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Tag: Dollar

Banks increase lending rates after CBN’s MPR hike
featured

Naira increases to 1609/$ at official market

On Wednesday in the official market, the value of the naira slightly increased in relation to the US dollar, reaching N1,609 from N1,615.94 the day before.This suggests a 0.37 percent, or N6, rise. The PUNCH reported that, the Central Bank of Nigeria released a set of foreign exchange recommendations in recent weeks, which preceded the […]

Naira falls at official rate despite dollar weak gains
Banking

Naira falls as banks’ dollar sales drop by $252m

Dollar sales at the Nigeria Autonomous Foreign Exchange Market on Friday decreased by $252 million to $84.1 million by Deposit Money Banks and other entities. This is a 74% decrease from the $331.1 million in transactions that were registered at the official Nigeria Autonomous Foreign Exchange Market on Thursday. In the meantime, the value of […]

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

Naira closes at N1,537.96/$1 amid decline

The Naira witnessed a decline against the US Dollar in the official market, closing the week at N1,537.96/$1, amid persistent demand pressures undermining the currency’s value. This depreciation coincided with a significant 74% downturn in forex turnover, amounting to $84.10 million. Both official and black-market exchange rates saw the Nigerian Naira devalue against the dollar, […]

FG unveils plan to revamp cooperative sector, targets $1trn economy
Economy

Naira crashes further against dollar, sells N1,582/$1

The intra-day high for the Nigerian naira against the US dollar peaked at N1,582 on Wednesday, coinciding with a notable 56.58% decrease in forex turnover, which fell to $117.87 million. Both official and black-market exchange rates experienced marginal declines against the dollar. Despite this, recent improvements in forex turnover are partially credited to the Central […]

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

Banks dollar sale drops as naira falls to N1,479

Data collected on Thursday from FMDQ Exchange indicated that the total value of transactions registered at the official Nigerian Autonomous Foreign Exchange Market decreased from $465.29 million on Tuesday to $203.93 million on Wednesday. The PUNCH reported that this shows that the volume and value of transactions on NAFEM, the official FX market, have decreased […]

NAFEM: Dollar supply hits 180% as banks sell $440m
Banking

NAFEM: Dollar supply hits 180% as banks sell $440m

The official Nigerian Autonomous Foreign Exchange Market saw a 180.59 per cent increase in dollar supply on Friday, reaching $440.13 million. This comes as the naira completed the week at N1435.53/$ on Friday. FMDQ Security Exchange data shows that FX turnover increased from $156.86 million on Thursday to $440.13 million on Friday, a 180.59 per […]

Business

Worst performing African currencies against US dollar in 2023 – Report

African currencies have recently suffered significant losses, particularly against the celebrated US dollar. AMBusiness reported that the depreciation has generated concerns about some African countries’ economic stability, affecting trade balances, inflation rates, and residents’ purchasing power. Here are the African currencies that will perform the poorest against the US dollar in 2023: Countries such as Nigeria, Kenya, […]

Global stock markets find balance amid European equities
News

Global stock markets find balance amid European equities

Global stock markets maintained a sense of equilibrium, with European equities showing resilience, particularly in response to Italy’s decision to allay concerns about a proposed bank profit tax. Meanwhile, the dollar experienced a slight decline as new economic data highlighted shifts in the Chinese economy. As Wall Street opened to mixed sentiments, the Nasdaq and […]