Tag Archives: Naira

The National Agency for Food and Drugs Administration and Control (NAFDAC) has shut down a facility manufacturing unregistered cosmetic products in Ipaye Iba, Lagos State. According to a statement shared on NAFDAC’s X handle (formerly Twitter) on Wednesday, December 18, the agency said its officials raided the premises, apprehended a staff member, and confiscated various products such as body washes, …

The exchange rate between the naira and dollar slid back to around N1,745/$1 on the parallel market, a sharp reverse from the N1,600 levels recorded at the end of last week.   As at Wednesday, December 11, the Naira was sold for several rates above the N1,700/$1 mark . While some platforms were said to have reported that a dollar …

Lil Smart has gone on Instagram to allege that his record label members Naira Marley and Zinoleesky tried to k!ll him on Sunday, Dec. 8.  The singer claimed that Naira Marley and Zinoleesky “kidnapped” him and took him to a bush before sending their boys “INN and MMP” who then stripped him n@ked and tried to break his legs with …

Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, revealed that the country has saved $20 billion through the removal of petrol subsidies and the adoption of market-based foreign exchange pricing.   Edun made the disclosure during an event in Abuja marking the first 100 days in office of Esther Walso-Jack, head of the civil service of …

The Central Bank of Nigeria (CBN) has threatened to penalise banks disbursing cash to naira hawkers. The apex has also directed banks to prioritise cash disbursement through automated teller machines (ATMs).   CBN gave the directive in a circular to banks on Friday titled ‘Mystery shopping & spot checks on cash disbursement activities of deposit money banks (DMBs)”.   In …

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, has said that without divine intervention, the exchange rate could have risen to N10,000 per $1.    Adeboye, who stated this while speaking at the Special Holy Ghost Congress in Abuja, explained that Nigeria’s financial difficulties are largely linked to its reliance on fuel imports, despite …

A Chinese national has mutilated Naira notes after officials of the Lagos State Government allegedly sealed his company for violating some laws.    The incident which was caught on camera happened at a Chinese company located along the Lekki-Epe expressway.   The video making the rounds on social media shows the moment the Chinese man brought out the naira notes …

The Naira is forecasted to depreciate to N1,993 per US dollar by 2028.  A report by BMI Research, a subsidiary of Fitch Solutions, forecasts significant constraints on the import of critical medical supplies into Nigeria due to the weakening of the Naira and structural challenges within the healthcare system.  The report projects that by 2028, the Naira will exchange at NGN1993/USD, a rate it …

The Nigerian Naira is now going for N1,740/$1 in the parallel market as at Sunday, October 27.   The Naira showed minor appreciation in the Nigerian Autonomous Foreign Exchange Market, NAFEM, as dealers speculate that the Central Bank of Nigeria, CBN, would likely intervene very soon on the exchange rate.     Data from FMDQ showed that the indicative exchange …

The Naira has depreciated to N1,739 per dollar in the parallel market from N1,735 per dollar on Wednesday. Data from FMDQ showed that the Naira appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEMfrom N1,654.09 per dollar on Wednesday, indicating N52.89 appreciation for the currency.   The volume of dollars traded (turnover) in the official market …