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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 […]

Nigerian Exchange ahead in Africa with 33.70% gain
featured

Naira crashes to N885/dollar in parallel market

The parallel market, often known as the black market, saw a new low for the Naira on Thursday of N885 per dollar. The dollar traded at N885/$1 on Thursday, down from N875/$1 on Wednesday as the foreign exchange market came to an end. This represents a 1.14 percent decline in the value of the naira. […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Nigeria loses $167.2m as naira falls to dollar in July

By Christian George     Nigeria’s external reserves witnessed a downward trend as the nation lost $167.2 million in July over the naira’s fall against the dollar.   The Central Bank of Nigeria’s figures on the movement of external reserves showed that the reserves, which ended June 30, 2023, at $34.12 billion, depreciated to $33.95 […]

Equity investors lose N1.5tn as bond yield rises
Economy

Exchange rate hits N869/$ on I&E Window

The naira-dollar exchange rate hit an intra-day high of N869/$1 at the Investor & Exporter Window. This is based on information from the FMDQ. On the official exchange rate market, the dollar was exchanged for the highest price at the intraday high. The closing rate and intraday low are also provided by the FMDQ. The […]

Naira plunges to record low against pounds
Business

Naira gains at I&E window, closes at N791.42

The Naira rose marginally versus the US dollar on the Investor and Exporter market on Tuesday, a day after the local currency fell sharply on the spot market. The official market for foreign exchange on Tuesday saw the naira settle at N791.42 to the dollar, according to data posted on the FMDQ website. Gains on Tuesday […]

Banks dollar sale drops as naira falls to N1,479
Economy

Confusion as official FX rate, black market widens

Nigeria’s official currency rate, which has been edging closer to N100/$ as of last Friday, is now significantly different from those on the black market. The BDC and P2P pricing remained unchanged at N870/$ while the I & E FX window closed at N777.82/$. The disparity between the official and black market exchange rates for […]

CBN extends old naira's validity indefinitely
Economy

Naira falls at official, black markets, increases at parallel market

In the Investors and Exporters and parallel market windows of the foreign exchange market on Friday, the Nigerian Naira fell against the US Dollar while strengthening in the peer-to-peer market as the country struggles with a lack of foreign exchange supply for the currency market. Due to the liquidity difficulty, it is challenging for FX traders to satisfy […]

Naira plunges to record low against pounds
Economy

Naira crashes to N888/$1 on Binance

The naira/dollar exchange rate has fallen to N888/$1 on the cryptocurrency market, Binance. Currency limitations have previously been noted as a significant barrier for international companies wishing to engage in Nigeria, the continent’s top oil producer. Despite the fact that the CBN’s decision to loosen the currency peg was made to address this problem, the demand […]

Naira plunges to record low against pounds
Economy

Naira strengthens trades at 793.70/dollar

The naira strengthened against the US dollar by closing at N793.70/$ on the Investor & Exporter FX window on Wednesday. Reports revealed that the local currency had previously traded at N825 a week earlier, a downward slide that has been experienced over the past few weeks. The Punch reported that as of the close of […]

Equity investors lose N1.5tn as bond yield rises
Economy

Exchange rate drops N803 per dollar at I&E window

On Friday, July 15, 2023, the exchange rate between the dollar and the naira decreased to N803/$1 in the investor and exporter window. Since Nigeria established the managed float exchange rate regime, this is the lowest exchange rate it has ever reached, and it is also the first time the rate has closed above N800/$1. […]

CBN orders banks to pay diaspora remittances in naira
News

CBN orders banks to pay diaspora remittances in naira

The Central Bank of Nigeria has issued a directive to International Money Transfer Operators to pay dollars received through Diaspora remittances to domestic beneficiaries in naira. The directive was conveyed in a circular addressed to banks, IMTOs, and the public by the Director of the CBN’s Trade and Exchange Department, O.S Nnaji. The circular also […]

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