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Tag: Dollar Naira

Naira crosses N1,000/$ in parallel market
News

Currency outside banks drops to N3.66tn in July 

The amount of currency outside the Nigerian banking system fell to N3.66 trillion in July 2024, marking a 3.32% decrease from the previous month’s figure of N3.79 trillion. This decline, the second this year, reflects the Central Bank of Nigeria’s continued efforts to tighten liquidity and encourage the deposit of funds into the formal banking […]

News

CBN sells dollars to BDCs at N1,251/$1 as naira strengthens

The Central Bank of Nigeria has issued a circular to Bureau De Change operators, notifying them of the sale of $10,000 to each BDC at a rate of N1,251 per US dollar. According to the circular, BDCs are instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase […]

Nigeria's external reserves reach 22-month high amid weak Naira
News

Analyst forecasts naira appreciation to N1200/$1

Melvin Onwubuke Goldman Sachs analysts Andrew Matheny and Bojosi Morule have forecasted a significant appreciation of the exchange rate to N1,200 to a dollar. That is a profound recovery from its perceived undervalued state. The projection is based on the transition of Nigeria away from a destabilising monetary policy, with significant, negative interest rates, which […]

Naira crosses N1,000/$ in parallel market
Banking

Banks to pay customers money sent from abroad in naira

Following the recent directive by the Central Bank of Nigeria, restricting the operations of International Money Transfer Operators to only inbound transfers, the IMTOs have decided to halt dollar transfers to Nigerians.   The IMTOs said they will now only pay in naira.   In the recently published document addressed to IMTOs, on January 31, […]

Economy

Naira strengthens at official window, weakens on black market

The naira appreciated in the official window on Monday following a statement by the governor of the Central Bank of Nigeria, Olayemi Cardoso. According to The PUNCH, in the statement, he assured the public that the central bank was working to address the currency’s volatility. Based on information from the FMDQ, the local currency increased by […]

Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira falls at black market despite CBN’s FX backlog clearance

The value of the naira declined considerably on Tuesday on the P2P and physical black markets, notwithstanding the infusion of foreign exchange liquidity at the official market and the considerable clearing of foreign exchange backlogs by Nigeria’s top bank. The naira traded at around N1230/$ in the early hours of Tuesday on the P2P market, […]

Naira plunges to record low against pounds
featured

Naira trades 864/$ on official market as dollar supply rises

The naira closed at N864.29/$ on the official Investors and Exporters window, up 27.16 percent on Monday. The Punch reported that this was due to the fact that last Friday’s closing trading saw a massive 86.83 percent increase in daily dollar turnover, from $70.90 million to $132.46 million. According to data from the FMDQ Securities […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira drops 11.4% to N927/$1 on official market

The Nigerian Autonomous Foreign Exchange Market, the official FX window, saw a 11.4 per cent depreciation of the Naira against the Dollar on Friday, December 1, closing at N927.19/$1, from Thursday’s exchange rate of N832.32/$1. This depreciation put the Naira on the back burner for the first trading session of the final month of 2023. […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira closes at N1,100/$ on parallel market 

This week, the naira’s value in the parallel market dropped by 15.79 percent, ending trading at N1,100/$. According to The Punch, this was a 15.79 percent drop from the N950/$ it closed trading last Friday. Following the announcement that the Central Bank of Nigeria has started to reduce its foreign exchange backlogs, the naira strengthened versus […]

Naira plunges to record low against pounds
featured

Naira falls to N1,030/$ as speculators react

The naira lost the momentum it had gained last week and plunged against the dollar on Monday, averaging 1,030/$ on the parallel market. The Punch reported that comparing this to the N950 it concluded the week last Friday, the local currency has lost N80 or 8.42 percent. Additionally, since the Central Bank of Nigeria started […]

Naira plunges to record low against pounds
Economy

Naira falls to 801.1/$ at official market

The naira fell to the dollar by 1.1 per cent on the Investor & Exporter forex window on Wednesday after closing at 801.1/$ at the end of trading. It had earlier closed at 792.02/$ on Tuesday according to figures obtained from the FMDQ. The official market recorded a total turnover of $100.18m on Wednesday. At […]