Tag: FX Market

Economy

Naira struggles in FX market despite CBN’s interventions

The mixed performance of the naira in the foreign exchange market reflects the ongoing challenges in stabilizing the currency despite the Central Bank of Nigeria’s interventions. The naira’s slight appreciation in the official market, from 1,603.78/$ to 1,599.94/$, shows some stability in the face of Central Bank interventions. However, the significant depreciation in the parallel […]

IMTO inflows surge 63.7% in 2024 amid CBN reforms
News

FX reserves hits $40.8bn after eurobond auction

Nigeria’s foreign exchange reserves rose by $591.78 million following the government’s $2.2 billion Eurobond auction on December 2, 2024. According to the Central Bank of Nigeria, reserves increased from $40.29 billion on December 2 to $40.88 billion by January 3, 2025. This marks a month-on-month growth of 1.47%, highlighting the positive impact of the Eurobond […]

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

Naira rebound continues, now below N1,300/$1

The Nigerian naira has continued its rebound in the parallel market against the US dollar appreciating N1280/$1 according to some traders on Saturday. This shows a gain of N120 when compared to the previous day of N1,400 to a dollar. In some markets, traders said they still sold between N1300 and N1,320 to a dollar, […]

FX payments rose to $1.3bn in February - CBN
Business

FX market sees 10.94% turnover surge in nov 2023

Spot FX market turnover in November 2023 was $5.17 billion (N4.33 trillion), a 10.94% ($0.51 billion) increase from the turnover reported in October 2023 ($4.66 billion). The Times reported that this was revealed in the FMDQ Markets Monthly Report for October. According to the study, the Naira depreciated against the US Dollar in the FX […]