By Sodiq Adelakun The Nigerian Naira hit a new record low on Thursday, reaching N1,410 per dollar on the parallel market, commonly known as the black market. This represents a 3.29 percent decrease compared to the previous day’s closing rate…
By Sodiq Adelakun In the official foreign exchange window, the Nigerian Naira ended the trading day on Tuesday, January 23, with a stronger position against the US Dollar. The currency appreciated by 5.1 percent or N46.73, with an exchange rate…
The Nigerian naira experienced increased pressure in the foreign exchange market as it weakened against the US dollar due to low dollar supply at the official market. According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira…
By Sodiq Adelakun The Naira is expected to face significant challenges in 2024. The exchange rate is predicted to further depreciate due to Nigeria’s stagnant reserves, which restrict the availability of foreign exchange (FX), according to projections by Standard and…
By Sodiq Adelakun The Naira experienced a significant drop on Wednesday, reaching a record low of N1,320 per dollar on the black market. This represents a 3.03 percent decrease compared to the previous day’s closing rate of N1,280. This is…
By Sodiq Adelakun The Nigerian naira is currently experiencing a significant decline in value, with the exchange rate surpassing N1,300/$ on the Peer-to-Peer cryptocurrency window. Traders on the parallel market have confirmed that the national currency is trading close to…
The Naira had a bad day in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 12 as its value fell by 1.8 percent or N15.66 against the US Dollar to N890.45/$1 from the preceding day’s N874.79/$1, according to…
The Nigerian Naira has continued to decline, reaching over N1,000 per dollar for the second time in 2024 on the official foreign exchange market. According to data from the FMDQ Exchange, the Naira fell to 1,089.51/$ on Tuesday from 856.57/$…
By Sodiq Adelakun Despite efforts by Nigeria’s apex bank to clear outstanding foreign-currency amounts owed in forward deals, the value of the naira has continued to erode significantly. This was evident on Tuesday as the naira traded at about N1,230/$…
The Nigerian Naira experienced a significant decline on Wednesday, January 3rd, 2024, closing at N1,035.12 per dollar in the official market. This is despite recent efforts by the Central Bank of Nigeria (CBN) to bolster the foreign exchange market through…
