The naira sustained its free fall Tuesday, closing at N881.88 per dollar in the official market and N1157 per dollar in the parallel market.
The domestic currency depreciated 7.63% to close at N881.88 to a dollar at the close of business on Tuesday, data from the NAFEM where forex is officially traded, showed.
Amid the rising free fall of the Naira both at the official Nigerian Foreign Exchange Market (NAFEM) and the unofficial market, financial experts had called on the Central Bank of Nigeria (CBN), to de-dollarise the economy by declaring any local transactions in US dollars illegal.
Speaking on strategies that can be used for the naira to regain strength, the founder and chief consultant of B. Adedipe Associates Limited (BAA Consult), Dr. Biodun Adedipe, said the CBN should stop government agencies from charging local operators and entities in US dollars.
According to him, the sale of crude oil to local refineries should also be made in Naira rather than in US dollars.
A chieftain of the New Nigeria Peoples Party (NNPP), Buba Galadima, has called for a change…
Former Speaker of the House of Representatives Yakubu Dogara on Friday said President Bola Tinubu…
More details emerged on Friday on what transpired during the six-month jail term of popular…
Donald Trump vows the price of gasoline will drop under $2 a gallon if he’s…
Operatives from the Economic and Financial Crimes Commission (EFCC) have reportedly apprehended Darius Ishaku, a…
Lagos, 27 September 2024 – In an exclusive interview with Arise TV on the sidelines…