Connect with us

Latest News

No more N850/$: Naira reverses direction, gains N31 to dollar on new inflation rate



The naira reversed direction on Wednesday, November 15, 2023, to gain after two days of dip at the beginning of the week.…CONTINUE READING

Official NAFEM data shows that the naira gained N31.23 or 3.81% to close at N818.99/$1 at the end of the day compared to the N850.22/$1 it closed on Tuesday.

In the unofficial market, however, the naira remained unchanged from the previous day to close at N1140/$1.

This comes after a report that Nigeria’s inflation rose to 27.33% in October 2023, according to the National Bureau of Statistics data.

PAY ATTENTION:   There was never a romantic affair with Pasuma. I’m happily married with kids – Actress Jaiye Kuti opens up on romantic affair with Pasuma

This represents a 0.61% point increase compared to the 26.72% in September 2023.

The headline inflation rate was 6.24% points high on a year-on-year basis.

As contained in a BusinessDay report, the CBN claimed that its monetary policy reforms are already beginning to take shape.


The bank’s Director of Corporate Communications Department, Isa AbdulMumin, said the recent inflation data indicated the CBN’s monetary policy stance to tighten and its money market reforms were yielding the desired effect.

PAY ATTENTION:   Fuel subsidy: Nigerian polytechnic provides staff workers with free bus ride

The Central Bank of Nigeria (CBN) announced on Monday, November 13, 2023, that it had reversed the December deadline for withdrawing old naira notes from circulation, reported.

The declaration meant old N200, N500, and N1,000 notes would remain legal tender alongside the newly redesigned notes until they gradually faded from circulation.


However, some financial experts have said that the CBN order contravened the Supreme Court directive, allowing the order to phase out the old notes by December 2023.

Latest News39 seconds ago

FG promotes 32,361 Immigration, NSCDC, Fire, Correctional Services personnel

Latest News10 mins ago

Wike: Sheikh Gumi Finds It Hard To Close His Mouth When He Sees Something Wrong – Miyetti Allah Leader

Entertainment11 mins ago

Tope Alabi moved to tears as church congregation welcome her with heartfelt rendition of her hit songs- VIDEO

Politics11 mins ago

2023: PDP, Governorship candidate, Ahiwe, call for calm, peace in Abia

Latest News13 mins ago

Nigerian entrepreneur breaks into multi-billion dollar coconut industry

Entertainment16 mins ago

Tears flow as man divorces wife on their wedding day after finding out that she visited her ex a day before their wedding (Video)

Latest News17 mins ago

United Nigeria Airlines begs passengers as NCAA lifts suspension on aircraft

Latest News18 mins ago

Interior Minister Unveils Remodelled Projects In Lagos

Latest News20 mins ago

DSS officals arrest Green Africa staff for refusing to board their boss

Latest News21 mins ago

Labour Minister Shuts Ogun Factory

Latest News27 mins ago

BREAKING: EEDC to shut down power in Anambra

Latest News28 mins ago

ABIA GOV’SHIP POLLS: Appeal Court Gives Fresh Judgement

Latest News29 mins ago

I Never Regret Being Leader Of Buccaneer Confraternity In Iree, It Impacts My Life Positively – Suspect

Entertainment32 mins ago

“I cried too”- Oyinbo man and his kids breaks down in tears at airport as their nanny leaves the country

Latest News34 mins ago

This Sad Boy Ran Into a Pharmacy, but What He Asked of the Chemist Will Seriously Break Your Heart

Latest News40 mins ago

Group Of Illegal Miners Find A Very Huge Gold Nugget At “Galamsey” Site

Latest News43 mins ago

BREAKING: Again, CAF to relocate headquarters

Latest News45 mins ago

Obasanjo, Jonathan, Sanwo-Olu, Others Hail Uzochukwu Over Luxury Brand Launch

Latest News48 mins ago

Seek greener pastures abroad, UNN VC advises graduands

Entertainment49 mins ago

Jaiye Kuti threatens Jigan Babaoja, knocks him off his seat amid hot argument [VIDEO]

Entertainment24 hours ago

3 Men In The Bible That Never Died (Full Names)

Politics3 days ago

Why I’m not serving in Tinubu’s government-Fashola

Relationship6 days ago

Man cancels wedding after finding out lady is born one

Health2 days ago

You Are Slowly Killing Your Brain If You Keep Doing These Five (5) Things

Health2 days ago

Stop Combining Eggs With Any Of These Things, It Is Very Dangerous To Your Health

Relationship5 days ago

I’m seriously in need of a husband even if he is poor, a lady posted which caused a stir

Health2 days ago

If you are suffering from any of these 9 dangerous diseases, just eat okra

Health2 days ago

Here Are 5 Effective Methods To Get Rid Of Wall Geckos In Your Home Or Office

Latest News6 days ago

Bury Me Within 24 Hours… — How Otun Of Oyo Died Hours After Receiving Award From Ladigbolu Grammar School Alumni

Latest News3 days ago

BREAKING: Rukayat Shittu Wins, as A’Court Upturn Tribunal Judgement

Politics1 day ago

Sacked Kano Gov Yusuf gets urgent message from APC ahead of Supreme Court judgment

Politics6 days ago

Enugu: Court Of Appeal Reverses Tribunal Judgement, Nullifies Amuka’s Election

Politics21 hours ago

BREAKING: Deji Adeyanju Remanded In Prison Till February

Latest News4 days ago

BREAKING: Anxiety among federal civil servants as about 5,000 of them may not get November and December salaries

Entertainment3 days ago

‘RIP’- Serena Williams’ Husband Alexis Ohanian Bids Heartfelt Farewell to American Business ‘Legend’ After His Saddening Demise

Latest News4 days ago

NEWS FLASH: Akeredolu Issued 72-Hour Ultimatum To Step Down As Ondo Gov

Politics6 days ago

BREAKING: Big Surprise As North East Governors Openly Reveals ‘Who’ Fuels Insecurity In The Region

Relationship3 days ago

VIDEO: I’m tired of being single, 7 years in UK and no man has approached me – Lady cries out

Politics4 days ago

BREAKING: Tinubu Appoints Atiku Sponsors To Head NNPC- APC Alleges

Latest News2 days ago

JUST IN! Igbo Billionaires, Traders In Lagos Begin Relocation To S’East, Show Off Big Market They’re Building