The Naira on Monday depreciated at the Investors and Exporters window, exchanging at N419 to the dollar, a 0.48 per cent depreciation, weaker than N417 it traded on Friday. The open indicative rate closed at N419 to the dollar on Monday. An exchange rate of N423.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N419.00. The Naira sold for as low as 410.84 to the dollar within...

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that despite calls and recommendations by the International Monetary Fund, the World Bank and other global financial institutions, Nigeria cannot afford to operate a floated exchange rate system. Emefiele made this known at the IMF/World Bank Spring Meetings in Washington DC, United States. He spoke in reaction to a charge by the President of the World Bank Group, David Malpass, for Nigeria to...

ABUJA — The Attorneys-General of the 36 states of the federation have warned the federal government not to tamper with funds accruing to the states and the 774 local government councils, saying if the federal government proceeds to make any such deduction, it would be acting illegally and in contempt of their appeal pending before the Court of Appeal in Abuja. The body alleged that the federal government want to make the deduction under the...