GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

BREAKING: Dollar Crashes As Naira Gains Massively, See Today Exchange Rate

Enudi Golden by Enudi Golden
January 11, 2024
in business, Featured, Headline, World News
Reading Time: 2 mins read
The Role of Central Bank Intervention in Managing the Dollar to Naira Exchange Rate in Nigeria
459
SHARES
Advertisements

Dollar Crashes As Naira Gains Massively, See Today Exchange

Dollar has crashed with Naira gaining massively.

GoldenNewsNg reports that the American official currency, dollar crashed at the parallel market also known as the black market on Wednesday, October 27, trading at  ₦571 per a dollar after it closed at ₦571 per a dollar on Tuesday, October 26, 2021.

Also, GoldenNewsNg  reports that the Naira gained on Wednesday, October 27, 2021, hitting ₦414.44 per dollar, after it closed at ₦415.07 per $1 on Tuesday, 26 October 2021 at the Nigerian autonomous foreign exchange (NAFEX) rate — the default FX reference for official and legitimate transactions.

READ ALSO

NAFDAC Arrests Six Over Sale of Bleaching Creams

BREAKING: Bandits Kill 20 Soldiers in Niger, Overrun Military Camp in Early Morning Attack

Meanwhile, GoldenNewsNg  reports that the development is coming a week and few days after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele to allow the naira reflect the realities of the market.

BREAKING: Dollar Crashes As Naira Gains Massively, See New Exchange Rate
VP Yemi Osinbajo.

The Vice President had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” Laolu Akande, spokesperson to Vice-President had explained in a statement.

“For context, the Vice-President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!

“This was why the Vice-President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.

“It is a well-known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.”

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Minna-Bida road: “Come out clear on IDB $181million loan, $86.6million approval, NNPC takeover”- PDP to Gov Sani Bello

Next Post

How To Reverse Excess Airtime Purchased From Bank Account

Related Posts

NAFDAC Arrests Six Over Sale of Bleaching Creams

NAFDAC Arrests Six Over Sale of Bleaching Creams

NAFDAC has arrested six suspects over sale of illegal bleaching cream in Kano state   GoldenNewsNg reports that the National...

Read moreDetails

BREAKING: Bandits Kill 20 Soldiers in Niger, Overrun Military Camp in Early Morning Attack

BREAKING: Bandits Kill 20 Soldiers in Niger State

20 Soldiers has been Killed In Deadly Bandit Attack On Military Camp In Niger State At least 20 soldiers have...

Read moreDetails

BREAKING: Bandits Attack Zamfara Community, Kills Nigerian Army Lieutenant, 15 Others

Bandits Attack Zamfara Community

Bandits Attack Zamfara Community, Kill Nigerian Army Lieutenant; Soldiers, 15 Villagers Feared Dead. Read details below..    GoldenNewsNg reports that...

Read moreDetails

Call for Applications: Michael Taiwo Foundation Graduate Study Support Program 2025- Link to Apply

Michael Taiwo Foundation

The Michael Taiwo Foundation has officially opened applications for its highly regarded Graduate School Application Support Program, aimed at helping...

Read moreDetails

Breaking: Popular Nigeria Pastor Amos Isah arrested for Defiling 14 Year-Old Girl 

Breaking: Popular Nigeria Pastor Amos Isah arrested for Defiling 14 Year-Old Girl 

Pastor Amos Isah has been arrested for allegedly defilling a 14 Year-Old Girl  GoldenNewsNg  reports that the Nigeria Police Force...

Read moreDetails

Check Out the Full List of 31 New States Proposed by Nigerian Senate — Is Yours Included?

Check Out the Full List of 31 New States Proposed by Nigerian Senate — Is Yours Included?

Senate has proposed the creation of 31 new states across Nigeria. Check the full list and other details below.  ...

Read moreDetails

SMEDAN ₦50K Grant 2025: Apply for Conditional Grant Scheme for Micro Enterprises in Nigeria

SMEDAN ₦50K Grant 2025: Apply for Conditional Grant Scheme for Micro Enterprises in Nigeria

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has opened applications for its ₦50,000 Conditional Grant Scheme (CGS)...

Read moreDetails

FG Opens Portal for Recruitment into Civil Defence, Immigration, Correctional, Fire Services – Apply Now 

FG Opens Portal for Recruitment into Civil Defence, Immigration, Correctional, Fire Services - Apply Now 

The Federal Government of Nigeria, through the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB), has officially announced the...

Read moreDetails

International Widows Day: Treat widows with dignity, they’re not properties to be shared- CAN Chairman blows hot

Deputy Chairman, CAN, Rev. Joshua Marcus presenting items to FOMWAN, Women in Dawah ... As WOWICAN donates items to about...

Read moreDetails

Call For Applications: NNPC – RENAISSANCE JV University Scholarship For Nigerians

RENAISSANCE JV University Scholarship for Nigerians

The RENAISSANCE African Energy Company, in collaboration with the NNPC/RENAISSANCE/TotalEnergies/AENR Joint Venture (RENAISSANCE JV), has officially launched the 2025 RENAISSANCE...

Read moreDetails
Load More
Next Post
How To Reverse Excess Airtime Purchased From Bank Account

How To Reverse Excess Airtime Purchased From Bank Account

SEARCH ADS

Latest Posts

NAFDAC Arrests Six Over Sale of Bleaching Creams
Headline

NAFDAC Arrests Six Over Sale of Bleaching Creams

BREAKING: Bandits Kill 20 Soldiers in Niger State
Crime

BREAKING: Bandits Kill 20 Soldiers in Niger, Overrun Military Camp in Early Morning Attack

Bandits Attack Zamfara Community
Headline

BREAKING: Bandits Attack Zamfara Community, Kills Nigerian Army Lieutenant, 15 Others

Michael Taiwo Foundation
Education

Call for Applications: Michael Taiwo Foundation Graduate Study Support Program 2025- Link to Apply

Breaking: Popular Nigeria Pastor Amos Isah arrested for Defiling 14 Year-Old Girl 
Headline

Breaking: Popular Nigeria Pastor Amos Isah arrested for Defiling 14 Year-Old Girl 

Check Out the Full List of 31 New States Proposed by Nigerian Senate — Is Yours Included?
Headline

Check Out the Full List of 31 New States Proposed by Nigerian Senate — Is Yours Included?

BREAKING: Iran Accepts US President, Donald Trump’s Ceasefire Deal With Israel
News

BREAKING: Iran Accepts US President, Donald Trump’s Ceasefire Deal With Israel

SMEDAN ₦50K Grant 2025: Apply for Conditional Grant Scheme for Micro Enterprises in Nigeria
business

SMEDAN ₦50K Grant 2025: Apply for Conditional Grant Scheme for Micro Enterprises in Nigeria

NNPC Increases Petrol Price
News

NNPC Increases Petrol Price – See New Rate

FG Opens Portal for Recruitment into Civil Defence, Immigration, Correctional, Fire Services - Apply Now 
Headline

FG Opens Portal for Recruitment into Civil Defence, Immigration, Correctional, Fire Services – Apply Now 

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News