• 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 […]

  • Naira crash: Nigerian pilgrims in Saudi patronise local food vendors

    Naira crash: Nigerian pilgrims in Saudi patronise local food vendors

    Many Nigerian pilgrims currently in Saudi Arabia for this year’s hajj have been patronising local food vendors.

    The food vendors have become more popular among Nigerians because their charges are said to be less compared to those of the restaurants and other eateries.

    A number of pilgrims in Medinah told NAN that they have restricted their spending to feeding and commuting within the city.

    Some said they had prepared for this situation by bringing along items such as toothpaste, soap and cream, among […]