• Naira appreciates against dollar at interbank market

    Naira appreciates against dollar at interbank market

    The Naira on Wednesday appreciated against the dollar at the interbank market.

    The Nigerian currency gained 50k to close at N304.50 compared to N305 it traded on Tuesday.

    At the Bureau De Change window, the Naira was sold at N400 CBN controlled rate, while the Pound Sterling and the Euro traded at N565 and N500, respectively.

    Skeletal but clandestine trading at the parallel market saw the Naira closed at N470 to a dollar, while the Pound Sterling and the Euro closed at N565 […]

  • Naira appreciates at interbank market

    Naira appreciates at interbank market

    The Naira on Monday gained 50k to exchange at N305.00 to a dollar at the interbank market, the News Agency of Nigeria reports.

    The Nigerian currency had closed at N305.50 for most part of last week at the interbank market.

    However, naira remained stable at the parallel market, closing at N465 to a dollar, while Pound Sterling and Euro exchanged at N565 and N490, respectively.

    Trading at the Bureau De Change window saw the naira closing at N390 to a dollar, CBN controlled […]

  • Troops destroy Boko Haram market, kill 11 suspects

    Troops destroy Boko Haram market, kill 11 suspects

    Troops of the Nigerian Army have killed at least 11 Boko Haram suspects in northern Borno State, after destroying their market, according to a online medium.

    The online news medium said troops also injured an unconfirmed number of fighters in Yale, about eight kilometres south of Bama.

    The report quoted sources as saying: “Officers and men of the 103 battalion, in conjunction with their counterparts from 21 Brigade, 202 Battalion and 151 Task Force Battalion arrived the market at about 7:30 am […]

  • Raid by DSS worsens dollar scarcity at parallel market

    Raid by DSS worsens dollar scarcity at parallel market

    Suspicion and fear permeates the Lagos parallel market as traders struggle to come to terms with last week’s raid by security operatives, the News Agency of Nigeria reports.

    The situation worsened the scarcity of the greenback as traders’ fear that operatives of the Department of State Services were still disguising as potential foreign exchange buyers in the market.

    A currency trader, who pleaded anonymity, said the situation might further erode the gains made by the Central Bank of Nigeria in ensuring the […]

  • SON raids Wuse market, confiscates substandard goods

    SON raids Wuse market, confiscates substandard goods

    According to reports, the Standard Organisations of Nigeria (SON) has raided and confiscated various substandard goods, including razor blades and shaving sticks at various locations in the Federal Capital Territory (FCT).

    Officials of the FCT branch office of SON headed by Dr. Bartholomew Ugwu said the market raid of substandard goods would send strong signal to its manufacturers and traders who are bent on sharp practices.

    Ugwu said that the raid was in continuance of SON campaign against substandard items.

    He disclosed that […]

  • Freeze illegal IMTOs’ accounts funding black market, CBN orders banks

    Freeze illegal IMTOs’ accounts funding black market, CBN orders banks

    According to reports, the Central Bank of Nigerian(CBN) has ordered all commercial banks to freeze accounts used by illegal International Money Transfer Operators(IMTOs) to siphon hard currencies to the black market just as it warns Nigerians abroad to stay away from such operators.

    According to the apex bank, the illegal IMTOs lure customers with ridiculous exchange rate and use Naira accounts opened in local banks to channel foreign currencies to fund the parallel market.

    In a statement by its acting Director, Corporate […]

  • Naira falls at interbank market

    Naira falls at interbank market

    The Naira on Monday fell freely at the official interbank market to exchange at N350 to a dollar from N328 it traded last Friday.

    At the Bureau De Change segment, the naira closed at N385 against the dollar, CBN rate, while the Pound Sterling and the Euro closed at N564 and N510 respectively.

    Trading at the parallel market saw the naira exchanged at N470 to the dollar, while the Pound Sterling and the Euro traded at N560 and N510 respectively.

    Traders at the […]

  • Gunmen raid Edo BDC market, cart away over N12m

    Gunmen raid Edo BDC market, cart away over N12m

    A three-man gang of armed robbers at the weekend raided the popular Bureau De Change market along Sakpoba Road in Benin the Edo State capital and carted away over N12million in the process.

    The gun wielding robbers, who were dressed in the outfit of men of the Special Anti- Robbery Squad (SARS), were said to have trailed one of the Hausa traders at the exchange market who went to the bank to cash money for his office.

    Some of the traders at […]

  • Naira strengthens against dollar at interbank market

    Naira strengthens against dollar at interbank market

    The Naira on Friday appreciated against the dollar at the official interbank market, the News Agency of Nigeria (NAN), reports.

    The Nigerian currency gained 50k to exchange at N304.50, from N305 posted on Thursday.

    At the Bureau De Change (BDC) Segment of the market, the naira closed at N385 CBN controlled rate, while the Pound Sterling and the Euro traded at N560 and N503, respectively.

    The naira, however, weakened against the dollar at the parallel market, nullifying the N5 it gained on Thursday […]

  • Market women protest, block Benin-Lagos highway

    Market women protest, block Benin-Lagos highway

    Protesters on Monday blocked the Uselu/Ugbowo section of the Benin-Lagos highway over plans by Egor Local Government Area of Edo State to relocate traders.

    The protesters, under the aegis of Uselu Market Women Association, were resisting the directive to move to lock-up stores built by the council.

    The women, displaying placards, blocked both sides of the highway, preventing motorists from continuing with their trips.

    Some of the women said the N1.2m charged for the stalls was too expensive for them, especially given the […]

  • EFCC declares Goodie Ibru wanted for alleged capital market fraud

    EFCC declares Goodie Ibru wanted for alleged capital market fraud

    According to reports, the Economic and Financial Crimes Commission (EFCC) on Wednesday declared a business mogul, Mr. Goodie Ibru, wanted over alleged capital market fraud.

    It was however gathered that the anti-graft agency is after Ibru over alleged lingering crisis on shares in Ikeja Hotels Plc.

    According to a statement by the Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, Ibru is also wanted for alleged money laundering.

    The statement said: “The public is hereby notified that Goodie Minabo Ibru […]