Coronavirus: No plan to devalue Naira ― CBN
Threatens sanctions against speculators Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) has not devalued the Naira and vowed to sanction authorised dealers found to be involved in currency speculation. According to the Director, Corporate Communications, “Market fundamentals do not support Naira devaluation at a time” He said in a statement “the […]
Can CBN save the Naira and save Nigerians?
THE Naira exchange rate has suffered severe battering in recent times and fallen from about N160 to the present N197=$; even when our national experience suggests a close correlation between deepening poverty and weakening Naira exchange rates.
Naira gains marginally against dollar at parallel market
The Naira, on Wednesday in Lagos, gained marginally against the dollar at the parallel market, closing at N359.3 to the dollar.
The wrong way to defend the naira
A REPORT on Page 33 of the June 21, 2019 edition of The Punch Newspaper indicated that “between April 2018 and March 2019, the Central Bank of Nigeria injected over $42.3bn into the foreign exchange market to ensure liquidity in that segment of the economy.”
Sale of Naira notes: Police in Kaduna arrest 4 suspects
Four persons have been arrested by the Police in Kaduna, accused of illicit trading in naira notes.
No correlation between Naira value and national reserves – Lukman Otunuga, Research Analyst, Forex Time, FXTM
There has been a progressive depreciation in the value of the Naira since 1999 while the nation’s external reserves have followed a somewhat positive trajectory within the past 20 years. An interesting observation is the decline of reserves between 2008 and 2014 at a time when the Naira was trading around N150. While it may seem like there is no correlation between the Naira exchange rate and foreign exchange reserves, the missing piece of the equation is Oil prices.
