The ongoing instability of the Naira in relation to the US dollar has been causing waves of uncertainty in Nigeria’s economy, leading to concerns among investors. Last week, there was a temporary relief as the country’s currency gained strength against … Continue reading Nigeria’s economy and investor confidence affected by naira fluctuations and exchange rate challenges
The Nigerian naira has exhibited a positive trend, strengthening to N1,120 against the US dollar in response to news that the Central Bank of Nigeria (CBN) initiated the clearance of some of its foreign exchange (FX) backlog. This marks a … Continue reading Naira bounces back as CBN resolves forex debt backlog
JP Morgan, a US multinational financial services firm, has projected that the Nigerian naira will trade at N850/$ at the Investors’ and Exporters’ Forex window by the conclusion of 2023. The financial institution also believes that the recent efforts to … Continue reading JP Morgan forecasts naira to reach N850/$ by December
Bureau de Change operators reported that the Nigerian naira traded at 1,185 to the US dollar on the parallel market on Wednesday, reflecting ongoing liquidity challenges. While this represented a slight improvement compared to the 1,190/$ rate observed on Tuesday, … Continue reading Naira trades at 1,185/$ amid ongoing liquidity concerns
The Central Bank of Nigeria (CBN) has officially clarified that it has no intentions of redenominating or restructuring the Nigerian naira notes in the year 2024. This statement was made in response to circulating text messages suggesting otherwise. In a … Continue reading CBN denies plans to redenominate naira in 2024
In the face of ongoing liquidity challenges in the official market, importers are reverting to the parallel forex market to meet their foreign exchange requirements, according to analysts. This shift persists even after the recent removal of the forex ban … Continue reading Importers flock to parallel market as naira appreciates
Nollywood actress turned politician, Tonto Dikeh, has made allegations regarding the political support behind Marlian Record boss, Naira Marley. Her comments came in response to Naira Marley’s recent arrest by the police, who are investigating the circumstances surrounding the death … Continue reading Tonto Dikeh claims Naira Marley has political backing amid Mohbad controversy
The local stock market ended the week with a 0.11% decline due to sluggish market momentum, causing investors to lose N39 billion. Both the market capitalization and the Nigerian Exchange Limited All Share Index closed lower at N36.847 trillion and … Continue reading Stock market loses N39 billion
The Nigerian naira exhibited a bolstering trend against the US dollar on Thursday, a progression that emerged subsequent to its previous closure at 740.67/$ on the Investor & Exporter (I&E) forex window. I&E window Encouraged by the Central Bank of … Continue reading Naira records official market gain, trading at 740.67/$
British-Nigerian artist Azeez Adeshina Fashola, popularly known as Naira Marley, has emphasized the importance of young people avoiding the harmful path of drug abuse. He highlighted the severe consequences associated with substance misuse, stressing their undeniable gravity. Naira Marley conveyed … Continue reading Naira Marley joins NDLEA’s campaign against illicit drugs
The recently disclosed financial statements from the Central Bank of Nigeria (CBN) have raised concerns about the reliability of the country’s foreign exchange reserves, leading to doubts about the CBN’s ability to support the value of the national currency, the … Continue reading Naira’s stability threatened by uncertain CBN reserves
Economists have outlined several strategies to counter the depreciation of the Nigerian naira and address the scarcity of US dollars. One key recommendation is to secure balance of payment facilities from multilateral institutions, which could inject foreign currency into the … Continue reading Economists propose strategies to increase Dollar supply amid Naira depreciation
The consistent downward spiral of the Nigerian currency, the naira, is posing a dire situation for the Central Bank of Nigeria (CBN), which is burdened with a substantial $15 billion loan obligation to prominent American investment banks, including JP Morgan … Continue reading Naira’s depreciation increases strain on CBN’s $15 billion debt burden
Nigerians are getting anxious about the cost of gas as the country’s currency, the naira, loses value against the US dollar. With recent increases in global crude oil prices, there’s concern that the price of petrol, commonly known as gas, … Continue reading Marketers warn of possible fuel price increase amid naira slump
The Nigerian naira concluded Monday’s trading at N774.78 against the US dollar in the investors and exporters (I&E) window, representing a decline of N31.71 or 4.27% compared to its Friday rate of N743.07. Data sourced from the FMDQ Securities Exchange, … Continue reading Naira dips to N774.8/$ at I&E window and N897/$ at parallel market
According to data from the Central Bank of Nigeria, the country’s external reserves declined by $167.2 million in July, causing the naira to further depreciate against the dollar. The reserves, which stood at $34.12 billion on June 30, 2023, dropped … Continue reading Nigeria’s external reserves decline by $167.2 million as naira continues to weaken
The Nigerian naira sustained its downward trajectory against the US dollar, reaching 876/$ in the parallel market on Sunday, as reported by Bureau de Change (BDC) operators. Just a week earlier, the local currency had traded at 820/$, reflecting the … Continue reading Forex shortage worsens, dollar hits N876
The Nigerian naira experienced a positive upswing on Tuesday, strengthening by 6.58% to close at N742.93/$ at the investors and exporters (I&E) window. This improvement comes after the currency reached an all-time low of N803.9/$ just two sessions prior. Data … Continue reading Naira strengthens further at I&E window, closes at N742.9/$
The Naira ended the trading day on Friday with a decline, as it was valued at N770.17 against the US dollar at the investors’ and exporters’ window. This represented a depreciation of 0.66% compared to the previous day’s exchange rate … Continue reading Naira depreciates by 0.66% as week ends on negative note
The Nigerian naira experienced a 1.79% appreciation against the United States dollar on the Investor & Exporter (I&E) forex window, closing at N756.61/$ on Tuesday. This positive movement followed a slump in the local currency on Monday, where it closed … Continue reading Naira strengthens to N756/$ as trading surges on investor’s window
JP Morgan, the American multinational financial services firm, has projected that the Nigerian naira will appreciate and trade at around N600 to the dollar in the upcoming months. This announcement was made in a statement released by the financial institution … Continue reading JP Morgan predicts the naira to reach 600 naira in the coming months
The Central Bank of Nigeria (CBN) has refuted claims that it has devalued the country’s currency, the naira. In a statement issued by the Acting Director of Corporate Communications, Isah AbdulMumin, the CBN clarified that the exchange rate for the … Continue reading CBN refutes reports of naira devaluation, stresses stable exchange rate
As the incoming administration approaches, the Nigerian currency continues its decline against the US dollar. On Friday, at the Investors and Exporters window, the naira was traded at N464.51 to the dollar, representing a 0.18% increase compared to the N463.67 … Continue reading Naira continues downward slide against Dollar ahead of new administration
In less than two weeks before the inauguration of President-elect Bola Tinubu, Nigeria’s currency, the naira, has experienced a significant decline, reaching a historic low of N465.07 against the US dollar. The Central Bank of Nigeria reportedly permitted the currency … Continue reading Naira hits record low against dollar ahead of presidential inauguration
The World Bank has reported that the naira, Nigeria’s currency, has experienced a significant depreciation of 10.2% in 2022 due to global food and fuel price increases and exchange rate fluctuations, contributing to inflationary pressures in the Sub-Saharan region. Similarly, … Continue reading Naira suffered a 10% depreciation in 2022 – World Bank
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