The Finance Dude

The News Agency of Nigeria reports that three tiers of government shared N420 billion as revenue for September as against N510.3 billion shared in August. The minister of finance, Mrs Kemi Adeosun through her permanent secretary, Mr Mahmoud Isa-Dutse, said this in Abuja on Thursday, October 20, at the monthly revenue allocation to federal, states and local governments. She said the revenue allocation to federal, states and local government for September dropped by N90.2 billion. Adeosun credited the drop to the loss of 45.5 million dollars in federation export sales, despite the increase in average price of crude oil from 46.06 dollars per barrel in May to 48.4 dollars in June. Read more: https://www.naij.com/1017608-revealed-fg-others-shared-n420bn.html The News Agency of Nigeria reports that three tiers of government shared N420 billion as revenue for September as against N510.3 billion shared in August. The minister of finance, Mrs Kemi Adeosun through her permanent se...

It’s official, the Naira is currently on track to ride on its longest running gaining streak against the dollar in the parallel market. From hitting a low of N490 against the dollar the naira has since gained by about N40 to close at N454 on Monday. If it sustains this gain this week,  then we are likely going to witness the longest streak of gain against the dollar in recent times. Analysts had expected the naira to cross the N500 band by October following a downward spiral that coincided with the ban of some commercial banks by the CBN as well as a spike in demand for dollars to meet up school fees for the fall. The liquidity bit so hard it was nearly impossible to buy dollars on the black market for the same price within a space of an hour. However, the naira regained strength after news that Travelex was going to commence operations in Nigeria and has remained strong since it commenced operations about a week ago. According to information from some BDC’s, m...

The Naira on Monday, October 17, recorded another gain against the dollar as it closed at N455/$1 in the black market. This is higher than the N460/$1 it was on Friday, October 14. According to economists, the steady gains recorded by the nation’s currency on the unofficial segment of the market in the past few days, can be attributed to improved dollar liquidity to the Bureau De Change (BDC) arm of the market. Read more: https://www.naij.com/1012394-naira-records-another-gain-dollar-pound-euro.html The Naira on Monday, October 17, recorded another gain against the dollar as it closed at N455/$1 in the black market. This is higher than the N460/$1 it was on Friday, October 14. According to economists, the steady gains recorded by the nation’s currency on the unofficial segment of the market in the past few days, can be attributed to improved dollar liquidity to the Bureau De Change (BDC) arm of the market. Read more: https://www.naij.com/1012394-naira-records-another...