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…
Tag: Dollar
Reps pass 2024-2026 budget expenditure framework with 2024 assumption of N700 to $1
The House of Representatives has greenlit the medium-term expenditure framework for 2024-2026, a critical set of assumptions shaping the country’s upcoming budgets. The outlined projections, ratified by President Bola Tinubu’s cabinet before reaching the National Assembly, anticipate the naira to hover around 700 Naira per dollar in 2024, gradually strengthening in the subsequent years. 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 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…
U.S. Dollar gains as economic data highlights its strength
The U.S. dollar exhibited strength against a basket of currencies on Tuesday, buoyed by a flurry of fresh economic data underscoring the robustness of the U.S. economy compared to the United Kingdom and the European Union. S&P Global reported an uptick in U.S. business output for October, with the manufacturing sector pulling itself out of Read More…
What Ndubuisi Ekekwe Will Do to Stabilise the Naira
Option #1 – A Partnership with Nigerian Diasporas Premise Ndubuisi Ekekwe was never a fan of the floating of the naira and I have explained my reason via many posts. You cannot float the naira when you cannot fix the supply side of the US dollar in Nigeria. Across all indicators, the demand and supply Read More…
CBN to boost forex market liquidity and lifts ban on 43 items
In a significant move, Nigeria’s central bank announced on Thursday its intention to intermittently intervene in the country’s foreign exchange market to enhance liquidity. This decision coincides with the ending of an eight-year ban on 43 previously restricted items from accessing foreign exchange on the official market. The ban had encompassed items such as rice, Read More…
Naira rises 4.53% against Dollar at I&E
The naira gained against the dollar on Thursday as it exchanged at N736.62 at the Investors and Exporters window. The local currency appreciated by 4.53 percent compared to the N771.59 it exchanged for the dollar on Wednesday. The open indicative rate closed at N774.74 to the dollar on Thursday. A spot exchange rate of N799.90 Read More…
Naira depreciates against Dollar, hits N771.59 in forex market
On Wednesday, the Nigerian naira experienced a decline against the US dollar, reaching an exchange rate of N771.59 at the Investors and Exporters window. This represented a 3.57% depreciation compared to the N744.97 it was valued at on Tuesday. The open indicative rate concluded at N766.67 to the dollar on Wednesday, while the highest rate Read More…
Naira strengthens against dollar at Investors and Exporters Window
On Tuesday, the Nigerian naira demonstrated a notable appreciation against the US dollar, as it reached an exchange rate of N744.97 at the Investors and Exporters window. This represented a positive increase of 0.39 per cent when compared to the N747.87 per dollar rate observed on Monday. The open indicative rate concluded at N774.99 for Read More…