Economy

Naira Appreciates to N1,474/$ At Official Rate Despite Parallel Market Drop

Published

11 months ago

February 11, 2024

The Nigerian currency, the Naira, strengthened its position against the US dollar and other major currencies in the foreign exchange market on Friday, according to data from FMDQ Securities Exchange.

The Naira closed at N1,474.62 per US dollar on Friday, up from N1,479.47 on Wednesday, marking a 0.6 percent or N9.5 increase. This was also higher than the N1,433.89 recorded on Tuesday.

However, the Naira lost some ground compared to Monday, when it opened the trading week at N1,419.86 per US dollar.

The Naira also weakened in the parallel market, where it fell to N1,490 per US dollar on Friday, down from N1,440 on Thursday.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, assured the public of the stability of the exchange rate when he met with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday.

He said the CBN was committed to implementing the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms that were introduced two weeks ago, which boosted the Naira to N1,500 per US dollar from N891.

Economy

SEE Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 9th January 2025

Published

5 hours ago

January 9, 2025

Naijablitznews

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) was N1750 on Thursday, January 9th, 2024, players bought a dollar for N1750 and sold it for N1760.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Thursday, January 9th, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1750
Selling Rate N1760
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1760
Selling Rate N1770
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

Economy

SEE Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 4th January 2025

Published

5 days ago

January 4, 2025

Naijablitznews

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Saturday, January 4th, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 4th January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) was N1750 on Saturday, January 4th, 2024, players bought a dollar for N1750 and sold it for N1760.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Saturday, January 4th, 2024.

Economy

Why 1,000 workers left CBN – Cardoso

Published

6 days ago

January 4, 2025

Kayode Sanni-Arewa

The Central Bank of Nigeria has again clarified that the 1,000 staff members who opted out of service in December 2024 were not forced to quit their jobs.

The CBN Governor, Olayemi Cardoso, stated this on Friday in Abuja at an investigative hearing of the House of Representatives’ ad-hoc committee probing the circumstances leading to the exit of the staff members and how the sum of N50bn severance package for the affected persons was arrived at.

Cardoso added that the affected persons opted to disengage through the voluntary Early Exit Program with payment of full benefits.

Represented by Deputy Director, Corporate Service of the CBN, Bala Bello, Cardoso explained. “The Early Exit Program, Restructuring and Re-organization “are basically ways and means through which the performance of an organization is optimized by ensuring that round pegs are put in right holes. The manpower requirement of the bank is actually met.

“I’m very happy to mention that the early exit program of the CBN is 100 per cent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary programme that has been put in place.”

He also noted that the exercise was not restricted to government agencies alone, saying, “I believe several organisations across the world, and even within this country, both in terms of the private sector and the public sector, are undertaking similar exercises.”

Continuing, Cardoso said, “In the past, we had instances in which cases of stagnation and lack of career progression appear. In an organisation, you’ve got a pyramid where from each level to the next level, the gap keeps narrowing. If not, you are going to have a quasi-organisation, an inverted pyramid.

“It gets to the level where you have, for example, 30 departments in the Central Bank. You cannot have 60 directors manning 30 departments. It’s not going to work.

“Once those vacancies are filled, it gets to a level where some people, even though they are very qualified, able, and willing, but the vacancies are not there. And then they got to a level where they are stagnated for a period of time.”

Speaking earlier, the chairman of the committee, Bello Kumo, noted that the committee’s responsibility was to submit the report to the House.