Bank of Nigeria (CBN) began its aggressive interventions at the foreign exchange market. It had exchanged at N520 to the dollar at the peak of onslaughts by currency speculators before the CBN stated intervening by injecting foreign exchange in the market. The CBN injection of over 3.6 ...

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Naira sells at N362.5 per dollar at parallel market

The Naira  traded at N362.5 to the dollar at the parallel market on Tuesday. Meanwhil, the Pound Sterling and the Euro closed at N476 and N426 respectively. At the Bureau De Change (BDC) window, the Naira flattened at N362 to the dollar, while the Pound Sterling and the Euro closed at N476 and N426 respectively. Trading at the interbank window ...

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