Starting in 2017, Nigeria began using multiple exchange rates which the CBN continues to defend. While the central bank insists its decision to ration foreign currency is in the country’s best interests, this policy has nevertheless received widespread criticism. Explains, the naira’s latest depreciation comes just a week after the Central https://latamcoinnews.com/ Bank of Nigeria devalued the currency by over 5%. As previously reported by Bitcoin.com News, the CBN recently allowed the naira’s exchange rate to slide from 393 per dollar to around 410 per dollar. As onereportexplains, the naira’s latest depreciation comes just a week after the Central Bank of Nigeria devalued the currency by over 5%.

Sylva’s remarks came as oil marketers stated that the supply hitches in the downstream oil sector which often leads to fuel scarcity, might persist till June, based on the government’s plan to end petrol subsidy in that month. Going by sources at the Bureau De Change in Lagos, the dollar to naira last traded N743 in the black market in the state. With the increasing scarcity of foreign exchange in the parallel market and further depreciation of the Naira, illegal foreign exchange operators have re-emerged and are poised to reclaim dominance of the market. It was gathered that FX traders on the streets took advantage of the demand pressure on the government-regulated channels to hike the price of the foreign currency when they were approached by end-users.

• However, the same depreciation of the currency seems to have been the cause of the recent fall in the naira on the parallel market.
• Why not take 10 per cent of big companies and inject into the education system so that you have a better and free country?
• But the US Dollar Tether lost 0.6 per cent during the trading day to finish at N514.06.
• The cost of borrowing money from foreign sources rises due to currency depreciation, like that of the Naira, which can significantly raise the cost of financing capital projects in the electricity industry.
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For most generating companies , whose operation and maintenance (O&M) is dependent on imports, the forex crisis adds to the strain on their already precarious cash flow and poor bottom line. According to sources with knowledge of the issues, some investors are tethering on the edges of default as they struggle to find forex to repay loans from an investment that has been a colossal loss. Its a long and variable list, and no ones ever sure about the exact inventory in real…

Naira Loses N3 at Black Market on Forex Mop Up

CHINAS central bank said on Friday that it will extend interbank foreign exchange market trading hours, a move to further internationalise the… Construction, engineering, and equipment purchases all rely significantly on foreign exchange. The instability of the Naira makes financial decision-making extremely difficult for private investors. G foreign currency loans borrowed when the exchange rate was more than three times its current value.

The collateral damage is on the power sector players, who no longer have the lifeline provided by the central bank via intervention funds, leaving them in a more precarious situation to fend for themselves. News aggregator IqFin.net – all main news from the world of finance, investment, business, stocks, cryptocurrencies, bonds, commodities, technology from the top sources around the world. Stay up to date with major world events, create your own news feeds, save time reading news.

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As previouslyreportedby Bitcoin.com News, the CBN recently allowed the naira’s exchange rate to slide from 393 per dollar to around 410 per dollar. As one report explains, the naira’s latest depreciation comes just a week after the Central Bank of Nigeria devalued the currency https://latamcoinnews.com/quitriam-finance-the-future-of-crypto/ by over 5%. The Nigerian naira currency lost further ground against major currencies after it depreciated to 493 nairas for one dollar on the black market on May 25, 2021. Before the latest depreciation, the currency had stabilized at around 485 nairas to the dollar.

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Dollar to naira, on Tuesday, January 10, 2023, opened at at theInvestors & Exporters FX window ( I&E FX Window), where the currencies officially trade. “Sometimes if you really think deeply you begin to wonder what magic we are doing to be able to keep this country wet consistently. Considering that you buy something, let’s say for N10, and you are to sell it at a loss.

The global lender believes that the effects of these challenges will extend to this year. Friday’s performance represents a N0.13 or 0.03 per cent appreciation from the N411.63 rate it traded in the previous session on Thursday. Economic experts, Bismark Rewane, and Taiwo Oyedele have kicked against the 10% education tax that was recently proposed by the Academic Staff Union of Universities .