• Crises looms as Travelex, BDC’s run out of dollars

    Crises looms as Travelex, BDC’s run out of dollars

    Travelex, a global foreign exchange dealer, authorised by the Central Bank of Nigeria to sell Basic Travel Allowance (BTA) and Personal Travel Allowance (PTA) to intending travellers, has according to investigation run into acute shortage of dollars.

    This abysmal development has left hundreds of travellers stranded as a result of the inability of Travelex to provide them withthe required foreign exchange.

    An official of Travelex at Murtala Muhammed International Airport, Lagos, who pleaded not to be named because he was not authorised […]

  • How Bureau de Change operator exchanges N1.7m with fake dollars in Lagos

    How Bureau de Change operator exchanges N1.7m with fake dollars in Lagos

    Usman Nafada, a Bureau de Change operator, has connived with an accomplice to swindle one Mr Abdullahi Uba, of the sum of N1.7m at the Obalende area of Lagos during the course of changing some dollars to naira.

    It was reportedly gathered that Mr Uba had approached Usman in November 16th, 2016, requesting to change some Naira to American dollars.

    The suspect was said to have informed Uba that he didn’t have any hard currency at that period for exchange but talked […]

  • Media Controversy Trails Rapper CDQ for Flaunting His Dollars and Jewelry on Instagram (Photos)

    Media Controversy Trails Rapper CDQ for Flaunting His Dollars and Jewelry on Instagram (Photos)

    Popular rapper, CDQ, who showed off wads of dollars, jewelry and his Passport, as he flew back to Lagos from Mobassa, has incurred the wrath of Nigerians on social media.

    Popular Lagos-based indegenous rapper, CDQ, who used to be under Tee Billz’s 323 Entertainment management, who was on his way back from Mombasa, Kenya, for his music tour, took to his Instagram page some hours ago and posted a photo of his wristwatch and some dollar bills.

    The yoruba rapper captioned the […]

  • World Bank donates 50 million dollars to revive North-East

    World Bank donates 50 million dollars to revive North-East

    It was gathered that thee World bank has donated the sum of 50 million dollars to assist the six insurgent affected North-Eastern states of Borno, Yobe, Adamawa, Bauchi, Taraba and Gombe under the FADAMA programme.

    The Team Leader, Dr. Adetunji Oredipe who stated this while speaking to newsmen, said the reason for carrying out such project was to deal with the negative impact of insurgency that had affected the people in those states.

    According to him, “the project is a combined effort […]

  • FG to sell two presidential jets, asks bidders to quote in dollars

    FG to sell two presidential jets, asks bidders to quote in dollars

    The federal government has advertised the sale of two aircraft in the presidential fleet and directed that the bids be quoted in US dollars.

    A Falcon 7x and Hawker 4000 are the aircraft to be disposed, according to Newsmen.

    Interested buyers were asked to inspect the Falcon at the presidential wing of the Nnamdi Azikiwe International, Airport, Abuja, and the Hawker at Cessna Zurich Citation Service Centre, Zurich, Switzerland.

    The office of the national security adviser (NSA), which is in charge of the […]

  • Nigeria at 56: PDP angry because Buhari does not share dollars – Aide

    Nigeria at 56: PDP angry because Buhari does not share dollars – Aide

    A Presidential Aide, Lauretta Onochie on Sunday said that Nigeria was safer and better under the administration of President Muhammadu Buhari than it was under former President Jonathan.

    Onochie, a Personal Assistant on Social Media to President Buhari, stated this in an article in response to the comment by People’s Democratic Party, PDP, Director of New Media, Mr Deji Adeyanju.

    It would be recalled that Adeyanju had said that the 2016 Independence Anniversary was the worst since 1960, adding that the current […]

  • Naira’ll succumb to more vulnerabilities if America raises rates by December – Otunuga

    Naira’ll succumb to more vulnerabilities if America raises rates by December – Otunuga

    Before the MPC meeting of recently, analysts like you must have made some projections, on whether they will cut the MPR or increase it. The decision of the MPC to stay course, did it meet your projections?

    There are many talks about the MPC decision to keep interest rate at 14% and first as an analyst, I feel that they did the right thing in the sense that it was not long ago that they actually hiked the interest rate from […]

  • Naira crashes to N465/ USD as CBN issues new directives on domiciliary accounts usage

    Naira crashes to N465/ USD as CBN issues new directives on domiciliary accounts usage

    As Naira came under fresh pressures in the parallel market Wednesday, the Central Bank of Nigeria, CBN, issued more directives restricting usage of domiciliary accounts by bank customers, apparently to stem the pressures and improve official supply of foreign exchange to the interbank market.

    As a result of the pressure, Naira crashed to between N460 and N465/ USD1, against the opening rate of N445/USD1 in the parallel market segment, though the interbank rate depreciated just marginally to N312.9/ USD1, against N310 […]

  • Dollar hit as traders pull September US rate hike bets

    Dollar hit as traders pull September US rate hike bets

    The dollar retreated Tuesday as traders rowed back their bets on a September US interest rate hike after a top Federal Reserve official cautioned against moving too early.

    Governor Lael Brainard argued that the bank should adopt a “moderate and gradual” approach to borrowing costs and avoid moves to “tighten policy pre-emptively.”

    Her comments stood in contrast to two Fed officials who signalled late last week that a rate hike could be justified as soon as this month. Those remarks sent global […]

  • Forex market records unprecedented inflow, as exchange rate moderates at N305/$

    Forex market records unprecedented inflow, as exchange rate moderates at N305/$

    Pressure on foreign exchange rate eased, yesterday, as the interbank market recorded an unprecedented inflow of USD327 million with a single transaction of USD270 million by foreign investors.

    This development drove interbank rate down to N305.5/ USD1, from last Friday’s closing rate of N314.95/ USD1.

    Governor, Central Bank of Nigeria (CBN), Mr Godwin EmefieleGovernor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

    Bank treasurers said the development came as foreign investors lined up to buy local currency bonds in response to the attractive […]

  • Naira strengthens as CBN sells dollars to ease pressure

    Naira strengthens as CBN sells dollars to ease pressure

    The naira closed stronger at both the parallel and interbank markets yesterday, after the Central Bank of Nigeria sold foreign currency to further ease the pressure at the foreign exchange market.

    The CBN had last week sold dollars at the interbank market bringing the value of the naira to N308 to the greenback and traders said the apex bank had once again intervened yesterday after the interbank market recorded no trade for four hours after the day’s trading began.

    Traders said the […]