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MURIC counters suit challenging Arabic inscriptions on naira

The Prof. Ishaq Akintola-led Muslim Rights Concern has asked the Federal High Court in Lagos to dismiss a suit seeking the removal of the Arabic inscriptions on naira notes. MURIC and Akintola filed a counter-affidavit to the suit after the court granted their permission to be listed as defendants alongside the Central Bank of Nigeria,...

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Naira slumps further, exchanges for 485/$

The naira slumped further as it exchanged to a dollar for 485 at the parallel market on Friday, after starting the week at 483/$. At the Investor & Exporter forex window, the exchange rate hit a high of N412/$ before closing at N410.05. The Central Bank of Nigeria recently disclosed that the naira depreciated at...

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Naira slumps further, exchanges for 485/$

The naira slumped further as it exchanged to a dollar for 485 at the parallel market on Friday, after starting the week at 483/$. At the Investor & Exporter forex window, the exchange rate hit a high of N412/$ before closing at N410.05. The Central Bank of Nigeria recently disclosed that the naira depreciated at...

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Here’s how Naira closed the week

The foreign exchange market closed the week with Naira weakening by 0.26 percent amid low dollar liquidity, which declined by 8.36 percent at the Investors and Exporters (I&E) forex window. The foreign exchange market daily turnover declined by 8.36 percent Week-on-Week to $46.43 million at the end of trading on Friday from $50.67 million recorded […] Read Full Story

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CBN defends naira with $5.62bn in three months

The Central Bank of Nigeria injected $5.62bn into the foreign exchange market in the fourth quarter of 2020 as part of efforts to ensure the stability of the naira. This was an increase of N1.25bn from $4.37bn intervention in the economy by the banking regulator in the third quarter. The CBN disclosed this in its...

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Naira appreciates marginally amid liquidity drop

Nigeria’s currency on Thursday strengthened marginally by 0.02 percent at the Investors and Exporters (I&E) forex window despite drop in dollar supply. The naira appreciation was attributed to moderation in demand for dollars by the end users. The daily foreign exchange market turnover declined by 33.88 percent to $98.20 billion on Thursday from $148.54 million […] Read Full Story

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BDCs join force with CBN to defend Naira

Bureau De Change

As the pressure on the foreign exchange market persists, Nigeria’s licensed retail currency traders, known as Bureau De Change (BDC) operators are joining forces with the Central Bank of Nigeria (CBN) to defend the naira. Part of the BDCs contribution towards defending the naira is seen in their commitment to regulatory compliance and constantly supporting […] Read Full Story

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Naira strengthens at Investors forex window

The foreign exchange market closed on Thursday with Nigeria’s currency gaining marginally 0.03 percent to N408.67k compared to N408.80k on Wednesday at the Investors and Exporters (I&E) forex window. Read Also: Naira falls by 0.63% to N480 on strong demand for dollar Currency traders who participated in the trading on Thursday maintained bids at between […] Read Full Story