The Nigerian Naira experienced a significant drop against the US Dollar in the first trading session of the week, marking its first major decline across the foreign exchange market segments since the Central Bank of Nigeria began clearing forex backlogs…
By Sodiq Adelakun The Nigerian foreign exchange (FX) market opened on Monday with the naira/dollar exchange rate quoting at N1,020 This comes after the naira strengthened to 970 per dollar on the black market over the weekend following some positive…
The Association of Bureau De Change Operators of Nigeria (ABCON), has revealed why the Naira is regaining strength against the dollar. “The development stems from the ‘double-edged sword dollar liquidity injection and the mopping up of the naira through interest…
While the federal government is benumbed about the poor exchange profile of the Naira, the National Association of Nigeria Travel Agencies (NANTA) is heading to London on Friday with a seventy man trade professionals to sell Nigeria to the world,…
By Sodiq Adelakun The naira is facing significant challenges as it once again surpasses a crucial resistance level on the black market, settling at N1,170 against the US dollar. This comes at a time when the US Federal Reserve is…
By Sodiq Adelakun On Friday, October 27, the Nigerian Naira gained ground against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) amid growing expectations that a much-needed boost in liquidity is on the horizon. According to reports,…
By Sodiq Adelakun The naira experienced a further decline on Wednesday, with its value against the dollar dropping to N1,300 compared to the previous day’s rate of N1,250 in the parallel market. Meanwhile, the British pound was being traded at…
By Sodiq Adelakun The Naira has hit a record low of N1,235 per dollar on the parallel market, also known as the black market, due to strong demand. This represents a 2.06 percent (N25) decrease from the previous day’s rate…
By Sodiq Adelakun The naira has been experiencing a tumultuous week, with the currency hitting a fresh low in the official market due to high demand for safe-haven currencies. The naira’s decline on the unofficial market has been even more…
By Sodiq Adelakun Nigeria’s currency, the naira, has reached a record low as it traded at N1,100 per dollar on the black market. This information was obtained from forex traders on Wednesday morning, October 18, 2023. Traders confirmed quotes ranging…
