Tag: Naira
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CBN begins clearing forex contracts, easing naira pressure
The Central Bank of Nigeria (CBN) has cleared matured forward foreign-exchange contracts with an unspecified number of banks in the country, a move that...
Naira fall predicted to continue next week
The naira is expected to remain unsteady in the coming week despite the government’s announcement that it expects some $10 billion in the coming...
Naira sinks to long-feared black market rate of 1,000 to dollar
The naira fell to a new record low of 1,000 to a dollar on the parallel market on Tuesday, traders said, driven by speculation...
Minister blames naira fall on $6.8bn forex payment backlog
Finance minister Olawale Edun says Nigeria has to clear a $6.8 billion backlog of foreign exchange forward payments before the naira stabilizes.
Forward contracts allow...
Naira at record low on black market, inches closer to 1000 to dollar
Naira fell to a record low on the black market on Wednesday, edging closer to 1000 to a dollar, as Nigeria’s foreign exchange problems...