The Nation Newspaper

Tag: Nigerian currency

  • Naira weakens against dollar at parallel market

    The Naira on Wednesday fell by one point exchanging at N361.5 to the dollar at the parallel market in Lagos.

    The Nigerian currency had exchanged at N360.50 to the dollar on Tuesday.

    The Pound Sterling and the Euro closed N484 and N420, respectively at the market.

    At the Bureaux De Change (BDC) window, the naira was sold at N360 to the dollar while the Pound Sterling and Euro closed at N484 and N420, respectively.

    Trading at the investors’ window saw the naira close at N360.95 to the dollar.

    Read Also: Naira appreciates against dollar at parallel market

    At the CBN segment, the naira was sold at N305.95 to the dollar, while the Pound Sterling and Euro closed at N410.71 and N360.16, respectively.

    The naira exchanged at N47.83 and N23.93 against the Yuan and the South African Rand.

    Currency traders said the demand for the dollar had remained high in spite of the huge interventions of the CBN at the foreign exchange market.

    The CBN had been making frantic efforts to keep the naira afloat through its series of interventions at the FX market.

     

    NAN

  • Naira depreciates against dollar at parallel market

    The Naira on Friday depreciated against the dollar at the parallel market in Lagos.

    The Nigerian currency lost one point to exchange at N363, weaker than N362 posted on Thursday, while the Pound Sterling and the Euro closed at N496 and N429, respectively.

    At the Bureau De Change segment, the naira closed at N361.50 to the dollar, while it exchanged at N502 and N428 to the Pound Sterling and Euro, respectively.

    Read Also: Treat Naira with care, CBN urges Nigerians

    Trading at the investors’ window showed that the naira closed at N360.85 and had a turnover of 202.47 in transaction.

    At the official CBN window, the currency closed at N305.85 to the dollar, and at N412.6 and N360.4 to the Pound Sterling and the Euro.

    Currency traders said that though the naira depreciated marginally, it had remained stable at the foreign exchange market.

    NAN

  • Naira extends loss at parallel market

    Naira extends loss at parallel market

    The Naira on Monday depreciated further against the dollar at the parallel market, according to reports.

    The Nigerian currency exchanged at N380 to the dollar, from N378 it traded on Friday, while it exchanged against the Pound Sterling and the Euro at N495 and N415, respectively.

    At the Bureau De Change segment of the market, the currency exchanged at N378 for the dollar, N490 for the Pound and N413 against the Euro.

    It, however, appreciated at the interbank segment as it closed at N316.37 from N319.70 it posted on Friday.

    Meanwhile, traders at the market said that the scarcity of the greenback was stifling activities at the market.

    They urged the Central Bank of Nigeria (CBN) to intervene in the foreign exchange market to ensure greater stability of the naira.

  • Naira stabilises against dollar

    Naira stabilises against dollar

    The Naira on Monday, stabilised against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency exchanged at N365 to the dollar, maintaining same value as at Friday.

    However, the naira weakened further against the Pound Sterling, but maintained same value with the Euro as it exchanged at N475 and N400 respectively, from N470 and N400 it traded on Friday.

    At the interbank window, the naira exchanged at N292.15 to a dollar.

    Currency traders blamed the poor performance of the naira to the scarcity of the greenback, adding that the demand for dollar far outstripped its supply.

    Meanwhile, Prof. Segun Ajibola, President, Chattered Institute of Bankers of Nigeria (CIBN) urged the Federal Government to resolve unsettled transactions prior to the introduction of the new forex policy.
    Ajibola, at a recent event in Lagos, said that unsettled transactions by banks before the introduction of the flexible exchange rate was still a major factor in the banking industry.

    He noted that the liquidity challenges in the forex market seemed unsolved because of banks’ demands to settle their old issues.

    The banker added that it had impacted on the economy because the 4 billion dollars injected into the interbank market to ease the demand for forex had not been felt.

     

     

  • Naira stabilises at N350 to Dollar

    Naira stabilises at N350 to Dollar

    The Naira on Friday remained stable at the parallel market, exchanging at N350 to the Dollar, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency maintained same value since Wednesday.

    However, the Naira weakened further against the Pound Sterling as it traded at N500 to the Pound, from N390 since Wednesday, while the Euro remained stable at N385.

    Meanwhile, the Central Bank of Nigeria (CBN) was yet to come up with modalities for implementing its flexible exchange policy, as its official rate remained at N197 to a Dollar.

    Traders at the market said they were waiting for the new guidelines for the flexible exchange rate policy of the apex bank.

     

  • Naira weakens slightly against dollar at parallel market

    Naira weakens slightly against dollar at parallel market

    The naira weakened slightly against the dollar at the parallel market on Friday as it exchanged at N321 to the dollar.

    The News Agency of Nigeria (NAN) reports that the Nigerian currency lost N1 to the dollar from N320 rate on Wednesday.

    The naira also fell against the pound sterling and the Euro on Friday to N452 and N362, respectively from their previous rates of N450 and N360.

    The naira still maintained N197 to the dollar at the official CBN segment of the market.

    Traders said that activities in the market were still low due to late implementation of the 2016 budget.

    They said that the budget would indicate the direction of the economy in 2016.

  • Changing face of Nigerian Currency

    Changing face of Nigerian Currency

    The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959. Prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas.
     On July 1st, 1959 the Central Bank of Nigeria issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn. It was not until 1st July, 1962  however, that legal tender status was withdrawn from West African Currency Board. In 1963, Nigeria became a Republic, and this eventually led to the changing of the banknotes in 1965 to reflect the country’s new status. The notes were again changed in 1968 following the misuse of the country’s currency notes, during the civil war
     In 1973, Nigeria adopted a truly national currency in decimal form instead of the pounds, to replace the imperial system which she inherited from the British colonial administration. The pounds and shillings were changed to Naira (N) and kobo (k), and four denominations of notes were issued as follows: 50 kobo; N1; N5 and N10. In response to rapid economic growth made possible by the oil boom, N20, and N50 note denominations were added in 1977 and 1991 respectively. Considering cost effectiveness and expansion of economic activities, higher denomination notes were issued. These are 100 Naira(1999), 200 Naira note (2000). 500 Naira was released in April, 2001 while the 1000 Naira note was released in October 2005.
     On February 28th 2007, as part of the economic reforms, N50, N20, N10 and N5 banknotes and  N1 and 50K coins, were reissued in new designs. While a new denomination N2 coin was introduced.
    Coins: N2, N1, 50 Kobo.
    Withdrawn Earlier: 1959, 1965, 1968,1973, 1977, 1979, 1984, 1991, 2007