• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, July 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • 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

Naira Gains Strength At Official Market, Closes At N1,542/$

…As govt continues crackdown on speculators

by BUKOLA ARO-LAMBO
1 year ago
in Business
Naira is Nigeria's currency, Dollar is recognised world currency

Naira is Nigeria's currency, Dollar is recognised world currency

Share on WhatsAppShare on FacebookShare on XTelegram

Following the appreciation recorded at the official end of the foreign exchange market on Tuesday, the value of the naira closed stronger at the close of trading on the Nigeria Autonomous Foreign Exchange market (NAFEM) on Wednesday at N1,542.58 to the dollar.

Advertisement

Compared with the N1,551.24 which it closed on Tuesday, the naira had appreciated by 0.6 per cent on Wednesday compared to a 2.9 per cent appreciation recorded the previous day. On Tuesday, inflow at the NAFEM had increased from $68 million on Monday to $117.32 million, with intraday trading recording a low N1,701 and high of N1,100 trading to the dollar.

Inflow at the official market rose to $172.14 million with trades done between N1,755 an N1,050 to the dollar. The appreciation recorded at the official market, however, further widened the gap between the official and parallel market rates.

At the parallel market, the value has so far depreciated by at least 23 per cent between Monday and Wednesday when compared to N1,625 which it sold at the close of business last week.The value of the naira at the parallel market varied by location with some traders quoting N2,010 to the dollars while some quoted N1,900, and N1,880 to the dollars. However, the volume traded and basis for the spike could not be determined as of press time.

Meanwhile, operatives of the Economic and Financial Crimes Commission have continued its raid on Bureau de Change operators which it said were hoarding dollars. On Monday, it had raided some BDC operators at the Wuse Zone 4 area of Abuja and arrested about 50 illegal operators.
Similarly, not fewer than seven BDC operators and others were arrested by operatives of the EFCC on Wednesday in Kano state. The persons were arrested by the operatives who carried out a raid on the BDC operators at the popular forex exchange WAPA market in Fagge local government area of the state.
The Chairman of the market, Malam Sani who confirmed the development to newsmen in Kano, said the operatives raided the market in search of hoarders of dollars.
A special adviser to President Bola Ahmed Tinubu, Bayo Onanuga, had also yesterday, accused crypto trading platform, Binance of manipulating the value of the naira. In a post on X, Onanuga accused Binance of “blatantly setting exchange rate for Nigeria, hijacking CBN role.

RELATED

X3M Ideas Forges Alliance With IKIGAI 360, Expands Footprint Across Africa, Europe

X3M Ideas Forges Alliance With IKIGAI 360, Expands Footprint Across Africa, Europe

2 hours ago
Nigeria At 64: ‘Foreign Vessels Coastal Water Domination Collapses Indigenous Shipping’

Freight Rate: Nigeria Loses N7.2trn Annually To Foreign Firms – Report

5 hours ago

“The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country or else this bleeding of our currency will continue unabated.”

The post comes after Binance’s peer-to-peer (P2P) platform for Nigerian users “automatically paused” yesterday after users reported difficulties selling USDT above a specific price.
However, veteran stockbroker and lecturer at Adeleke University, Professor Tayo Bello, told LEADERSHIP on Wednesday night that the clampdown on BDC operators was just window-dressing which will not make any meaniful impact on the market.He said, the real culprits of hoarding of the foreign currencies are the well-connected Nigerians that have been keeping dollars in their houses.

Also, an economist, Bunmi Agunbiade said the only way to fix the naira is for the Nigerian economy to become a productive export-driven economy.

Efforts to get information from the apex bank on the reason for the continous arbitrage between the official market rate and the parallel market rate proved abortive as several calls made to the phone number of Mrs. Hakama Sidi-Ali, CBN’s Acting Director of the Corporate Communications Department, at 9:50pm Wednesday night were not responded.Also, text messages sent to her phone number were not responded to.

Concerns have been raised that restricting media access at the NAFEX platform was inimical to transparency, as the public would be unable to know the volume of transactions traded and who bought what, which could sometimes be a restraint.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Naira Crisis
SendShareTweetShare
Previous Post

Customs FOU Zone “B” Arrest 2, Make Seizures Worth Over N1.9bn Duty Paid Value

Next Post

Tinubu Appoints Gaga NEXIM Bank ED

BUKOLA ARO-LAMBO

BUKOLA ARO-LAMBO

You May Like

X3M Ideas Forges Alliance With IKIGAI 360, Expands Footprint Across Africa, Europe
Business

X3M Ideas Forges Alliance With IKIGAI 360, Expands Footprint Across Africa, Europe

2025/07/08
Nigeria At 64: ‘Foreign Vessels Coastal Water Domination Collapses Indigenous Shipping’
Business

Freight Rate: Nigeria Loses N7.2trn Annually To Foreign Firms – Report

2025/07/08
CBN Grants RoutePay Licence To Provide Digital Payment Solutions
Business

CBN Imposes $50 Charge On Non-Resident BVN

2025/07/08
Why We Are Investing In Critical Infrastructure – Mbah
Business

Enugu Air Will Be For Traders, Enugu People – Mbah

2025/07/08
Large-cap Stock Drives Local Bourse To N180bn Gains
Business

Equities Market Opens Trading Week With N193bn Gain

2025/07/08
Restore Public Confidence In Judiciary, Panelists Tell Next CJN, Kekere-Ekun
Business

Shettima, CJN, Others Task Judges On Swift, Credible Judgements To Strengthen Capital Market

2025/07/08
Leadership Conference advertisement

LATEST

104 Nigerians Get EU-funded Postgraduate Scholarship

JUST-IN: LASU Overtakes UNILORIN As ‘Most Preferred Nigerian Varsity’

2Baba Unveils New Management Team

2-yr-old Boy Drowns In Kogi River

Abati Failed Jonathan As Media Adviser, Says Wike’s Aide

Makinde Has Transformed Oyo Into New Economic Hub – Commissioner

NAPS Backs Transformation Of Yabatech To University

Firm Champions Fight Against Domestic Sexual Violence

PICTORIAL: NNPCL Donates 35 CNG Buses To PCNG-i

‘2024 Lagos ASIS Summit Unlocked Over $100m Investments’

© 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.