NNPC, Dangote Sign Fresh Two-Year Crude Supply Deal in Naira
The Nigerian National Petroleum Company Limited (NNPC) has signed a new two-year crude supply agreement with the Dangote Petroleum Refinery, extending the partnership until 2027. The deal, concluded in August, secures a steady flow of crude oil to the…
Naira Appreciates for Third Consecutive Day, Closes Week Stronger Against Dollar
The Naira recorded its third straight appreciation against the Dollar at the official foreign exchange market, ending the week on a positive note on Friday. Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened to…
Naira Slides to ₦1,635/$ on Parallel Market Despite Gains in Official Window
The Naira continued its downward trend in the parallel market, falling to ₦1,635 per dollar on Wednesday, compared to ₦1,625 per dollar on Tuesday—marking a ₦10 drop within 24 hours. So far this month, the Naira has lost ₦29 or 1.8% of its value in the…
Senator Adeola Denies Report Claiming Buhari Borrowed $400 Billion to Stabilize Naira
Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, has dismissed reports claiming that former President Muhammadu Buhari’s administration borrowed $400 billion to stabilize the naira during his tenure. Speaking at his Town Hall…
Edo Government Official Kelly Okungbowa Caught Spraying Naira on Strippers, Sparks Controversy
A senior Edo State government official, Kelly Okungbowa, also known as Ebo Stone, has been captured on video spraying freshly minted naira notes on two strippers at a private gathering. Okungbowa, who serves as Chairman of the Edo State Asset Recovery…
IMF: Tinubu’s Reforms Strengthening Naira, Restoring Economic Stability
The International Monetary Fund (IMF) has acknowledged that the economic reforms implemented by the Bola Ahmed Tinubu administration have contributed to restoring stability in Nigeria and strengthening the naira. Gita Gopinath, the IMF’s first deputy…
Naira Strengthens to N1,610/$ in Parallel Market Amid Sustained Low Dollar Demand
The Nigerian Naira continued its upward trajectory in the parallel market, appreciating to N1,610 per dollar from N1,615 per dollar recorded last Friday. This marks a consistent trend of strengthening, fueled by subdued dollar demand. According to data…
CBN Pledges Action Against Naira Commoditization to Safeguard Economy
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has committed to addressing the growing issue of the buying and selling of Naira notes, a practice that has become prevalent across the country. Speaking at the inaugural…
Naira Gains Ground in Parallel Market, Strengthens to N1,725/$ as Turnover Declines
The Nigerian Naira showed slight appreciation in the parallel market on Tuesday, trading at N1,725 per dollar compared to N1,730 recorded on Monday. This development comes amidst a continued effort to stabilize the nation’s foreign exchange market.…
Africhange CEO, Ajala, Highlights Naira Floating Risks and Remittance Challenges
David Ajala, CEO of Africhange, a cross-border payments platform, has expressed concerns over the Central Bank of Nigeria’s decision to float the naira, calling it a “risky but necessary move.” In a detailed conversation with Felix Oloyede,…