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…
Tag: Naira
Nigeria Draws $1.41 Billion Inflows as Naira Shifts Gears
In a notable turn of events, Nigeria’s currency market experienced a substantial inflow of $1.41 billion in June, as disclosed by the central bank on Thursday. This surge followed the dismantling of a multiple exchange rate framework that had been artificially propping up the naira’s strength. With the central bank’s June decision to remove foreign Read More…
Naira Shows Signs of Strength as it Appreciates Against the Dollar
The Nigerian Naira displayed a positive trend on Wednesday as it witnessed appreciation against the dollar, exchanging at N782.49 at the investors’ and exporters’ window. This marks a gain of 0.75 per cent compared to Tuesday’s exchange rate of N788.42. The open indicative rate, a reference point for currency exchange, closed at N775.75 to one Read More…
Naira declines against the dollar, trading at N461.67
At the investors’ and exporters’ window on Thursday, the Naira lost value versus the dollar and traded for N461.67. The exchange rate reflected a drop of 0.04 per cent from the N461.50 it was traded for on Wednesday. On Thursday, the open indicative rate reached a high of N461.25 to the dollar. Before it finished Read More…
CBN, commercial banks capitulate, old naira notes now legal tender
The previous N200, N500, and N1000 notes, as well as the newly designed notes, are still valid until December 31, 2023, according to a CBN announcement on Monday. The decision was made at a Bankers Committee meeting, according to a statement made by its Acting Head of Corporate Communications, Alhaji lsa AbdulMumin. “In compliance with Read More…
Naira loses further to dollar
Naira exchanged at N461.67 at the Investors’ and Exporters’ window on Monday, a further decline against the dollar. The exchange rate indicated a decline of 0.04 percent from the N461.50 it was trading for at Friday’s close of business. On Monday, the open indicative rate was N461.50 to $1. Prior to settling at N461.67 during Read More…
Naira falls at investors, exporters window
The Naira on Tuesday depreciated at the Investors and Exporters window, against the dollar, exchanging at N431. The figure represented a decrease of 0.90 per cent compared with the N427.17 it exchanged to the dollar on Monday. The open indicative rate closed at N427.30 to the dollar on Tuesday. An exchange rate of N444 to Read More…
Nigeria naira at record black market low despite successful Eurobond sale
ABUJA, Sept 27 (Reuters) – The Nigerian naira hit a record low of 573 against the dollar on the black market on Monday, shrugging off news of the country’s Eurobond sale, meant to boost its currency reserves, traders said, weighed by a recent clampdown on retail forex operators. The West African country sold $4 billion Read More…