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Tag: Naira

Naira plunges to record low against pounds
Economy

CBN threatens BDC crackdown as naira falls to 900/$

The naira lost value on the parallel market on Wednesday, ending the day at 900/dollar. This happened just two weeks after the local currency was being sold on the black market for 960 dollars. The naira’s upward trend in recent days was reversed as the black market once more experienced a shortage of dollars. Earlier this week, […]

Why CBN won't print naira again - Budget minister
featured

FG spent N74bn on new naira, others – CBN report

The Central Bank of Nigeria and its subsidiary spent roughly N74.84 billion in 2022 on the production and distribution of currencies, including new naira notes. Despite the naira shortage that gripped the country in the latter months of 2022, the CBN spent 40.42 percent more on currency rollout than it did on N53.29 billion the […]

Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira rises on official market, trades 740.67/$

The naira rose against the dollar on Thursday, closing at 740.67/$ on the Investor & Exporter FX window. The naira closed on the I&E window on Wednesday at 773.17/$, continuing its upward trend that began after the Central Bank of Nigeria announced its intention to intervene in the foreign exchange market on Monday. The President […]

Naira plunges to record low against pounds
featured

Naira recovers, trades N850 per dollar at black market

The naira recovered against the US dollar on the parallel market, closing at 850/dollar on Wednesday. A planned intervention in the foreign exchange market by the Central Bank of Nigeria was disclosed two days prior to this. On Monday, the naira was exchanged at 950 to the dollar in the black market. On Tuesday, it […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira rises 4.31% at investors, exporters window

The naira strengthened against the dollar on Friday, trading at N743.07 in the Investor’s and Exporters’ window. When compared to Thursday’s exchange rate of N776.50 for one US dollar, the Naira increased by 4.31 percent. On Friday, the open indicative rate reached a high of N782.28 to the dollar. Prior to settling at N743.07 during […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira drops to N890/$1 in black market as FX crisis worsens

The parallel market sector of the foreign exchange market is currently not favourable for the Nigerian Naira as it has dropped to N890 per dollar. This is due to the fact that its value is rapidly declining on the open market against the US dollar as the country struggles with a foreign exchange liquidity crisis […]

Nigerian Exchange ahead in Africa with 33.70% gain
featured

Naira crashes to N885/dollar in parallel market

The parallel market, often known as the black market, saw a new low for the Naira on Thursday of N885 per dollar. The dollar traded at N885/$1 on Thursday, down from N875/$1 on Wednesday as the foreign exchange market came to an end. This represents a 1.14 percent decline in the value of the naira. […]

Naira plunges to record low against pounds
Business

Naira gains at I&E window, closes at N791.42

The Naira rose marginally versus the US dollar on the Investor and Exporter market on Tuesday, a day after the local currency fell sharply on the spot market. The official market for foreign exchange on Tuesday saw the naira settle at N791.42 to the dollar, according to data posted on the FMDQ website. Gains on Tuesday […]

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

Confusion as official FX rate, black market widens

Nigeria’s official currency rate, which has been edging closer to N100/$ as of last Friday, is now significantly different from those on the black market. The BDC and P2P pricing remained unchanged at N870/$ while the I & E FX window closed at N777.82/$. The disparity between the official and black market exchange rates for […]

Equity investors lose N1.5tn as bond yield rises
Economy

Naira falls by 13.9% in one week at I&E Window

The naira fell to a historic low against the dollar last week as Nigeria’s new foreign exchange policy came into effect. The policy, which the Central Bank of Nigeria announced on June 15th, 2023, ends the various and distorted rates that had been in place for years and allows the market to set the exchange rate […]

Naira drops 0.64% after Emefiele's arrest - Report
Business

Naira drops 0.64% after Emefiele’s arrest – Report

The naira sank further against the dollar on Friday at the Investors and Exporters window, trading for N472.50 to the dollar. According to The Punch, in comparison to the N469.50 it exchanged for the dollar on Thursday, the local currency experienced a 0.64 percent decline. On Friday, the open indicative rate reached a high of N471.32 […]