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Tag: Naira

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

Naira ranked world’s worst-performing currency in 2024

The naira has emerged as the world’s worst-performing currency in the first half of 2024. According to a Bloomberg report published on Friday, devaluation, insufficient dollar liquidity, and market volatility have hampered the Central Bank of Nigeria’s efforts to strengthen the currency. Aside from the naira, Egypt’s pound and Ghana’s cedi were the world’s other […]

FG spends 74% of revenue on debt in Q1 2024
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Naira surges to 1,275/$ at parallel market

The naira strengthened against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. This represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday, according to FMDQ data. This follows as the Senate Committee on Finance urged for […]

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

Naira slides to N1,450/$1 on parallel market

The Nigerian naira continued its downward trajectory, extending its weakening trend yesterday to reach N1,450 per dollar on the parallel market, down from N1,300/$1. Similarly, data from FMDQ revealed a further depreciation of the local currency on the official market, with the naira closing at N1309.88/$1 on Thursday, compared to N1,308.52 per dollar the previous […]

Nigeria's FX reserves hits $32.3bn, rises by $262m
News

Nigeria’s FX reserves shrink, sparks naira float speculation

The Nigerian foreign reserves are depleting at a pace not observed in four years, sparking concerns that the central bank is using its dollar holdings to bolster the naira’s value following its commitment to allowing the currency to float more freely. Since March 18, when the naira began its recovery from record lows against the […]

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

Naira sells at N1262 against dollar

The naira, on Wednesday, continued its gain against the United States dollar, appreciating both at the official foreign exchange and parallel markets, to the delight of many Nigerians. At the Nigerian Autonomous Foreign Exchange Market, the naira appreciated by N16 or 1.26 per cent as the dollar was quoted at N1,262.85/$ on Wednesday, stronger than […]

36 states spend N139.92bn on external debt in six months
News

FG must borrow to save naira – EIU

Melvin Onwubuke International business research firm, Economist Intelligence Unit, has said that the Central Bank of Nigeria does not have the liquidity to support the naira as of now. This was disclosed in its latest Country Report on Nigeria, which was published on Friday. The EIU report stated that the CBN may need to borrow […]

Naira devaluation worsens Nigeria's debt woes
Economy

Naira devaluation worsens Nigeria’s debt woes

Nigeria’s foreign debt has significantly increased as a result of the naira’s depreciation. NewsNowNigeria reported that, the depreciation of the Nigerian naira versus the US dollar has resulted in a N28 trillion increase in Nigeria’s external debt. Nigeria’s overall debt at the end of the third quarter of 2023 was N87.38 trillion, according to the […]

Banks increase lending rates after CBN’s MPR hike
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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
Economy

Naira depreciates to N2100/£1 in black market

By Alex Omenye   The naira witnessed a significant decrease, peaking at N2100 per Great British Pound in the parallel market, commonly known as the black market. This surge represented a notable increase of 7.62%, with the currency strengthening by N160.00 compared to the previous day’s closing rate of N2,260. This upward movement aligns with […]

Banks increase lending rates after CBN’s MPR hike
Economy

Naira decline continues in parallel market, N1,700/$1

By Melvin Onwubuke   Nigeria Naira strengthened against the dollar in the official market, as there was a significant rise of 76.61% to $117.32 million in the foreign exchange turnover on Tuesday, February 2024. According to nairametrics however, inspite of this improvement, the Naira experienced a decline in the parallel market, slipping to N1,700/$1 which […]