The Nigerian Naira has been ranked as the ninth weakest currency in Africa, according to a Forbes currency calculator report for September 2025. The Naira’s value has been under pressure, with an exchange rate of approximately ₦1,490 per $1. Despite this ranking, Nigeria’s inflation rate has shown significant improvement in 2025, with a rare disinflationary…
Abdul Samad Rabiu, president of BUA Group, has predicted that the naira will strengthen to between ₦1,300 and ₦1,400 to the dollar by the end of the year. Rabiu stated this while addressing journalists shortly after a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Wednesday. Praising what he described as…
The naira appreciated strongly on Monday at both the official and parallel foreign exchange markets, opening the new week on a positive note. Data from the Central Bank of Nigeria showed that the naira gained significantly, closing at N1,506.84 per dollar on Monday, compared to N1,514.87 on Friday. This indicates that the currency strengthened by…
Forex traders have attributed the recent exchange rate stability to the success of Nigeria’s currency swap agreement with Chinese traders now collecting naira for its currency, the yuan, instead of dollars. They also identified P2P (Peer-to-Peer) foreign currency trade as one of the factors that is contributing to the stability of the naira. Peer-to-peer foreign…
The National Orientation Agency (NOA) in Kwara has cautioned the public on fake N1000 notes circulating in the state. The State Director of NOA, Alhaji Abdulganiyu Dare, disclosed this in a statement issued in Ilorin. Dare emphasised the need for vigilance among residents and business owners in the state. According to him, there is confirmed…
Justice Alexander Owoeye of the Federal High Court, sitting in Ikoyi, Lagos, has convicted and sentenced a businessman, Uzondu Precious Chimaobi, to four years imprisonment for refusing to accept the Naira as legal tender. A statement by the Economic and Financial Crimes Commission (EFCC) stated that Chimaobi was arraigned on a two-count charge bordering on…
The Economic and Financial Crimes Commission, Lagos Zonal Directorate on Wednesday arraigned one Precious Uzondu, on a two-count charge bordering on his alleged refusal to accept the Naira as a legal tender. This was made known in a statement shared on the commissions X (formerly Twitter) account on Tuesday. According to the charge, Uzondu, refused…
The exchange rate between the naira and the dollar continued its rapid appreciation on the official EFEM market, closing at N1,535/$1 on Friday, December 6, 2024. This marks a significant milestone, as the naira strengthens further following three consecutive days of appreciation since the Central Bank of Nigeria (CBN) introduced the Enhanced Foreign Exchange Market…
The naira is one of the worst-performing currencies in Sub-Saharan Africa for 2024. According to the latest edition of Africa’s Pulse, a report by the World Bank, as of August 2024, the naira had depreciated by 43% year-to-date, placing it among the weakest currencies in the region, alongside the Ethiopian birr and South Sudanese pound….