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Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira falls to 1300/$ at parallel market

The naira fell to N1,300/$ on the parallel market on Tuesday. As confirmed with the Bureau de Change operators, this comes after it closed trading on the Peer-to-Peer cryptocurrency window at N1,315.3/$1 for the day. An Abuja Bureau de Change operator in Zone 4, Magaji Muhammed, reported the rate climbed to N1,300/$ on Tuesday. He replied, […]

Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira falls to N1260/$ at parallel market

The value of the Naira fell on Wednesday, December 13, from N1,220 to N1,260 per dollar in the parallel market on Tuesday. Additionally, according to official FMDQ data, it opened at N871.12/$1 but fell to N904.56/$1 by Wednesday’s end of business. As of Wednesday’s business closure, the amount reflects a 4.38 percent devaluation. It closed […]

Naira drops to all-time low on official window, trades at 1348/$
Economy

BDC operators warn currency speculators as naira gains

The Nigerian Association of Bureau de Change Operators has cautioned currency speculators to be cautious as the Naira appreciates further against the US dollar. The PUNCH reported that the President of ABCON, Aminu Gwadabe, stated that the Central Bank of Nigeria was set to inflict pain on currency speculators. “What is taking place in the market and the […]

Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira falls further, trades at 1,190/dollar

The naira has continued to decline as the dollar’s shortage gets worse and started trading at 1,175/$ and ended the day at 1,190/$ in the parallel market. The Punch reported that the naira had previously traded at 1,100/$ on the black market two weeks earlier. According to data received from the FMDQ, it sold at 808.28/$ at […]

Naira crosses N1,000/$ in parallel market
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Naira crosses N1,000/$ in parallel market

    The foreign exchange crisis in Nigeria deepened on Thursday as the parallel market witnessed a significant surge in the exchange rate, with the dollar being traded for more than N1,000. According to Daily Trust, reports from various black markets in Lagos indicated that the dollar initially traded for rates ranging between N1,000 and […]

Naira drops to all-time low on official window, trades at 1348/$
Business

Naira drops to 980/dollar as FX worsens

The naira maintained its downward trend after trading at 980/$ on the parallel market on Wednesday. The Punch reported that the naira’s rate of exchange with the dollar a week ago was 950/$. Bureau de Change employees blamed the decline on a lack of foreign money. A BDC employee, Idris Musa, stated, “We bought and sold the naira today […]

Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira rises on official market, trades 740.67/$

The naira rose against the dollar on Thursday, closing at 740.67/$ on the Investor & Exporter FX window. The naira closed on the I&E window on Wednesday at 773.17/$, continuing its upward trend that began after the Central Bank of Nigeria announced its intention to intervene in the foreign exchange market on Monday. The President […]

Naira plunges to record low against pounds
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Naira recovers, trades N850 per dollar at black market

The naira recovered against the US dollar on the parallel market, closing at 850/dollar on Wednesday. A planned intervention in the foreign exchange market by the Central Bank of Nigeria was disclosed two days prior to this. On Monday, the naira was exchanged at 950 to the dollar in the black market. On Tuesday, it […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira rises 4.31% at investors, exporters window

The naira strengthened against the dollar on Friday, trading at N743.07 in the Investor’s and Exporters’ window. When compared to Thursday’s exchange rate of N776.50 for one US dollar, the Naira increased by 4.31 percent. On Friday, the open indicative rate reached a high of N782.28 to the dollar. Prior to settling at N743.07 during […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira drops to N890/$1 in black market as FX crisis worsens

The parallel market sector of the foreign exchange market is currently not favourable for the Nigerian Naira as it has dropped to N890 per dollar. This is due to the fact that its value is rapidly declining on the open market against the US dollar as the country struggles with a foreign exchange liquidity crisis […]