Naira may devalue to N520/$ by 2023, says Bank of America

Posted by - October 19, 2022

Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America. According to a report by Bloomberg, economist Tatonga Rusike said in a note to clients on Tuesday that, “three indicators, the widely-used black-market rate, the central

Nigeria’s Central Bank Pumps $210 Million into Forex Market, Assures Of Naira Stability During 2019 Elections

Posted by - January 7, 2019

CBN makes first foreign exchange intervention for the year 2019 with $210 million at the inter-bank market. Nigeria’s foreign reserves stand at $43.05 billion Naira opens 2019 trading on a good positive notes, appreciating to N361/$1 at the parallel market. Nigeria’s central bank (CBN) has injected the sum of $210 million into the inter-bank segment

UBA Increases International Spend Limit on Naira Cards

Posted by - July 21, 2017

The United Bank for Africa (UBA) Plc has announced an immediate upward review of the monthly international spend limit on its debit and prepaid naira cards from $100 to $2,000. This was done in response to the growing demand for higher limits by customers who make international transactions The upward review which represents a marked