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…
By Sodiq Adelakun The Nigerian naira experienced a boost in the official market, gaining 5.26 percent against the dollar, which was quoted at N750.14 compared to N791.75 on Friday. This was attributed to a 12.02 percent increase in dollar supply…
By Sodiq Adelakun The foreign exchange market (FX) kicked off the week with the Nigerian naira losing ground against the US dollar on the black market, also known as the parallel market. This depreciation comes after the naira had appreciated…
Naira put on a dazzling performance on Friday, leaving traders in awe as it appreciated by a remarkable 2.6 percent. With a closing rate of N755.27/$1, it outshone its previous session’s rate of N775.31/$1 on Thursday. Throughout the trading day,…
By Sodiq Adelakun The Nigerian naira continued its downward spiral, inching closer to the alarming 1000-per-dollar mark in street trading. The central bank’s reluctance to supply dollars to the market has only exacerbated the panic. Traders in Abuja reported the…
