CENTRAL BANK OF NIGERIA DEVALUES NAIRA BY 5.3%

Nigeria’s central bank devalued the naira at one of its curency auctions, according to people familiar with the matter. The weakening comes after Governor Godwin Emefiele

last month that the bank plans to unify its multiple exchange rates to improve the transparency of its currency-management system.

At an auction for importers on Friday, the central bank asked that bids for foreign exchange be made at 380 naira per dollar, compared with 360 previously, the people said, asking not to be identified because they’re not authorized to speak to the media. Isaac Okorafor, a spokesman for the central bank, didn’t answer calls to his mobile phone or reply to messages seeking comment.

The bank previously devalued the currency in March, when it adjusted the official peg against the dollar to 360 from 307. There’s another rate for investors and exporters known as the nafex window, which acts as a spot-rate for the naira. The nafex -- which has been relatively stable around 388 per dollar since mid-May following a recovery in oil prices -- was introduced in 2017 as a way of wooing back foreign investors spooked by an economic crisis, without formally devaluing the currency.

The naira also trades widely in the black market, which Emefiele has said is illegal, and is sold by the regulator to companies and individuals at varying rates.

Investors and the International Monetary Fund have long called for Nigeria to merge its multiple exchange rates, saying the absence of a single rate creates confusion and deters foreign investment.

Comments

PLATEAU STATE NATIONAL ASSEMBLY RERUN ELECTION PETITION TRIBUNAL DISMISSED CERTIFICATE FORGERY ALLEGATION AGAINST SEN.PAM DACHUNGYANG MWADKWON

Plateau State National Assembly Rerun Election Petition Tribunal Dismissed Certificate Forgery Allegation Against Sen Pam Dachungyang Mwadkwon. ...We Are All Winners-Sen Pam Dachungyang Mwadkon. By Nanyah Daman, David Kazi, Justin Jattim, Michael Nangwang, Anastasia Jatbyen, Vanessa Timbyen and Nanpon Maigemu Bauchi. The National Assembly Rerun Election Petition Tribunal for Plateau Northern Senatorial District sitting in Bauchi on Wednesday 14th August, 2024 dismissed allegation of certificate forgery filed against Senator Pam Dachungyang Mwadkwon of Action Democratic Party (ADP). A 3-man panel of Judges of the Tribunal, led by Hon. Justice Cordelia Ogadi upheld that there is no any substantial evidence before the tribunal that senator Mwadkwon forged First School Leaving Certificate and the West African School Certificate. Recall that the 1st respondent,the Independent National Electoral Commission (INEC) declared Senator Pam Dachungyang Mwadkwon (...

THE LONG GAMAI OF GAMAI NATION, HRH MISKOOM MARTIN MUDU'UTRIE SHALDAS III, HAS ADVOCATED FOR A MORE ROBUST MEANS OF UNITY AMONG THE SUB GAMAI GROUP

The Long Gamai of Gamai Nation, HRH Miskoom Martin Mudu'utrie Shaldas III, has advocated for a more robust means of unity among the sub Gamai groups. Miskoom Shaldas III, made the call on Sunday October 27, 2024; when the Chairman Board of Trustees of the Gamai Bible Translation and Gamai Literacy Project, Nda Noetsen Kevin Kwaplong, led members of the Board and the organizers of Dedication, Presentation and Launching of the Gamai Bible and Literacy Project after the Thanksgiving Mass, organized by the Central Working Committee, led by Nda Kurnajam Joseph Ari; held at the Sacred Heart Cathedral Shendam, Plateau State. The Long Gamai commended the team, and stressed that the successful conduct of the event was a consequence of the unity exhibited the sub Gamai groups, emphasizing that the unity is key in whatever we need to achieve. Miskoom Shaldas III, who was full of appreciation to the team added that the resilience, commitment, synergy and ene...

DEWAN SPENT MILLIONS OF NAIRA ON SCHOOL FEES AND HEALTH CARE TO SUPPORT HUNDREDS OF CONSTITUENTS IN PANKSHIN

DEWAN SPENT MILLIONS OF NAIRA ON SCHOOL FEES AND HEALTH CARE TO SUPPORT HUNDREDS OF CONSTITUENTS IN PANKSHIN. The Right Honourable Speaker, Plateau State House of Assembly, Dewan Kudangbena Gabriel made a significant impact in his community by spending millions of Naira on school fees and healthcare for hundreds of constituents in Pankshin North. This multiple gesture done out of his desire for a safer haven for the people and in solidarity with the electoral victory of his personal mentor, Donald Trump. This moves is aimed at cushioning the negative effect of the economy on the people of Pankshin local government; says that representatives of the people in the country must prioritize welfare of the people in this critical moment. The Speaker through his representative in all the schools visited reiterate his commitment to strengthen education as the powerful weapon which can be used to change the world and help students think intensively...

JAT HOTNEWS

Search This Blog