Can naira recover from round-tripping over falling oil price?
Activities at the nation’s foreign exchange market last week may continue to hold negative sway this week as Coronavirus-indicted oil price record low of $35 which further crashed dollar to N420 is still a global issue. Recall that the Nigerian…
ABCON claims its partnership with CBN largely stabilized the naira
Whereas there seems to be a regime of forex stability even though exchange remained on the high side, the leadership of the Association of Bureaux De Change Operators of Nigeria (ABCON), has traced the observed strategic partnership between the Central…
Cut MPR, end multiple exchange rates to exit industries from recession, says ABCON
Though the Nigerian economy is out of recession, there are strong indications that the productive sector or manufacturing segment of the economy is still under the chains of recession. However, to drive their exit process as soon as possible, the…
ABCON boss leaks key cause of persistent naira fall to dollar
Illicit dollar (cash) traffic to Dubai is the key factor that has been frustrating the efforts of the government in firming naira. This was the revelation of the President of the Association of Bureaux De Change Operators of Nigeria (ABCON),…
Experts give reasons why CBN interventions are not saving naira
After several months of routine injection of forex by the Central Bank of Nigeria (CBN) with negligible results in salvaging naira, financial experts have opened up, saying the reasons behind the steady depreciation of the nation’s currency are beyond the…
Forex: CBN’s signals show relevance of BDC as business gone
First of all, no country in the world legalizes the exchange of its currency along the streets, rather in banks through a managed exchange structure driven and monitored by the nation’s central bank. Against this background, there are indications that…
CBN alone can’t resolve instability of naira with momentary dollar injections—Experts
Even though the Central Bank of Nigeria (CBN) had in the last couple of months been struggling to remain naira afloat, development economists and finance pundits are convinced that at some point, the apex bank will become weak and the…
Naira firms up, recovers after days of depreciation, anxiety
Nigerian Naira on Tuesday rebounded with strength forcing US dollars down, a move towards convergence of rates between interbank and parallel markets. Yesterday, naira traded between N380 (buying rate), and N390 (selling rate) stronger than N395 recorded on Monday, while…
