As the Naira grapples with ongoing volatility, stakeholders are urging a boost in local production of goods and services as a key strategy to fortify the currency. The News Agency of Nigeria (NAN) highlights the recent breach of the N1,000 to the dollar threshold at the parallel market, coupled with significant weakening at the official 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…
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…
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…
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…
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 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…
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…
