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Tag: Naira

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Naira strengthens to N1,615.00/$1 in official FX market

The naira appreciated to N1,615.00/$1 at the official foreign exchange market on Tuesday, improving from Monday’s rate of N1,629.00/$1, according to data from the Central Bank of Nigeria. The marginal gain in the naira’s value comes as the CBN intensified its interventions in the FX market, aiming to ease pressure on the local currency and […]

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Naira slips 2.6% in March, despite $668m CBN support

The naira weakened further in March 2025, recording a 2.4% depreciation at the Nigerian Autonomous Foreign Exchange Market and a 2.6% decline in the parallel market compared to February. According to Afrinvest’s latest Monthly Market Report titled “Analysing Global and Nigerian Economies & Financial Markets,” the exchange rate fell to ₦1,536.82/$ at NAFEM and ₦1,530.00/$ […]

IMTO inflows surge 63.7% in 2024 amid CBN reforms
Economy

Naira falls to ₦1,590 in black market amid dollar shortage

The Nigerian naira fell to ₦1,590 per US dollar in the parallel market on Friday, due to a shortage of dollars. Bureau De Change operators say they are not receiving enough dollars from commercial banks, despite the Central Bank of Nigeria’s directive to improve forex supply. The CBN had initially allowed BDC operators to buy […]

IMTO inflows surge 63.7% in 2024 amid CBN reforms
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Naira declines, erasing recent gains in official, parallel markets

Over the past week, the Nigerian naira experienced a depreciation against the US dollar in both official and parallel markets. At the official market, the naira weakened by approximately 1.66%, closing at ₦1,517.24 per dollar from ₦1,492.49 the previous week. Similarly, in the parallel market, the naira eased to an average of ₦1,520 per dollar, […]

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Naira strengthens against major currencies, bringing relief to businesses

The naira experienced a notable appreciation against major foreign currencies in the parallel market, marking a positive shift from its previous downward trend and offering relief to businesses and traders. The naira appreciated by 7.41% against the US dollar, improving from ₦1,620/$ to ₦1,540/$ during the month of February. Also, the naira strengthened against the […]

IMTO inflows surge 63.7% in 2024 amid CBN reforms
News

Naira appreciates to 1,494.03/$ at official market

The naira appreciated to 1,494.03/$ at the official market on Thursday, according to FMDQ Securities Exchange Limited. It also strengthened in the parallel market to 1,510.00/$, narrowing the gap between both markets to 15.5/$. The gap between the official and parallel market exchange rates is narrowing, driven by various Central Bank of Nigeria policies. According […]

Nigeria's external reserves rise to $36.89bn — CBN gov
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Naira falls to N1,745 against dollar

The exchange rate between the naira and the dollar dropped to around N1,745/$1 on the parallel market, marking a sharp decline from the sub-N1,600 levels seen at the end of last week. As of 10 a.m. on today, findings show several rates exceeding the N1,700/$1 mark, indicating that the gains observed last week may have […]

Nigeria's external reserves rise to $36.89bn — CBN gov
News

Naira strengthens to 1630/$ at official market

The Naira on Tuesday strengthened in the official market, rising to 1,630.45/$ from 1,670.65/$ in the previous trading session, reflecting a 2.41 per cent appreciation. Data from the FMDQ Exchange, home to the Nigerian Autonomous Foreign Exchange Market, indicated that daily turnover also saw a significant increase. At the close of trading, turnover reached $242.59 […]

CBN sells $10,000 to BDCs at N1,101/$
News

Naira falls 8.25% to N1,669.15 in I&E window

The naira experienced a significant depreciation against the US dollar on Tuesday, closing at N1,669.15 in the official Investor and Exporter window. This represents an 8.25% decline from the previous closing rate of N1,541 recorded on the last trading day of September. The decline highlights ongoing challenges in Nigeria’s foreign exchange market as economic pressures […]

Nigeria's external reserves rise to $36.89bn — CBN gov
Economy

Naira climbs to N1,541.52 against US dollar at I&E window

The exchange rate between the naira and the US dollar appreciated to N1,541.52 at the official Investor and Exporter window on Friday. This marks a 0.16% increase from N1,544.02 recorded on September 19, 2024, as the naira seeks to stabilize within the N1,500 range. The naira closed at N1,541.52 on September 20, 2024, reflecting a […]

CBN sells $10,000 to BDCs at N1,101/$
News

Naira jumps 4.8% against dollar, highest gain since July

The Naira saw its largest gain in nearly two months following the federal government’s debut domestic dollar-bond issue, which drew substantial interest. Bloomberg data shows the Naira surged 4.8% against the dollar on Wednesday, marking its biggest increase since July 22. The currency closed at 1,558 naira per dollar, its highest level against the greenback […]

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Naira declines to N1,520/$ in parallel market

The Naira on Wednesday depreciated in the parallel market to N1,520 per dollar from N1,515 per dollar on Tuesday. According to FMDQ data, the indicative exchange rate for NAFEM declined to N1,512.61 per dollar from N1,509.45 per dollar on Tuesday, representing a naira devaluation of N3.16. The volume of dollars traded (turnover) in the market […]