• Advertise
  • Opinion
  • Features & Interviews
  • Investigation
  • Contact
Friday, January 22, 2021
  • Login
No Result
View All Result
NEWSLETTER
The Lagos Today
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Business
  • Entertainment
    • All
    • Art & Design
    • Books
    • Movie
    • Sports
    Nigeria’s Burna Boy featured on US inauguration playlist

    Nigeria’s Burna Boy featured on US inauguration playlist

    Kenya Airways Joins Partners List for Access Bank’s 2021 Lagos City Marathon

    Covid-19: Access Bank Lagos City Marathon to Host Only 300 Runners In 2021

    Dr Dre: Rap legend returns home after brain aneurysm

    Dr Dre: Rap legend returns home after brain aneurysm

    Australian Open: 47 players In quarantine after positive Covid-19 tests on two charter flights

    Australian Open: 47 players In quarantine after positive Covid-19 tests on two charter flights

    Tracy Chapman and Nicki Minaj settle copyright infringement lawsuit for $450K

    Tracy Chapman and Nicki Minaj settle copyright infringement lawsuit for $450K

    Lagos To Focus On School Sports In 2021

    Lagos To Focus On School Sports In 2021

    LEGENDARY ROCKERS KISSED 2020 GOODBYE WITH A GUINNESS WORLD RECORD™  CONCERT AT ATLANTIS, THE PALM DUBAI

    LEGENDARY ROCKERS KISSED 2020 GOODBYE WITH A GUINNESS WORLD RECORD™ CONCERT AT ATLANTIS, THE PALM DUBAI

    Nigerian Hollywood Star, Rotimi, Engages Vanessa Mdee

    Nigerian Hollywood Star, Rotimi, Engages Vanessa Mdee

    Napoli Coach to Visit Nigeria’s Osimhen Who Contacted Covid-19 After Partying in Lagos

    Napoli Coach to Visit Nigeria’s Osimhen Who Contacted Covid-19 After Partying in Lagos

  • Food
  • Features & Interviews
  • Opinion
  • Investigations
  • Sports
  • Travel
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Business
  • Entertainment
    • All
    • Art & Design
    • Books
    • Movie
    • Sports
    Nigeria’s Burna Boy featured on US inauguration playlist

    Nigeria’s Burna Boy featured on US inauguration playlist

    Kenya Airways Joins Partners List for Access Bank’s 2021 Lagos City Marathon

    Covid-19: Access Bank Lagos City Marathon to Host Only 300 Runners In 2021

    Dr Dre: Rap legend returns home after brain aneurysm

    Dr Dre: Rap legend returns home after brain aneurysm

    Australian Open: 47 players In quarantine after positive Covid-19 tests on two charter flights

    Australian Open: 47 players In quarantine after positive Covid-19 tests on two charter flights

    Tracy Chapman and Nicki Minaj settle copyright infringement lawsuit for $450K

    Tracy Chapman and Nicki Minaj settle copyright infringement lawsuit for $450K

    Lagos To Focus On School Sports In 2021

    Lagos To Focus On School Sports In 2021

    LEGENDARY ROCKERS KISSED 2020 GOODBYE WITH A GUINNESS WORLD RECORD™  CONCERT AT ATLANTIS, THE PALM DUBAI

    LEGENDARY ROCKERS KISSED 2020 GOODBYE WITH A GUINNESS WORLD RECORD™ CONCERT AT ATLANTIS, THE PALM DUBAI

    Nigerian Hollywood Star, Rotimi, Engages Vanessa Mdee

    Nigerian Hollywood Star, Rotimi, Engages Vanessa Mdee

    Napoli Coach to Visit Nigeria’s Osimhen Who Contacted Covid-19 After Partying in Lagos

    Napoli Coach to Visit Nigeria’s Osimhen Who Contacted Covid-19 After Partying in Lagos

  • Food
  • Features & Interviews
  • Opinion
  • Investigations
  • Sports
  • Travel
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

Naira Slopes To N460 Amid Resumption of Forex Sales

by Chinonso Ihekire
September 16, 2020
in Business, Headlines
2 min read
0
0
Alimosho Received the Highest Allocation in Lagos for the Month of April
Share on FacebookShare on Twitter

The Naira has sloped further, Tuesday, exchanging at N460 to a dollar, in the Lagos’ parallel market. This happened despite the resumption of forex sales to the Bureau de Change Operators.

The naira had earlier dropped from N480 to a dollar, following the Central Bank of Nigeria’s announcement to resume forex sales to the BDCs, and exchanged at N440/$ as of Thursday.

The CBN on September 7, sold $51m to 5,180 BDCs when it commenced sales.

The Central Bank Governor, Godwin Emefiele, on Tuesday, said the drop in crude oil earnings as well as the drop in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

He said this during the 13th annual Banking & Finance Conference, being organised by the Chartered Institute of Bankers of Nigeria with the theme, “Facilitating a sustainable future: The role of banking and finance,” on Wednesday.

Emefiele said, “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and to N380/$.

“These adjustments along with increased efforts to restrict undue speculative activities, has led to a growing unification of rates across all the forex market segments.

“In addition, the band between the parallel market and the official exchange rate over the past month, has narrowed recently due to some of the measures taken by the CBN to curb illegal forex transactions.”

He explained that with the decline in the country’s foreign exchange earnings and subsequent adjustments in the value of the naira vis-à-vis the US dollar, the CBN had continued to implement a demand management framework, which was designed to support improved production of items that could be produced in Nigeria, and further conservation of its external reserves.

He said, “These measures have helped to prevent a significant decline in our reserves.

 “Our external reserves currently stand at $36bn and are sufficient to cover 8months of import of goods and services.”

Follow us on social media
  • Facebook
  • Twitter
  • Instagram

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: BDC
Previous Post

Unknown Gunmen Kidnap, Murder SSS Official In Katsina

Next Post

FG: Fuel Price Would Be N183 After Total Deregulation

Chinonso Ihekire

Chinonso Ihekire

Related Posts

Lagos Impounds 60 Vehicles Over Road Traffic Offences

Covid-19 Protocols Flouted as LASG Auctions 88 Seized Vehicles

by Segun Adewunmi
January 22, 2021
0

Despite several public health safety campaigns on Covid-19, the Lagos State Task Force on Environmental Sanitation and Special Offences in...

How Covid-19 Pandemic Is Influencing Foreign Private Investment in Nigeria’s Health Sector

COVID-19: Lagos records 824 new cases, with four deaths

by Chinonso Ihekire
January 22, 2021
0

Lagos state has recorded Eight hundred and twenty-four (824) cases, out of One thousand nine hundred and sixty-four (1964) confirmed...

Next Post
Why Nigeria Will Gain More From Fuel Subsidy Removal

FG: Fuel Price Would Be N183 After Total Deregulation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Ifelodun Road Gets a Major Facelift

Ifelodun Road Gets a Major Facelift

6 months ago
APM Terminals, NRC Evacuate Containers from Lagos Ports

APM Terminals, NRC Evacuate Containers from Lagos Ports

7 months ago

Popular News

    Newsletter

    Connect with us

    Tags

    #EndSARS #EndSARS Protests ACCIDENT CBN Child abuse China coronavirus Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Covid-19 Worldwide CP Hakeem Odumosu Donald Trump Federal Government Fraud Gov. Sanwo-Olu Gov Sanwo-olu India Joe Biden Lagos Lagos police Lagos Police command Lagos State Government Lagos State House of Assembly Lagos State Police command LASEMA LASTMA Latest jobs in lagos Lekki Tollgate Shooting Muhammadu Buhari Murder NCDC Nigeria Rape Russia SARS Sexual Abuse Strike action Third mainland Bridge UK Unilag US WHO

    News

    • Business
    • National
    • Politics
    • Tech

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    No Result
    View All Result
    • Home
    • Lagos News
    • Business
    • National News
    • Entertainment
    • Feature & Interviews
    • Food
    • Health
      • National News
    • Sports
    • Travel
    • Opinion
    • World News
    • Investigation

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    %d bloggers like this: