Economy

Rewane Says Naira Appreciation Is Sustainable

Published

12 months ago

March 22, 2024

The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited Bismark Rewane believes better days are ahead for the country’s currency, the naira.

On Wednesday, the naira closed trading at 1,410/dollar at the parallel market and N1,475 at the official Nigerian Autonomous Foreign Exchange Market, according to data compiled from the FMDQ Securities Exchange.

Although the country’s currency had fallen sharply against major currencies in recent months, Rewane, who was a guest on Channels Television’s Politics Today which aired on Thursday, said the appreciation of the naira is sustainable.

“The truth is that it is sustainable as long as you do a number of things,” he said when asked by the presenter, Seun Okinbaloye if the recent appreciation of the local currency is sustainable.

“One is that interest rate has been increased therefore the propensity to save has increased and the propensity to consume has actually reduced. People are consuming less and saving more if they are saving.”>

But he is unhappy with the government’s management of resources.

“The government itself is consuming less and saving more. You heard that there is a ban on travel,” the economist added.

“At the same time, there is a lot of waste in government, there is a lot of leakages in government and mismanagement of things.”

Trust Deficit
According to him, the current administration should roll up measures to make mint more money in circulation.

While noting that there is a trust deficit, Rewane said there should be consistency in the government’s policy to build confidence in the citizens.

He said, “There is a need for new money, new money is a function of confidence. Confidence is a function of consistency in policy. These are the things that the administration has to come to terms with.

“We have a trust deficit in this country as policymakers. When we say today, the next day we change. There is no consistency. The truth is that when people begin to see consistency, they stop panicking.

“When they stop panicking, they buy less in quantity but over a longer period. So you will now begin to see the prices of those commodities, even like diesel which is now down to like N1,450.”

Economy

Nigeria spends $817.4m on debt servicing in 2 months

Published

2 hours ago

March 14, 2025

Admin

Nigeria spent $817.4m, approximately N1.26 trillion, to service its debt in the first two months of 2025. This represents a 3.12 percent decline when compared to $843.73 million spent in the corresponding period of 2024.

Data from the Central Bank of Nigeria, CBN, International Payments Report shows that in January 2025, the government spent $540.7 million and in February 2025 it spent $276.7 million on debt servicing.

Further breakdown shows that the country had spent $3.81 billion (about N5.9 trillion) for debt service/Payments in 2024.

Recall that the Federal Government unveiled its largest national budget in 65 years, with a record-breaking N54.99 trillion proposed spending, representing a 56.89 percent increase from the N35.05 trillion budgeted in 2024 (including a supplementary N6.2 trillion).

President Bola Tinubu described it as the “Budget of Restoration,” aimed at stabilising the economy and driving growth.

In the budget debt servicing is allocated N16.3 trillion, a 95 percent increase from N8.25 trillion budgeted in 2024.

Meanwhile, data showed that Nigeria’s foreign trade in Letters of Credit, LC, payments fell by 0.55 percent Year-on-Year (YoY) to $160 million in the first two months of this year from $160.9 million in the corresponding period of last year.

LC payments is one of the critical measure of a country’s credit worthiness but a decline or increase could also reflect developments in volume of import trades.

LC payments for 2024 stood at $801.06 million, representing a 39 percent YoY decline from $1.32billion in 2023.

Economy

Naira rebounces in parallel market

Published

1 day ago

March 13, 2025

Admin

The Naira appreciated Tuesday to ₦1,565 per dollar in the parallel market from ₦1,570 per dollar on Monday. However, it depreciated to ₦1,537 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to ₦1,537 per dollar from ₦1,528 per dollar on Monday, indicating ₦9 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to ₦37 per dollar from ₦42 on Monday.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate

Published

2 days ago

March 12, 2025

Naijablitznews

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1575 and sell at ₦1580 on Tuesday 11th March, 2025, according to sources at Bureau De Change (BDC).

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 Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1575
Selling Rate ₦1580
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1540
Lowest Rate ₦1512
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.