Economy
Naira slumps massively against dollar in response to CBN’s interest rate hike
The naira crashed massively against the dollar in the foreign exchange market amid the Central Bank of Nigeria’s fifth interest rate hike to 27.25 per cent.
FMDQ data showed that the naira exchanged at N1658.48 per dollar on Tuesday from N1562.66 traded on Monday.
This represents N95.82 depreciation against the dollar.
Similarly, at the black market, the naira dropped by N10 to close at N1675 per dollar on Tuesday compared to the N1665 exchange rate the previous day.
This comes despite the increase in the foreign exchange turnover to $166.36 million on Tuesday from $100.21 million traded on Monday.
The drop in the value of the naira at both foreign exchange markets comes on the heels of the CBN Monetary Policy Committee’s fifth interest rate hike on Tuesday.
Economy
Naira collapsed by 51.5% against Dollar in 12 months under Cardoso’s watch
By Mario Deepromoter
The Naira depreciated by 51.5 percent against the dollar at the official market in the last year under Central Bank of Nigeria, CBN, governor, Olayemi Cardoso’s watch.
This is just as Cardoso clocked a year in office after his appointment on September 15, 2023.
The performance of the Naira against the dollar in the foreign exchange market is far from impress despite multiple interventions by the Cardoso-led CBN.
This comes as data from the FMDQ showed that the Naira dropped from N1,541.52 per dollar on 22 September 2024 from N747.76 recorded in the corresponding period last year.
In the period, the Monetary Policy Committee, MPC, led by Cardoso raised the monetary policy rate (MPR) four times to 26.75 percent to combat inflation, which stood at 32.15 percent in August 2024.
The MPC is currently meeting to decide on whether to hike interest or pause the increase.
Meanwhile, in the last months, CBN showed that the country’s external reserves hit a 22-month high of $37.39 billion as of September 19, 2024.
Despite, the policies orchestrated by the Cardoso-led CBN, Nigerians have continued to groan over harsh economic realities occasioned by high prices of food and spiralling energy costs.
Economy
SEE NAIRA Rates Against The USD, GBP, EURO Today September 20, 2024
By Mario Deepromoter
The USD was traded at ₦ at the beginning of this September on Monday, September 2, 2024. As at today with USD being traded at ₦1,665 we see a % for United States Dollar to Naira exchange rate for this month.
On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.
Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1665 1657
Pounds to Naira 2227 2200
Euro to Naira 1839 1815
Canadian Dollar to Naira 1221 1213
Rand to Naira 52 43
Dirham to Naira 0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF)
Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.
Economy
SEC wants govt agencies to list on NGX
The Securities and Exchange Commission (SEC) says it will encourage government agencies and state owned enterprises to list on the Nigerian Exchange Ltd. (NGX).
Dr Emomotimi Agama, the Director-General (D-G) of SEC in an interview with newsmen in Abuja on Thursday, said the listing of the companies on the NGX would guarantee democratisation of their operations.
Agama said the listing would also guarantee inclusiveness and wealth creation for citizens.
He said the Commission would provide incentives that would encourage as much state owned enterprises to list.
According to him, inclusivity is very critical, because in it, you have ownership and so we all build our industries and the country together.
The D-G said the SEC was also working towards inclusion via technology, adding that the use of technology would make the capital market more attractive, especially to the younger generation.
“That is why we encourage apps, we encourage fintech tools, and that is why we supported the inauguration of the electronic offering platform at the Nigerian exchange.
”We encourage everyone who wants to participate and is qualified to participate in this process, to turn around the way people see investing.
“We want investors to have a beautiful experience, to make it so easy for them that each time they feel like investing, it brings happiness to them.
”We will continue to do that through encouragement of technology, through education,” Agama said.
He said the Commission would ensure that bottlenecks usually experienced in process of investing in the market were removed to rejuvenate the country’s capital market.
(NAN)
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