President Bola Tinubu has hailed what he said is the disciplined approach adopted by the Central Bank of Nigeria (CBN) to monetary policy management which he said is responsible for ensuring stability and predictability in foreign exchange market. This discipline,…
…Naira gains N660 since BDCs’ return to FX market By Seun Ibiyemi The Association of Bureaux de Change Operators of Nigeria (ABCON) has lauded the decision of the Olayemi Cardoso-led Central Bank of Nigeria (CBN) to recall Bureaux De Change…
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…
The spot foreign exchange (FX) market in Nigeria experienced a decrease in turnover in October 2023, according to the FMDQ Markets Monthly Report. The turnover for the month was $4.66 billion (N3.66 trillion), which represents a 14.96 percent decrease compared…
By Sodiq Adelakun The Nigerian foreign exchange (FX) market on Thursday, opened with the dollar trading at N1,135, the same rate it closed at on Wednesday. This stability in the exchange rate has brought a sense of calm to the…
By Sodiq Adelakun The foreign exchange market is experiencing renewed pressure as the Nigerian naira continues to weaken against the U.S. dollar. On Wednesday, the naira fell to 1,140 per dollar on the parallel market, commonly known as the black…
During the 29th Nigeria Economic Summit (#NES29), Wale Edun, the Minister of Finance and coordinating minister of the Economy, revealed plans for the federal government to automate transactions in the entire foreign exchange market. Speaking during the first-panel session, Edun…
In the parallel section of the foreign exchange market, the Nigerian naira experienced a depreciation on Wednesday, reaching N930 per dollar. This represents a decline of N25 or 2.76 percent when compared to the rate of N905 reported on August…
By Sodiq Adelakun In the unofficial foreign exchange (FX) market, known as the parallel market, the Nigerian naira weakened to N930 to dollar on Thursday. This decline was driven by the growing demand for dollars, which Nigerian banks were unable…
After gaining slightly on the first trading of the week, the Naira on Tuesday relapsed against the US Dollar to cat the Investors & Exporters window of the foreign exchange market on Tuesday, The Nigerian currency, which opened for trading…
