ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, September 16, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    AFN Congratulates Amusan On Silver Medal Victory

    Lionel Messi’s Barcelona Rookie Card Sells For Record $1.5m

    Duplantis Sets New Pole Vault World Record For 14th Time At Tokyo 2025

    World Championships: Amusan Claims Silver In Women’s 100m Hurdles, Opens Team Nigeria’s Medal Count

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    AFN Congratulates Amusan On Silver Medal Victory

    Lionel Messi’s Barcelona Rookie Card Sells For Record $1.5m

    Duplantis Sets New Pole Vault World Record For 14th Time At Tokyo 2025

    World Championships: Amusan Claims Silver In Women’s 100m Hurdles, Opens Team Nigeria’s Medal Count

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Kano Forex Traders Limit Transaction Hours To Boost Naira Value

by Abdulmumin Murtala
2 years ago
in News
Kano forex
Share on WhatsAppShare on FacebookShare on XTelegram

The foreign exchange traders at the popular WAPA Forex Market in Kano have limited the period of time for buying and selling of the foreign currencies in the market to only six hours a day as a way of boosting the value of the local currency (Naira).

Advertisement

The marketers have now imposed a six-hour trading period for buying and selling of currencies in the forex market, which begins at 12pm and ends 6pm daily.

Explaining the purpose of taking the measure to LEADERSHIP on Thursday, the chairman of the forex market, Alhaji Sani Dada, said it has become pertinent to initiate such measure due to several reasons that include scarcity of US Dollars.

He announced that the measure has since raised the value of Naira, which has moved from N1,537 per Dollar to N1,400 per Dollar, thereby making the Naira appreciate by over N100.

He also denied that the Bureau de Change (BDC) operators were on strike over the forex situation in the country even as he called on the Federal Government to quickly initiate monetary policies that will boost the Naira.

Related News

2027: Nigerians ‘Not Considering’ Making Atiku President, Says APC

1 hour ago

NELFUND Seeks National Assembly Support On Education Financing

1 hour ago

“No, it’s not true, we are not on strike, we are not public employees that would go on strike to protest some government decisions. What we have done is that we have reduced the period of time for transactions in the market.

“This is necessitated by the way some costumers delay transactions due to available time. But now that the time is limited, they will hurriedly come and make their transactions and make the market more active.

“This will also provide opportunity for those who trade forex to strike their deals in good time. There is a scarcity of dollars in the market, that is why we have to reduce the period of transaction.

“However, it should be noted that our forex market here does not sell only Dollars, we also sell other foreign currencies. As such we cannot shut down our activities because of the scarcity of Dollars.

“People come from neighbouring countries to this market to change their currencies and enter the markets to buy goods. Hence, if we close down our forex market, it will be as if we have closed down businesses in Kano markets.

“We will now open our market by 12pm and close by 6pm daily until further notice. By this action, we are letting the public know that this is our operating period,” Dada clarified.

Speaking on how the move would affect the market, the BDC chairman explained that the step has been very effective to have even forced the price of Dollar down in favour of the Naira.

“By simply taking this measure, the Dollar rate has reduced by over N100. It’s not like people are hoarding the Dollar, no, it is such that those who want to change the Dollar delay the process by coming very late because of availability of time. This slows down the market activities.

“But now that the trading time is limited, both buyers and sellers will have to transact within the stipulated period. This will ease buying and selling. This further proves that we are not hoarding the currency, because if we are hoarding it, we will only buy it and hide. But people are buying and selling within the stipulated period.

“We want the public to understand that this situation is not our making. It is a general situation and we have contributed our part by trying to enhance the value of our local currency.

“We call on the government to bring about policies that will ease the situation for the people as it knows best what to do. It is only the government that has Dollars and it should make it available to the market to ease operations. If the government authorises the CBN to provide those who need the Dollar, they know how to do it. We call on them to make the currency available,” he stated.

Join Our WhatsApp Channel

Tags: Forex
SendShare10335Tweet6459Share

Other News Updates

News

2027: Nigerians ‘Not Considering’ Making Atiku President, Says APC

2025/09/15
News

NELFUND Seeks National Assembly Support On Education Financing

2025/09/15
News

Atiku, Other Adamawa Gladiators Attend Bamanga Tukur’s 90th Birthday In Abuja

2025/09/15
News

Police Escorts Injured, Jigawa Speaker Unhurt In Convoy Accident

2025/09/15
News

‘Government Should Stop Reinforcing Bad Behaviour’, Ex-CP Ojukwu Faults Negotiations With Bandits

2025/09/15
News

Aregbesola, Daniel, Mimiko Visit Olubadan-designate

2025/09/15
Leadership Conference advertisement

LATEST

2027: Nigerians ‘Not Considering’ Making Atiku President, Says APC

NELFUND Seeks National Assembly Support On Education Financing

Indian Court Okays Wildlife Conservation At Vantara Private Zoo

Atiku, Other Adamawa Gladiators Attend Bamanga Tukur’s 90th Birthday In Abuja

Police Escorts Injured, Jigawa Speaker Unhurt In Convoy Accident

‘Government Should Stop Reinforcing Bad Behaviour’, Ex-CP Ojukwu Faults Negotiations With Bandits

Aregbesola, Daniel, Mimiko Visit Olubadan-designate

Presidency Tackles Atiku Over ‘Hunger’ Claim

Jonathan Holds Democracy Dialogue In Ghana

JUST-IN: Federal Government Halts 4% FOB Customs Levy Over Trade Facilitation, Inflation Concerns

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.