Naira exchanges at N1,534 to a dollar for the first time in official market

The closing exchange rate between the naira and dollar on the official NAFEM market reached N1,534/$1 on Monday, February 12th, 2024, marking the weakest performance ever recorded for the naira against the dollar at the end of a market, according to Nairametrics.   According to the Financial Literacy Website, throughout the day, the intra-day high and low values stood at N1,550 and N1,000 respectively, underscoring Nigeria’s ongoing descent amid central bank reforms aimed at transitioning towards a free market exchange

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Naira falls to an all-time low as it exchanges at N1,210/$1 on parallel market

The exchange rate between the naira and dollar opened the week at N1,200/$1 on P2P platforms on Monday, Oct. 23.   The implication of this is that the naira is 3.41 percent weaker than on Friday, Oct. 20, when it closed at N1,170 on the same market.   This week, on the black market where the exchange rate is sold unofficially, quotes are going for N1200/$1 for cash trades and N1,250-N1300 for wired transfers.    By the close of business

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Police arrests three members of a daredevil armed robbery gang who invaded phone market in Abeokuta (photo)

Men of the Ogun state police command have apprehended three members of a robbery syndicate who invaded the phone market popularly known as Tarmarc on the 12th of April 2023, where they killed one of the traders after carting away several highly valued phones.   The suspects identified as Ajayi Kayode, Habeeb Idowu, and Temitayo Oresanya, were arrested on Saturday 6th April 2023 following a piece of information received by policemen attached to Kemta divisional headquarters that the suspects have

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FG projects N120tn as three-year consumption expenditure

FG projects N120tn as three-year consumption expenditure

FG projects N120tn as three-year consumption expenditure The Federal Government has projected an average of N120tn as consumption expenditure by Nigerians on which value-added tax will be charged between 2023 and 2025. This is according to the Medium Term Expenditure Framework and Fiscal strategy paper developed by the Ministry of Finance, Budget and National Planning. According to the report, consumption expenditure on which VAT will be charged will likely increase from an average of N35tn in 2023 to N40tn in

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Goods worth millions of Naira destroyed as Ladipo market is gutted by fire (photos/video)

Goods worth millions of Naira have been destroyed after fire gutted the Aguiyi Ironsi plaza in the Ladipo spare parts market in Lagos State in the early hours of today, February 26.     The fire was put out by officials of the Lagos State Fire Service, Lagos State Emergency Management Agency, and other first responders, including officers of the Lagos State Police Command.     No casualty was recorded in the incident.   See photos and video from the scene

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Naira now trading at 545/$ in parallel market

The Nigerian Naira has hit an all time low in 48 years after trading for 545/$ in parallel markets on Thursday September 9.    Confirming the development, parallel market and bureau de change (BDC) traders disclosed that the Naira is falling rapidly against the greenback.    British pound on the other hand, was trading at N740 across the same markets. This is coming after the Central Bank of Nigeria announced it would no longer sell forex to BDC traders.   It

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