In a recent development, the Nigerian Naira experienced a minor depreciation in the official market, with an exchange rate of N1,309.39 to a dollar on Thursday. The Naira lost N8.96 or 0.69 percent compared to the previous day’s rate of N1,300.43 against the dollar. This slight decline reflects the currency’s fluctuation in response to market Read More…
Forex
Naira gains strength as CBN tightens monetary policy
The Nigerian Naira saw a notable appreciation against the US dollar, closing at N1,300 per dollar, a 5.97% increase at the official market by Wednesday’s end. This marked improvement from Tuesday’s rate of N1,383 per dollar is a reflection of the Central Bank of Nigeria’s (CBN) recent monetary policy actions. The trading session witnessed a Read More…
Naira hits new record low amid dollar truggle
Despite Central Bank efforts, currency plunges below parallel market rates In a disconcerting turn of events, Nigeria’s naira has plummeted to a new record low during intraday trading on Thursday, as reported by FMDQ Exchange data. This decline occurred despite the central bank’s vigorous efforts to stabilize the currency by selling dollars and infusing liquidity Read More…
CBN disburses $61.64 million to foreign airlines to clear forex backlog
The Central Bank of Nigeria (CBN) has announced the disbursement of $61.64 million to foreign airlines via various Deposit Money Banks (DMBs) as part of its commitment to clear the backlog of matured foreign exchange in DMBs. According to the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, this disbursement aligns with the CBN’s dedication Read More…
Nigeria’s foreign reserves hit 6-year low amid Naira’s struggle
Nigeria’s foreign exchange reserves plunged to $32.87 billion by the end of December, marking a six-year low, as revealed in recent data. The country’s central bank had been actively selling dollars to stabilise the weakening naira, exacerbating the ongoing challenges faced by the currency. Kyle Chapman, an FX markets analyst at London-based Ballinger & Co, Read More…
Currency Predictions for the Week Ahead: Naira, Shilling, and Kwacha Under Pressure, Cedi and Ugandan Shilling Stable – Traders (Reuters)
Currency traders foresee fluctuations in Nigeria’s naira, Kenya’s shilling, and Zambia’s kwacha in the upcoming week, while Ghana’s cedi and Uganda’s shilling are expected to maintain stability, according to Reuters reports. Kenya’s Shilling The Kenyan shilling is anticipated to continue its gradual decline due to heightened foreign currency demand across sectors leading up to year-end. Read More…
CBN’s Dollar liquidity injection boosts Naira’s resilience, reports ABCON President
The Association of Bureau De Change Operators of Nigeria (ABCON) has unveiled the reasons behind the Naira’s resurgence against the US Dollar, highlighting the pivotal role played by the Central Bank of Nigeria (CBN) in bolstering the currency. In a statement released on Sunday in Lagos, ABCON’s President, Alhaji Aminu Gwadabe, pointed out that the Read More…
Diaspora Dollars
Nigeria’s Economic Lifeline and the Resilience of Remittances The Nigerian naira has faced persistent depreciation against the US dollar, with an accelerated decline in 2022 driven by multiple factors, including the global economic slowdown, the COVID-19 pandemic, foreign exchange shortages, inflation, and Central Bank of Nigeria (CBN) policies. By October 2023, the naira had crossed Read More…
Naira edges towards 1,000 per dollar official rate: Reuters explains the factors
The Nigerian naira is on the verge of breaking the 1,000 naira per dollar barrier, approaching an official record low of 999 naira last week, as reported by Refinitiv data. The naira’s recent depreciation is primarily attributed to its performance in the unofficial market, where it is allowed to trade freely. Reuters has extensively covered Read More…
Naira hits record low of 1,300 per dollar on black market
Nigeria’s national currency, the naira, plunged to an unprecedented low of 1,300 against the US dollar on the black market, according to data from online platform abokiFX. This decline can be attributed to reduced trading activity on the parallel market and a scarcity of dollars on the official market. The naira’s value has been in Read More…