Naira appreciates to N1,350/$ in parallel market

The naira yesterday appreciated to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday.

Similarly, the naira yesterday appreciated to N1,382.95 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on Monday, indicating N25.09 appreciation for the naira.

Consequently, the margin between the parallel market rate and NAFEM widened to N32.95 per dollar from N21.96 per dollar on Monday.

Over the past month, the Nigerian naira has surged by 18.28 percent to reach N1,408.04 on Monday, up from its low of N1,665.50 recorded on February 23, 2024, as per data compiled from the FMDQ Securities Exchange.

The recent appreciation of the naira against the dollar can be attributed to foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).

Key reforms include the consolidation of exchange rate windows, liberalization of the FX market, resolution of FX backlog obligations for banks and airlines, implementation of a Price Verification System (PVS), imposition of limits on banks’ Net Open Position, removal of the daily cap on remunerable Standing Deposit Facility (SDF) to N2 billion, and restructuring of the Bureau De Change (BDC) segment.

The additional measures implemented are aimed at promoting a market where both the buyer and seller are willing participants. These measures include the removal of margin limits for International Money Transfer Operator (IMTO) remittances, the introduction of a two-way quote system, and comprehensive reforms within the BDC segment to bolster stability, transparency, supply, and price discovery in the Nigeria Autonomous Foreign Exchange Market.

The Central Bank of Nigeria (CBN) sold dollars to Bureau De Change (BDC) Operators at a rate of N1,251.

In a circular issued by the CBN, the BDCs were directed to sell to eligible customers at a rate that does not exceed 1.5 percent above the purchase price.

Tinubu Appoints Chioma Awuzie Substantive Rector, Fed Poly Oko

President Bola Ahmed Tinubu has approved the appointment of Dr. Chioma Irene Awuzie as the substantive Rector of Federal Polytechnic, Oko, Anambra State. Dr. Awuzie's appointment, which takes effect immediately for a five-year term, follows the recommendation of the Polytechnic's Governing Council, chaired by Sen. Dr. Barnabas Gemade, after a transparent and competitive selection process where she emerged as the leading candidate. Prior to her appointment, Awuzie, who holds a Doctorate Degree in Physical and Materials Chemistry, was a distinguished Chief Lecturer in the Department of Science Laboratory Technology (Chemistry Option) and also Director in-charge of Tertiary Education Trust Fund (TETFund) Projects in the Polytechnic. Under her stewardship, Federal Polytechnic, Oko, witnessed unprecedented advancements in infrastructure and institutional transformation. Her leadership facilitated monumental developments across the Polytechnic’s campuses in Oko, ...

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

Tension In Uruagu Nnewi As Community Leaders Dare Soludo,Defy Court Order

The President of Uruagu-Nnewi Development Union, Chief Sunday Okoli aka Organizer, and the Obi of Uruagu-Nnewi community in Nnewi North local government area of Anambra State, His Majesty Afamefuna Charles Obi, have swept Soludo's directive to the gutters, by reason of their suspension and subsequent dessolution of the leadership of the community's youth forum, led by Ejike Ifejiofor, and subsequent appointment of caretaker executive to pilot the affairs of youths in the community. The Anambra governor had, through a letter dated August 9, 2024, signed by the Permanent Secretary, Anambra State Ministry of Youth Development, Dr. Martin Agbili, warned the community leaders to stay any action regarding suspension of the Uruagu-Nnewi youth forum. The community had, through its PG, Chief Okoli, written to the Ministry of Youths Development, notifying the ministry of "immediate suspension" of the youth group over alleged insecurity in the area. But the ministry,...

NIGERIAN NOTCH

Search This Blog