The naira hit a record low of 325 to the dollar at the parallel market on Thursday as desperate importers scrambled for dollars to meet their obligations overseas. The local currency had closed at 318 against the greenback on Wednesday, after hitting 313.5 and 310 on Tuesday and Monday, respectively. […]
Tag: Naira
Naira drops to 313.5 as dollar shortage persists
The naira dropped further to 313.5 against the United States dollar at the parallel market on Tuesday as shortage of foreign exchange, especially the greenback, persists in the forex markets. The local currency had traded for 310 to a dollar on Monday. On Tuesday, the naira closed at 199.40 to […]
Nigeria hopes to cut down on borrowing, graft due to better cash management: finance minister
Tue Feb 9, 2016/Reuters Nigeria’s decision to collect government payments in one bank account will help limit state borrowing, reduce payment delays and curb corruption, its finance minister said on Monday. Last year, President Muhammadu Buhari ordered the merger of state accounts into one “single treasury account” at the central […]
