The naira depreciated further on Thursday, April 25, against the United States dollar. At the official market, the Naira depreciated to N1,309/$ and N1,420 at the parallel market. The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday, April 24. Bureau de change operators blame the depreciation on an increase in the demand for the dollars.
Tag: naira
Vice-President Kashim Shettima has assured Nigerians that the Naira will continue to appreciate against the Dollar in the foreign exchange market. Speaking when a delegation of the Lagos Chamber of Commerce and Industry (LCCI) led by its President, Gabriel Idahosa, paid him a courtesy visit in his office at the President Villa, Abuja, Shettima stated that when the Naira went haywire and some people were celebrating, they were inwardly laughing at them because they know they have the leadership …
The National Bureau of Statistics NBS says Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%. A report released by the NBS on Monday, April 15, reads “Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the …
Popular cross-dresser, Idris Olanrewaju Okuneye aka Bobrisky, has pleaded guilty to the Naira abuse charge leveled against him by the Economic and Financial Crimes Commission (EFCC). Bobrisky was arraigned before the Federal High Court, Lagos on a six-count charge bordering on alleged Abuse of the Naira and alleged Money Laundering . When the charge was read, Bobrisky pleaded guilty to the first four counts bordering on Naira abuse. Before the charge was read, the EFCC’s counsel, …
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 …
Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos, on Thursday, February 1, 2024, convicted and sentenced one Oluwadarasimi Omoseyin, an actress, to six months imprisonment for spraying and stepping on the new Naira notes at a social event in Lagos. She was first arraigned on February 13, 2023, by the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on two-count charges, to which she pleaded “not guilty”. She was subsequently granted bail …