National Economy
Saturday, August 23, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

Naira Records Historic Low At N1,482.57/$1 Despite Central Bank’s Efforts

by Caleb Owaise
2 years ago
in Business, E-Commerce
Reading Time: 2 mins read
naira image
Share on FacebookShare on TwitterShare on Telegram

You May Like

Land Transport Policy Will Ensure Road Safety

FCT Minister Flags Off Karu Water Project, Vows Completion By June 2026

The Nigerian Naira faced a remarkable descent, reaching a record low of N1,482.57 per dollar on the official market (NAFEM).
This unprecedented drop of 9.03 per cent, or N133.95 weaker than the previous day’s close at N1,348.62, occurred despite the Central Bank of Nigeria’s (CBN) ongoing initiatives to address the backlog of verified foreign exchange transactions.
In response to the challenging situation, the CBN took measures, including the completion of payments to airlines, injecting an additional $64.44 million.
This move was part of a broader effort to settle verified forex claims in the sector, reaching a total of $136.73 million, though only 17 per cent of the $800 million owed to airlines.
Mrs. Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications, reaffirmed the commitment to resolving outstanding obligations in various sectors.
She conveyed the determination of Governor Olayemi Cardoso and his team to clear the backlog and restore confidence in the Nigerian foreign exchange market.
Ali’s statement highlighted the dual commitment to ensuring a robust and liquid forex market while cautioning against manipulative activities that could harm the Naira.
She called for collaborative efforts and adherence to regulations, emphasizing the need for market forces to rightfully determine exchange rates.
Her statement read, “The Governor, Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared and confidence was restored in the Nigerian foreign exchange market.”
Furthermore, Ali expressed optimism that the market would respond positively to the injection of over $64 million.
She urged actors in the foreign exchange market to avoid speculation, emphasizing the CBN’s continuous promotion of orderliness and professional conduct to ensure market forces dictate exchange rates.
Tags: BacklogCBNHakama Sidi AliNAFEMOlayemi Cardoso
ShareTweetShare
Previous Post

 CBN Clears $64.44m FX Backlog for Airlines  

Next Post

Italy’s PM Unveils €5.5bn Plan To Curb Migration, Boost Africa

ANOTHER GOOD READ

Land Transport Policy Will Ensure Road Safety
Business

Land Transport Policy Will Ensure Road Safety

2 days ago
FCT Minister Flags Off Karu Water Project, Vows Completion By June 2026
Business

FCT Minister Flags Off Karu Water Project, Vows Completion By June 2026

2 days ago
Federal Gov’t Destroys 250 Containers Of Fake, Expired Drugs Nationwide
Business

Customs Seizes N905m Rolls Royce, Other Contrabands In Ogun

2 days ago
CBN Cautions Public On Impersonation , Fraud Risks
Business

Nigeria’s FX Reserves Hit $41bn, Highest In Since 2021

2 days ago
Federal, State Collaboration Vital For National Dev’t Says Walson-Jack
Business

Federal, State Collaboration Vital For National Dev’t Says Walson-Jack

2 days ago
US Says Nigeria’s N70,000 Minimum Wage Below Poverty Income Level
Business

US Says Nigeria’s N70,000 Minimum Wage Below Poverty Income Level

2 days ago
Next Post
Italy Prime Minister Giorgia Meloni

Italy's PM Unveils €5.5bn Plan To Curb Migration, Boost Africa

Most Recent

Tackling The Rising Rent Crisis In Abuja: A Focus On Affordability And Sustainable Solutions

Tackling The Rising Rent Crisis In Abuja: A Focus On Affordability And Sustainable Solutions

August 22, 2025
PCN Seals 486 Pharmacies, Patent Medicine Stores In Niger

PCN Seals 486 Pharmacies, Patent Medicine Stores In Niger

August 22, 2025
Federal Gov’t Approves ₦142bn For Bus Terminals In 6 Geopolitical Zones

Federal, State, Local Govts Share Record N2.001trn As July Allocations

August 22, 2025
Visa: ‘It’s Tit-for-Tat’, Nigeria To Demand Social Media Disclosure From American Applicants

US Suspends Work Visas For Nigerian Truck Drivers, Others

August 22, 2025
Tourism: Gov Eno Orders Demolition Of Illegal Structures For New Projects

Hardship: Akwa Ibom Gov Lifts 476 Less-privileged With N239m Grants

August 22, 2025
Boat Mishaps: Jamoh Advocates Standard On Inland Water Ways Usage

Boat Mishap: Response Team Confirms 4 Deaths, 41 Rescued

August 22, 2025
Land Transport Policy Will Ensure Road Safety

Land Transport Policy Will Ensure Road Safety

August 21, 2025
FCT Minister Flags Off Karu Water Project, Vows Completion By June 2026

FCT Minister Flags Off Karu Water Project, Vows Completion By June 2026

August 21, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy