CBN has announced a fine of N150 million on banks found facilitating illicit flow of mint naira notes. Solaja Olayemi, the acting director of currency operations department, CBN expressed concern over the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents. This, according to the regulator, impedes the efficient and effective cash…
The Central Bank of Nigeria (CBN) has reiterated that all versions of the naira, including both the old and new designs of the ₦1,000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 note, remain valid and legal tender indefinitely. In a statement signed by its Acting Director of…
The Naira has appreciated to N1,555 per dollar in the parallel market from N1,685 per dollar on Thursday. Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate…
The Naira recorded a significant appreciation against the dollar in the official foreign exchange market on Thursday. Data from the Nigerian Foreign Exchange Market revealed that the currency strengthened to N1,567 per dollar, improving from N1,608 on Wednesday. This marks a N41 gain in value compared to the previous official exchange rate of N1,608 per…
The Naira experienced a depreciation on Monday, dropping to N1,770 per dollar in the parallel market, compared to N1,750 per dollar observed last weekend. In a similar trend, the Naira fell to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market. According to data from FMDQ, the indicative exchange rate for NAFEM increased from…
