A reward package proposed by the sports ministry for Nigeria’s team to the recent FIFA U-17 World Cup in Chile has been rejected by the country’s government as “too outrageous”, sources at the Presidency have revealed.

Naira strengthens against dollar at parallel market

The Naira on Monday fell freely at the parallel market, as scarcity of dollars paralysed activities.

ABUJA—The Central Bank of Nigeria, CBN, yesterday, disclosed that it refused to further devalue the Naira because it would not have had direct impact on the country’s exports as a mono-economy.

LAGOS — Moves by Central Bank of Nigeria, CBN, to influence money rates downwards brought down Federal Government bonds’ rate to a five-year low, yesterday, as banks’ liquidity position surged up to N850 billion.

Activities at the retail segment of the official foreign exchange market were grounded, yesterday, as end users avoided bureaux de change (BDCs), to avoid submitting their Biometric Verification Number (BVN) for foreign exchange transactions.

Governor, Central Bank of Nigeria, CBN, Mr. Goodwin Emefiele has restated that the CBN will not devalue the Naira anytime soon to revive the falling economy.

Following the call by the Emir of Kano, Muhammadu Sanusi II, where he asked the Federal Government to devalue the Naira, and also remove the subsidy on petroleum products, Nigeria’s apex workers’ union, the Nigerian Labour Congress (NLC), has asked Nigerians to ignore the call.

The Central Bank of Nigeria (CBN) yesterday dismissed the call for further devaluation by the Emir of Kano, and immediate past Governor of the bank, Mallam Muhammad Sanusi II, saying there would be no further devaluation of the naira.

The naira on Wednesday depreciated against the dollar, after making a rebound on Monday at the parallel market.

The naira on Wednesday firmed against the dollar at the parallel market.

PRESIDENT Muhammadu Buhari said, Wednesday, in Paris, France, that he opposed a further weakening of the naira and openly endorsed the Central Bank of Nigeria, CBN’s policy of restricting foreign-exchange trading.

n recognition of the impact of the naira depreciation of the affordability of its fees for Nigerian students, Global accounting body, Association of Certified and Chartered Accountants (ACCA) has announced 60 percent reduction in registration fees for Nigerian students.

I HAVE always believed that for us to move forward, we must reduce our challenges to simple terminology; the simpler the analysis, the easier to carry the masses along. Unfortunately, our experts are all grounded in the Bretton Wood ideology: the more we try to understand, the more complex the solutions. For example, why can’t we bring the naira at par with the United States dollar? Some might say it is not possible given the present day circumstances, but if we remember correctly in 1978, the dollar was even less than the naira at 65 kobo to one dollar.

Nigerians generally believe that large foreign reserves are useful for defending the exchange rate of the naira. However, our total foreign reserves actually comprise of two primary income streams; the first is the Excess Crude Account (ECA), which consists of all crude oil revenue in excess of budget estimates