Naira strengthens to N1,000 against Dollar

Naira strengthens to N1,000 against Dollar By Sikiru Obarayese The value of the naira gained strength midday on Monday, opening at N1,130 to the dollar but rising to N1,000 by noon at the parallel market. This surge comes as traders anticipate another round of dollar sales to Bureau de Change (BDC) operators this week. Last […]

IMF sees Naira depreciating by 35% to N2,081/$1 in official market

  By Yinka Kolawole The International Monetary Fund, IMF, has warned that the official exchange rate may further depreciate by about 35 per cent, this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. Naira, yesterday, traded at N1,542.58 […]

Naira drops to N2,000/1£ at parallel market

By Enioluwa Adeniyi Nigeria’s local currency, the naira, has plummeted to a new low, now trading above 2,000 naira against the Great Britain Pound in the parallel market. This was confirmed by a Bureau de Change operator in Wuse Zone 4, Malam Ibrahim, who spoke with Punch. He noted the currency’s significant depreciation amidst persistent […]

Naira falls 18% to N951.22/$ in NAFEM

By Elizabeth Adegbesan The naira yesterday depreciated to N951.22 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N951.22 per dollar from N806.73 per dollar on Tuesday, indicating 18 percent or N144.49 depreciation for the naira. Similarly, the naira depreciated to N1,172 […]

Naira falls to N927.19/$ in official market

By Elizabeth Adegbesan The naira today depreciated to N927.19 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N927.19 per dollar from N832.32 per dollar on Thursday, indicating N94.87 kobo depreciation for the naira. The market recorded an intraday high of N1160 […]

Naira appreciates in parallel market, steadies for 3 day

The naira has continued to appreciate in the parallel market in the last three days even as it maintained consistency in the official market. According to Aboki FX, the naira maintained its consistency even as it appreciated marginally against the United States dollar. For instance, while the market closed at N1140, on Monday at the […]

Naira hits new low at N820/$, as forex supply gap persists

By Babajide Komolafe, Economy Editor & Elizabeth Adegbesan At the backdrop of sustained supply gap in Nigeria’s foreign exchange (forex) market, the local currency, Naira, has hit a new low at the weekend, trading N803.9 to a dollar in the Investors & Exporters (I&E) window which is the official forex market and N822/$ in the […]

CBN announces Naira remittances payout option

• Money Transfer Operators to use I & E Window rate The Central Bank of Nigeria (CBN) has directed International Money Transfer Operators to commence remittances payout in Naira to beneficiaries. It has also directed that the Investors’ and Exporters’ Window foreign exchange rate should be used in determining the rate for such Naira payout. […]

Naira drops further at investors, exporters window

Naira drops further at investors, exporters window The Naira on Tuesday dropped further, exchanges for N763 against the dollar at the Investors and Exporters window. The Naira depreciated by 0.67 per cent when compared with N768.17 for which it exchanged for the dollar at the close of business on Monday. The open indicative rate closed […]

Naira depreciates to N770.38/$ as demand pressure hits I&E

By Babajide Komolafe & Elizabeth Adegbesan The Naira yesterday depreciated by 16 per cent to N770.38 per dollar in the Investors and Exporters (I&E) window following a surge in demand for dollars worsened by acute supply shortage. Data from the FMDQ showed that the indicative exchange rate for the window rose to N770.38 5 per […]

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