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Tag: Naira

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 […]

Naira and Dollar displayed
Business

Naira falls at parallel market, gains on I&E window

Naira experienced a decline of 0.54 per cent against dollar, closing at ₦750 on the black market while it slightly strengthened by 0.06 per cent closing at ₦462.73/USD at the Investor and Exporter window. Data from the Financial Market Dealer Quotations revealed that the Nigerian naira had a trading range as low as N460 and […]

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

Naira weakens at stock market, drops to N463 – Report

On May 10, the Naira fell against the US dollar, trading at N463.02/$1 in the Investors and Exporters window of the foreign exchange market. According to BusinessPost, data from FMDQ Securities Exchange showed that the local currency suffered a loss of 77 kobo, or 0.17 percent, when it was traded on Tuesday at the spot […]

Naira and Dollar displayed
Business

Naira drops as forex market records 29% decline

The value of the naira dropped against US Dollar due to a decline in the daily foreign exchange turnover by 29.15% in the official market. According to the data obtained by Business Day from the FMDQ on Monday, the market turnover declined to $99.33 million from $128.29 million on Friday. A financial market dealer whose […]

CBN extends old naira's validity indefinitely
News

How naira declined by 10% in 2022 – World Bank

The naira saw a record devaluation of 10.2% in 2022, according to data from the World Bank. The Punch reported that the World Bank recognized these factors as primary causes of inflationary pressures in the Sub-Saharan area, along with rising food and fuel prices globally and the depreciation of the exchange rate. The loan-granting financial […]

Naira to fall N500 against dollar - NESG
Business featured

Naira hits lowest amid external reserve decline 

The Nigerian Naira hit its lowest value of the year on the first trading day of April, as the demand for dollars rose while the external reserves declined. Naira depreciated by 0.46 percent on Monday, with the dollar quoted at N463.50 at the Investors and Exporters forex window, which is Nigeria’s official foreign exchange market, […]

The old 500 and 1000 naira noted
Business

Oyebanji urges Ekiti businesses to accept old notes

Ekiti State Governor, Biodun Oyebanji, has urged residents of the state to continue to accept the old naira notes as they are legal tenders following the Supreme Court judgment of its validity till December 2023. The Punch reported that Oyebanji implored business owners to keep abiding by the law and order of the state in […]

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