Business
Naira Depreciates To N930 Per Dollar In Parallel FX Market
The CBN expressed concerns about banks potentially profiting from the revaluation of the naira and directed deposit money banks
The Nigerian currency, Naira depreciated to N930 per dollar at the parallel foreign exchange market, marking a 2.76 percent decrease from its rate of N905 on August 23.
VerseNews reports that the currency traders, specifically Bureaux De Change (BDC) operators in Lagos, attributed the depreciation to a scarcity of the US dollar.
BDC operators set the buying price of the dollar at N925 and the selling price at N930, resulting in a profit margin of N5.
VerseNews also learnt that the Central Bank of Nigeria (CBN) lifted the ban on selling forex to BDC operators, but this move has not alleviated the scarcity as banks are not selling to BDCs.
In the official market, the naira closed at N742.10 on Tuesday, with the market experiencing fluctuations between N738 and N807.15 throughout the day.
A total of $42.26 million was traded at the official investors’ and exporters’ window.
The CBN expressed concerns about banks potentially profiting from the revaluation of the naira and directed deposit money banks (DMBs) to cease using these gains to pay dividends or finance operations.
My Husband Makes Love From Midnight Till Dawn’ — Kaduna Woman Seeks divorce
A 37-year-old woman, Linda Stephen, has asked a Kaduna Customary Court to dissolve her six-year marriage,
Peller Faces Possible Ban as Nigerians Mass-Report His 9.6M TikTok Account
Popular TikToker Peller faces mass reports on his 9.6M-followers TikTok account after criticizing Nigerians for ranting about the government online.
BREAKING: NYSC Begins Payment of N77,000 Monthly Allowance To Corps Members
The Federal Government has begun paying the N77,000 monthly NYSC allowance after a six-month delay, with some corps members confirming...
How Apostle Femi Lazarus Is Selling Gift of Spirit God Gave Him for Free – Timi Dakolo
Timi Dakolo criticized Apostle Femi Lazarus for condemning gospel artistes who charge for ministrations while running a paid ministry school.
Presidency Warns Peter Obi Over ‘Collapsed Democracy’ Comment
Presidency dismissed Peter Obi’s claim that Nigeria’s democracy has collapsed, calling it exaggerated and baseless.
Trump announces 25% tariff on countries buying Venezuelan oil
Trump announced a 25% tariff on countries purchasing Venezuelan oil, citing Venezuela's alleged hostility and criminal infiltration.
Anambra, Enugu Police Join Forces to Crush Border Crimes
The Anambra and Enugu State Police Commands have joined forces to combat cross-border crimes by sharing intelligence and resources.
US Warns Nigerians, Threatens Permanent Bans from Entering Country
The US has warned Nigerian travelers that overstaying their visas could result in a permanent ban from re-entering the country.
Plot to Remove Suspended Senator Natasha Deepens as Constituents File Recall Petition
Some constituents of Kogi Central have petitioned INEC to recall suspended Senator Natasha Akpoti-Uduaghan, citing loss of confidence and misconduct.
Lagos to Sponsor Open-Heart Surgeries Worth ₦8.5 Million Each for 30 Indigent Patients
The Lagos State Government will provide free open-heart surgeries for 30 indigent patients, fully funded by Governor Sanwo-Olu.