Tag: Dollars

  • Naira Falls To N925/$1 On Parallel Market

    Naira Falls To N925/$1 On Parallel Market

    The naira plunged to a record low of N925/$1 on the parallel market on Wednesday as demand for foreign currency outstripped supply.

    This is the aftermath of liberalising the foreign exchange regime, which is a clear departure of what obtained during the President Muhammadu Buhari- led administration.

    At a time during the last administration, the World Bank and other agencies, as well as experts in banking, finance and economy had at different times said having official and parallel value for the naira was hurting the economy and at the same time making a few privileged people pocketing billions of dollars without producing anything as they get the forex from the CBN at official rate and instantly sell same at the black market.

    Recall that during his inauguration on May 29, 2023, President Tinubu had said, “Monetary policy needs a thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.”

    On June 14, 2023, the CBN abolished the segmentation of the forex market into different windows and told Deposit Money Banks to freely float the naira against the dollar and other international currencies.

    Buyers and sellers of foreign currency in the official FX market were then allowed to quote their preferred rates, as against previous practice where CBN dictated rates.

    Wittingly or unwittingly, naira has since continued on a free fall at the parallel market despite the move.

  • Ransom: Pay us in Dollars – Kidnappers Tell Captives’ Families

    Ransom: Pay us in Dollars – Kidnappers Tell Captives’ Families

    One of the three people abducted by gunmen in Fulani settlements near Iwo town, Osun State, has been rescued.

    It was gathered that the rescued victim, Adams Ojonla, regained his freedom after the abductors ran into some hunters around the Papa area of Iwo on Monday.

    Gunmen numbering eight abducted Ojonla, 38, a Fulani; Hamzat Ibrahim and Deere Ibrahim, both Bororo, at Idi Araba and Laagi Fulani, along Iwo/Aawe/Oyo Road last Friday.

    During the encounter at Papa, the abductors were said to have engaged the hunters in a gun battle, during which Ojonla was abandoned.

    Our correspondent also learnt that the abductors told the families of the remaining victims during negotiation to pay the ransom in dollars.

    A source said, “They contacted the families of those abducted late on Sunday. They initially asked for N5m for each one of them. But today (Monday), they reduced the sum to N4m for each of the two people in their custody.

    “Police operatives and hunters are on the trail of the perpetrators. One person has been rescued, but two are still being held.”

    The spokesperson for the Osun State Police Command, Yemisi Opalola, said, “One person has been rescued. But a search-and-rescue operation is still on to free others.”

  • Naira Loses value, depreciates by 0.46%

    Naira Loses value, depreciates by 0.46%

    The naira on Tuesday exchanged at N441.17 to the dollar at the investors and exporters window, a depreciation of 0.46per cent, compared with N439.17 to the dollar at the close of business on October 7.

    The open indicative rate closed at N439.40 to the dollar on Tuesday.

    An exchange rate of N414 to $1 was the highest rate recorded within the day’s trading before it settled at N441.17.

    The naira sold for as low as N414 to $1 within the day’s trading.

    On Tuesday, $73.66 million was traded at the official investors and exporters window.

  • FG To Sanction Foreign Airlines Selling Tickets In Dollar

    FG To Sanction Foreign Airlines Selling Tickets In Dollar

    The federal government has directed the Nigeria Civil Aviation Authority (NCAA) to sanction international airlines said to be refusing to sell tickets in naira.

    The Minister of Aviation, Senator Hadi Sirika, announced this on Wednesday while fielding questions after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

    Sirika said intelligence reports indicated that some of the airlines are refusing naira and charging their ticket fares in dollars in violation of the country’s laws, adding that NCAA had been mandated to deal with any of such airlines wilfully breaching the laws.

    According to him, some of the airlines have also blocked local travel agencies from accessing their websites for transactions.

    He said the foreign airlines had made over $1.1 billion from Nigeria from 2016, which could have been retained in the country if they were local airlines.

    The minister said the airlines remitted over $600 million to their home countries in 2016 while over $265 million had also been released this year out of about $484 million due to them.

    He said the government is trying to keep the airlines happy by ensuring that their money does not pile up again, stating that while the country needs their services, the airlines need the Nigerian market.

    Sirika also cautioned them to refrain from using the social media to press home their demands but to rather use the diplomatic channels.