The Nigerian local currency on the parallel market otherwise known as the black market did not shift as it opened for exchange at the rate of ₦752 to the US Dollar (per $1). Bureau De…
Tony Chukwunyem with agency report
Nigeria is poised to lose its frontier market status because of persistent foreign-exchange shortages in Africa’s largest economy, according to Bloomberg. The news agency reported that MSCI Inc. announced in a statement it is considering…
Tony Chukwunyem
Although foreign exchange scarcity continues to persist in the country, the naira dollar (N/$) exchange rate has largely remained flat on the Investors andExporters’( I&E) windowaswellas the parallel market, due to the Central Bankof Nigeria’s(CBN)…
The dollar jumped and the safe-haven yen hit its highest level of the week on Friday after U.S. President Donald Trump said he tested positive for COVID-19 and entered quarantine. The news could cause…
The Central Bank of Nigeria’s (CBN) allout effort to defend the naira by targeting importers and exporters with tougher regulations risks pushing more traders to the parallel market for their dollars, Bloomberg reported yesterday. As…
Tony Chukwunyem
The lingering scarcity of foreign exchange in the system, occasioned by the country’s dwindling external reserves, is significantly affecting the ability of businesses to access dollars needed to buy critical imports, according to a Reuters…
