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…
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…
As local and foreign stakeholders countdown to the Sixth Nigerian Diaspora Investment Summit, it is essential to underscore the criticality of the contributions of our kin outside the homeland but with their hearts at home. Diaspora investments in Nigeria’s trying times are imperative for several reasons. Diaspora remittances constitute a significant source of foreign exchange Read More…
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…
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…
Nigeria anticipates the inflow of $10 billion in foreign currency over the next few weeks to alleviate the liquidity constraints in the foreign exchange market, which have hampered growth in Africa’s largest economy, according to Finance Minister Wale Edun. The West African nation has grappled with persistent dollar shortages, a consequence of foreign investors exiting Read More…
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…
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…
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…
On Monday, the Nigerian Naira experienced a depreciation against the US Dollar, reaching an exchange rate of N747.87 at the Investors and Exporters window. This marked a 1.01% decline compared to the N740.38 rate observed at the close of business on September 1. The open indicative rate concluded at N772.06 to the dollar during Monday’s Read More…
