dollars

Senate Invites Emefiele Over Fx Crisis, Naira Devaluation

July 28, 2022 5:05 am

In the face of the ongoing crisis in the Nigerian foreign exchange market, the Senate has resolved to summon the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to provide answers and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira.

The Red Chambers of the national assembly also mandated the Senate Committee on Banking, Insurance and Other Financial Institutions to assess the impact of the CBN intervention funds meant to support critical sectors of the economy.

The resolutions were reached by lawmakers after the upper chamber …

Fake Dollars Recovered From Syndicate In Ogun

August 6, 2020 3:41 pm

Two members of a syndicate who specialized in duping unsuspecting members of the public of their hard-earned money under the pretence of ‘washing dollars’ for them have been arrested by men of Ogun State Police Command.

The two suspects; Chika Kasarachi and Ifeanyi Okechuckwu were arrested following a complaint by one Omeh Chidebere Ishoke who reported at Sango police station that he was accosted by the suspects who lured him to their hideout at Koleosho Street.

The suspect also collected his MP3 mini speaker valued at N68,000 but no dollar was given to him at the end.

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Insecurity Worsens Nigeria’s Inflation – CBN Boss, Emefiele

A Tumbling Naira Nigerians Cannot Bear

May 31, 2020 4:02 am

In 1980, a foreigner visiting Nigeria could only get ₦50, 500 in exchange for US$100,000. Forty years later, one would almost require the service of a bullion van to convey the naira equivalent of the same quantity of dollars. Naira, the currency of the biggest economy in Africa, has lost approximately a whopping 84,000 percent of its value against the dollar in the past four decades.

Today, the United States dollar is worth close to 500 times the value of the naira, which has continued to tumble. The Central Bank of Nigeria (CBN) has frittered billions of dollars from the …

You Are Looking For US Dollars – Presidency Mocks Nigerians

December 22, 2019 1:45 pm

Spokesman to President Muhammadu Buhari, Garba Shehu, has declared that Nigerians kicking against the regulation of social media were looking for sympathy and dollars from the US government and donor agencies.

He said this at the weekend in Abuja during a dinner organized by the Press Corps of the ruling All Progressives Congress, APC.

“Social media has become a problem for many families because rights of women and children are being abused. There is a need to protect vulnerable members of society”, Vanguard quotes him as saying.

“There is a need to protect minorities whether tribal or religious in our …

WAIFEM, Others Oppose Governors’ Push For FAC In Dollars

October 21, 2019 2:32 am

The West African Institute for Financial and Economic Management (WAIFEM) and some other industry stakeholders have kicked against the planned bid by the governors of the 36 states of the federation to demand that their shares and those of the local governments of monthly allocation from the Federation Account should be given to them in dollars.

Speaking in separate interviews with newsmen, they said the move by the state governors did not make any economic sense and would resort to volatility in the system.

Journalists last week reported exclusively that worried by the intractable problem of fuel subsidy, which had …