The naira on Tuesday traded at N1,640 following strong demand for dollars amid scarcity on the parallel market, popularly called the black market. This represents 44 percent loss year-on-year and a daily loss of N5 when compared to N918 and…
The Naira strengthened against the US dollar during Friday’s trading session. The haven currency experienced significant declines against the British pound sterling, which reached its highest level in over two years following Federal Reserve Chair Jerome Powell’s indication that the…
The naira on Thursday recorded a gain of 1.38 percent on the official foreign exchange (FX) market following increased dollar supply by market players. After trading on Thursday, the dollar was quoted at N1,564.48 compared to N1,586.04 quoted on Wednesday…
Naira gains as dollar crashes to 1,595 on black market The naira gained further on Thursday as the dollar crashed to N1, 595 on the parallel market, popularly called black market. This represents 0.94 percent (N15) gain over N1,610 quoted…
By Esther Agbo The Nigerian Autonomous Foreign Exchange Fixing (NAFEX) market witnessed a significant surge in trading activity during the first six months of 2024, with foreign exchange (FX) turnover soaring by 35.79 percent to $52.78 billion. However, despite the…
The devaluation of the Naira resulted in a forex gain of N8.6 billion for the Nigeria Identification for Development (ID4D) project, through which international financiers led by the World Bank are pushing for the enrollment of all Nigerians for the…
…Set to create new office to manage dormant account funds The Central Bank of Nigeria (CBN) has intervened in the foreign exchange market, injecting a sum of $148 million into the system. This move comes amidst increasing pressure on the…
The Central Bank of Nigeria, CBN, has revealed that it recently sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market, NFEM. The apex bank’s acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali,…
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…
President of Dangote Group, Aliko Dangote, on Sunday stated that his company’s aim is to become the leading supplier of foreign exchange in the FX market soon, as it targets $30 billion in revenues by the year 2025. During a…
