The Naira on Friday depreciated at the official market, trading at N1,596.92 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira…
By Seun Ibiyemi The Central Bank of Nigeria has warned authorised forex dealers against defacing/stamping US Dollar banknotes and continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria.…
The Central Bank of Nigeria has warned Deposit Money Banks to stop rejecting old and small denominations of the United States dollar bills. CBN threatened that there would be sanctions for rejections. It also urged Bureau De Change operators and…
The Naira posted significant losses against the haven currency at the last reading session of the week as investors increased their buying pressure on the greenback. The Naira lost ground against the dollar in the black market, falling from N1,485…
The International Monetary Fund (IMF) has expressed concerns over the Nigerian government’s strategy to issue domestic dollar-denominated bonds, according to the recently published IMF staff country report for Nigeria. The Fund warns that this move could exacerbate pressures on the…
The Naira has slumped seven times in recent days against the US dollar at the foreign exchange. FMDQ data showed that the Naira recorded a seventh drop against the Dollar, quoting N1309.88 per Dollar on Thursday from N1308.52 on Wednesday.…
By Sodiq Adelakun The Naira, witnessed a significant boost as the dollar rate plummeted to N1,450 at the black market on Monday. This surge, marking a 2.07 percent increase, was attributed to speculators offloading hoarded foreign currency, resulting in a…
The Nigerian foreign exchange market experienced a sharp decline in activity at the start of 2024, with Spot FX market turnover plummeting by 40.46 percent to $4.37 billion (N4.03 trillion) in January, down from $7.34 billion in December 2023. This…
By Sodiq Adelakun The US Dollar experienced a significant crash on Wednesday, dropping by 6.45 percent against the Nigerian Naira on the parallel market, commonly known as the black market. This sudden decline came shortly after the Central Bank of…
Oil fell above one dollar on Wednesday due to the economic growth in China, the world’s second-largest crude user. There were slightly missed expectations, raising concerns about future demand, while U.S. dollar strength dented investor’s risk appetite. Brent crude futures…
