Naira depreciates to N1,510/$ in parallel market, appreciates at official window

Naira dollar

The naira depreciated to N1,510 per dollar in the parallel section of the foreign exchange (FX) market on Monday, marking a 1.34 percent decline from the N1,490/$ rate observed on May 31. Currency traders, commonly known as bureau de change (BDC) operators, reported buying the dollar at N1,490 and selling it at N1,510, resulting in … Read more

Naira appreciates to N1,490/$ in parallel market

Naira dollar

On Wednesday, the Nigerian naira saw a notable appreciation to N1,490 against the US dollar in the parallel section of the foreign exchange market. This marks a 2 percent increase compared to the rate of N1,520 reported on May 27. Currency traders, commonly known as bureau de change operators, quoted the buying price of the … Read more

Naira depreciates against dollar in parallel market

Naira dollar

On Monday, the naira faced depreciation in the parallel section of the foreign exchange (FX) market. In Lagos, bureau de change (BDC) operators, commonly known as currency traders, reported the naira trading at N1,520 to the US dollar. The buying price was set at N1,490, while the selling price stood at N1,520, giving traders a … Read more

CBN issues fresh directives to BDC operators

Adeyemi Cardoso

The Central Bank of Nigeria (CBN) has mandated all existing Bureau De Change (BDC) operators to reapply for new licenses in their preferred category. This directive was issued on Wednesday in a circular signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department. According to the circular, BDC operators must meet the … Read more

Naira gains against dollar, exchanges for N1,490/$ in parallel market

Naira dollar

The naira appreciated further to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday, reflecting a 1.34 percent increase from the N1,510/$ rate recorded on May 17. Currency traders in Lagos, known as bureau de change (BDC) operators, quoted the buying rate of the dollar at N1,450 and the … Read more

Again, Naira exchange rate suffers setback, hits N1,510 per dollar

Dollar and naira

Over the weekend, the value of the naira experienced a decline, with the currency trading at N1,510 to a dollar on the parallel market and 1,466.31 at the official market. This recent depreciation marks a reversal in the trend, as the naira had previously shown signs of stability against the dollar, trading below N1,000, following … Read more

Naira depreciates against dollar, exchanges for N1,450/$ at parallel market

Dollar and naira

On Wednesday, the naira fell to N1,450 in the parallel foreign exchange (FX) market. The current FX rate indicates a 1.4% decrease from the N1,430 transacted on May 6. Currency traders, commonly known as bureau de change (BDC) operators, set the greenback’s buying rate at N1,410 and the selling price at N1,450, resulting in a … Read more

Naira records big fall, exchanges for N1,420 per dollar

Naira Vs Dollar E1539172078363 New 768x480

The Naira on Thursday resumed its downward trend against the United States dollar, depreciating to N1,309/$ at the official market and N1,420 at the parallel market. The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday followed renewed dollar demand pressure in the foreign … Read more

Again, CBN resumes dollar sale to BDCs at N1,021/$1

Dollars

The Central Bank of Nigeria (CBN) has announced a $10,000 sale to each licensed Bureau De Change (BDC) operator nationwide. The apex bank has made its second intervention this month. The CBN detailed the action in a circular issued to the President of the Association of Bureau De Change Operators (ABCON). BDCs can purchase dollars … Read more

Naira depreciates against dollar at official market as speculators resume hoarding

Naira dollar

The naira fell in value against the US dollar to N1,234 in the official foreign exchange market on Monday, according to statistics from the FMDQ securities exchange. The currency rate indicates that the naira decreased by N65, or 5.26 percent, from N1,169.99/$1 recorded on Friday. The local currency had strengthened to about N1,072.74 on Wednesday, … Read more