Despite last week’s raid and arrest of some licensed currency dealers who were said to be selling foreign exchange (FX) above the prescribed limit, the naira appreciated on both the interbank and parallel segments of the market.
Precisely, on the interbank FX market, the spot rate of the naira climbed N1.45 to close at N304.75 to the dollar last Friday, stronger than the N306.50 to the dollar the previous day.
Also, on the parallel market, the naira appreciated by N5 to trade […]
According to reports, the Department of State Services (DSS) on Thursday raided the foreign exchange parallel market (Bureau de change) in Lagos and Abuja, arresting dealers who were selling the dollar above N400.
A dealer, who confided in newsmen, said some of his colleagues were among those arrested.
“The DSS visited the market and arrested some of my colleagues, but I was saved because I didn’t have dollar to sell at the time,” the middle-aged dealer said.
“They want us to buy at […]
It was gathered that the President of the Senate, Dr. Abubakar Bukola Saraki, has urged the Association of Motor Dealers of Nigeria to key into the current campaign for the promote of locally made goods through the purchase and sale of locally manufactured vehicles in the country.
Saraki made the plea when he hosted the National President of AMDON, Prince Ajibola Adedoyin, who led other members of the national executive of the association to visit him on Wednesday.
This was contained in […]
Most black market petrol dealers in Kano are out of business, following the availability of the product in the state.
A survey by the News Agency of Nigeria (NAN) in Kano and other major towns in the state, showed that most filling stations had the product in stock.
Following this development, several filling stations had reduced the official pump price of petrol from N145 per litre to between N143 and N140 per litre.
Motorists and other commercial vehicle operators, who usually patronise the […]