Naira Archives - OHAFIATV

Feb

07

2025

Naira Records Highest Gain Against Dollar at Black Market

Business, Economy, Metro, NewsBusiness, Economy, Naira

OHAFIATV reports that the Nigerian Naira has appreciated significantly against the US Dollar at the parallel foreign exchange market. According to a Bureau de Change Operator in Abuja, the Naira strengthened to N1570 per dollar on Thursday, gaining N20 from the previous day's rate of N1590 per dollar. This marks the largest daily gain for the Naira since the start of the week. Meanwhile, at the official market, the Naira fell to N1,500.65 per dollar on Thursday, down from N1,499.76 the previous day. After Thursday's trading, the Naira firmed up by N20 at the black market and dropped by N0.89…

Oct

04

2024

By Amos Oge Kalu

CBN Unveils New Foreign Exchange Code to Stabilize Naira

Business, Economy, NewsBusiness, CBN, Economy, Naira

The Central Bank of Nigeria (CBN) has introduced a fresh Foreign Exchange Code to guide participants in the country's FX market, aiming to stabilize the Naira. This move is part of efforts to regulate Nigeria's financial system and supervise the foreign exchange market in line with global best practices. The new FX Code is built around six core principles: Ethics: Promoting transparency and accountability Governance: Ensuring effective oversight and management Execution: Facilitating efficient and timely transactions Risk Management and Compliance: Minimizing risks and ensuring adherence to regulations Information Sharing: Encouraging open communication among market participants Confirmation and Settlement Processes: Streamlining…

Apr

15

2024

By Amos Oge Kalu

Naira gains value on the FX black market, achieving N1,000 per dollar.

Business, Economy, Metro, NewsBusiness, Economy, Naira, Nigeria

At the start of Monday's foreign exchange market, the value of the Naira increased to N1000 per US dollar. Mistila Dayyabu, a Bureau De Change operator, revealed this to OHAFIATV News. The BDC operator says that during the course of the week, the Naira is predicted to strengthen even more below the N1000 per dollar barrier. On Monday, the value of one Naira is worth between N1000 and N10550. The Naira will strengthen more throughout the week, reaching less than N1000 per dollar, he told OHAFIATV News. This happened a few days after Goldman Sachs declared that the Naira was…

Feb

20

2024

By Amos Oge Kalu

The depreciation of Naira against the US dollar continues

Business, Economy, NewsBusiness, Economy, Metro, Naira

At the official and unofficial foreign exchange markets, the value of the naira plummeted to an all-time low versus the US dollar, exacerbating the country's foreign exchange crisis. The naira fell in value last week, from N1,574.62 per US dollar on Monday to N1,537.96 on Friday, according to data from FMDQ. In comparison to the N1,537.96 recorded at the close of trading on Friday, this indicates a N36.66 or 2.3% loss. In a similar vein, on the parallel market, the naira fell from N1,590 on Friday to N1,660 on Monday per US dollar. A Bureau De Change operator named Dayyabu…

Nov

29

2023

By Amos Oge Kalu

Supreme Court says that until further notice, old and new naira notes will coexist.

Business, Economy, MetroBusiness, CBN, Court, Economy, Metro, Naira, Nigeria

The Federal Government's appeal to extend the life of the N200, N500, and N1000 notes—which were redesigned during President Muhammadu Buhari's most recent administration—has been granted by the Supreme Court. A panel of seven judges on the top court, chaired by Justice John Okoro, ruled on Wednesday morning that the old notes will remain legal money until the infrastructure needed to replace them is in place. As to the ruling of the Supreme Court, the outdated notes are allowed to coexist as legal tender alongside the updated ones. The Federal Government's motion was heard on Wednesday and was made by…