The naira, on Friday, depreciated to N1,600 per dollar at the parallel section of the foreign exchange (FX) market.

This represents a 1.91 percent decline compared to the N1,570/$ reported on March 13.

Currency traders in Lagos, also known as bureau de change (BDC) operators, quoted the buying rate of the dollar at N1,580 and the selling price at N1,600 — leaving a profit margin of N20.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official window, the naira appreciated by 0.38 percent to N1,602.75/$ — from N1,608.98/$ on March 14.

Meanwhile, the Central Bank of Nigeria (CBN), on March 14, reiterated banks must not utilise gains from foreign currency revaluation to pay dividends and expenses.

“Further to our letter dated September 11, 2023, referenced BSD/DIR/CON/LAB/16/020 on the above subject, the Central Bank of Nigeria wishes to reiterate that banks are required to exercise utmost prudence and set aside FCY revaluation gains as a counter-cyclical buffer to cushion any adverse movements in the FX rate,” CBN said.

“In this regard, banks shall not utilize such FX revaluation gains to pay dividends or meet operating expenses.”

CBN had issued guidelines on September 11, 2023, on how banks can manage the impact of FX reforms.

Source: https://www.thecable.ng/naira-falls-at-parallel-market-appreciates-in-official-window/amp?/naira-falls-at-parallel-market-appreciates-in-official-window

How come?

It's all a fraud
The CBN is back to pegging exchange rate
Tinubu suffered Nigerians for nothing

These people want to sink this boat but God no go gree for them.
Naira is now falling again. The truth is that the continuous falling of the naira indicates their failures at all level

CBN governor talking as if he has the solution, banks should not touch the forex revaluation gains..... Can the naira recover, to how much will it recover?

Kukutente23:
It's all a fraud
The CBN is back to pegging exchange rate
Tinubu suffered Nigerians for nothing

“Further to our letter dated September 11, 2023, referenced BSD/DIR/CON/LAB/16/020 on the above subject, the Central Bank of Nigeria wishes to reiterate that banks are required to exercise utmost prudence and set aside FCY revaluation gains as a counter-cyclical buffer to cushion any adverse movements in the FX rate,” CBN said.

“In this regard, banks shall not utilize such FX revaluation gains to pay dividends or meet operating expenses.”

CBN had issued guidelines on September 11, 2023, on how banks can manage the impact of FX reforms.

Source: https://www.thecable.ng/naira-falls-at-parallel-market-appreciates-in-official-window/amp?/naira-falls-at-parallel-market-appreciates-in-official-window[/quote]

Is Binance still to blame?

Your govt came and met dollar at 700 naira now urs shift to 1600, how this dullard won this election without presidential debate still a surprise

The most useless government ever

Shaky shaky naira

Na propaganda go finish the yeye economy kpatakpata

What do you expect from an adult incompetent ruling class. I wonder how much has been sunk to offset the little power naira had in the market for that brief spell

When performance and governance is built on lies and propaganda.

You might win election with lies and propaganda but not governance same thing happened to Buhari

phemmie06:
These people want to sink this boat but God no go gree for them.
Naira is now falling again. The truth is that the continuous falling of the naira indicates their failures at all level

Did you read at all abi u just saw naira and decide to comment?

To below 1000?

Kukutente23:
It's all a fraud
The CBN is back to pegging exchange rate
Tinubu suffered Nigerians for nothing

😂😂😂😂😂😂

To below 1000?

Until is below 1000

doyin01:
The most useless government ever

I thought Buhari’s government had this title. Ee don change?

The floating will stabilise a lot of thing only if we begin to produce and export. Those who their currency dominate us will prefer to buy from us because it is cheaper

Idan must hear this

Bitcoin:
Is Binance still to blame?

Nooooooooo......... !!!!!!!!!!!!

Bitcoin:
Is Binance still to blame?

Don't mind them....when sleepy Rifnubu and his goons are busy spending frivolously. And there isn't any concrete plan on battling the Naira fall what do you expect

LegacyB:

I thought Buhari’s government had this title. Ee don change?

Apc government as a whole decided to spoil Nigeria pata pata

toluleke:
The floating will stabilise a lot of thing only if we begin to producdexport and al

that is not the reason, we export more than we import currently

since i saw 193million for one borehole , i know tinubu has no plan for us

Small small make e enter 1200

SpatialKing:
To below 1000?

Until is below 1000

Revaluation gains in this case means higher rates for the commercial banks

Like it is happening now with this report.

Govt of trial and error, no clear-cut direction.

How do I explain to anyone that the priority of the Nigerian national assembly is to buy deep freezers for constituencies. A country with a very comatose electricity. Freezers that an average minimum wager should comfortably buy?

Between 1999-2024, Nigeria can't produce a mere 5,000megawatts of electricity, this is a total of 25years. What a shame!

Let's have it

....this is correct. All those story about floating the naira na wash. If you know, you know. As pointed out by a foreign financial magazine late last week, the govt of Nigeria devalued the currency intentionally...shikena. This would increase the value of their forex earnings in naira to fund the budget and the bloated govt. They have sold a dummy to the Nigerian populace, just like they did on subsidy. Unfortunately, we have dunderheads who still believe them, even the so called experts have failed to see this. Naira will hover between 1400 and 1600 for the foreseeable future. They know what thy are doing.

Kukutente23:
It's all a fraud
The CBN is back to pegging exchange rate
Tinubu suffered Nigerians for nothing

...


I

Okay. We no go die. We no go gree for dollar hike/appreciation against naira