Naira

Nigeria gains massively on the ‘Naira for Dollar’ policy

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The ‘Naira for Dollar’ policy of the Central Bank of Nigeria (CBN) has led to positive accretion to the foreign reserves exactly one month after takeoff.   The foreign reserves, on April 1, stood at $34.85 billion, representing $404 million increase compared to $34.41 billion on March 11.   The uptick in reserves has been … [Read more…]

Emefiele Announces the depreciation of Naira at the official market to 410 against the dollar

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  The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the naira has depreciated at the official market to 410 against the dollar.   Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, said the drop in crude oil earnings and the associated reduction in foreign … [Read more…]