The Naira experienced a notable appreciation in the parallel market yesterday, strengthening to N1,485 per dollar from Monday’s rate of N1,490 per dollar. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,473.66 per dollar. Data from FMDQ indicated a significant improvement in the NAFEM, with the indicative exchange rate falling … Read more
The Nigerian Naira witnessed a positive surge in the parallel market, climbing to N1,495 against the US dollar on Thursday, marking an improvement from its previous rate of N1,510 per dollar on Wednesday. Similarly, within the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also experienced an uptick, reaching N1,481.49 per dollar. Data sourced from … Read more
The Nigerian Naira experienced contrasting movements in different foreign exchange markets on Wednesday. While the Naira depreciated in the parallel market, it appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM). In the parallel market, the Naira depreciated to N1,495 per dollar from N1,470 per dollar on Tuesday. On the other hand, in the NAFEM, … Read more
The value of the naira continued its decline on Tuesday, depreciating further at both the Nigeria Foreign Exchange Market (NAFEM) and the parallel market. Closing at N1,520.40 to the dollar at the official end of the market, the naira experienced a downward slide from its Monday rate of N1,478.11 to the dollar. Similarly, on the … Read more
On Tuesday, the Naira appreciated to N1,320 per dollar on the parallel market, up from N1,340 on Monday. Similarly, the Naira appreciated on the Nigerian Foreign Exchange Market, NAFEM, to N1,390.96 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,390.96 per dollar from N1,419.11 per dollar on Monday, … Read more
A surge in dollar demand in the parallel market, driven by banks and end-users, combined with slow forex disbursement to BDCs by the Central Bank of Nigeria, CBN, caused the Naira to fall by 23% against the dollar last week, marking the Naira’s worst weekly performance since February. Though the CBN came to the rescue … Read more
Nigerian currency, Naira, appreciated to N1,380 per dollar on the parallel market on Friday, posting a gain of N70 in one single day, compared to Thursday’s close of N1,450/$1. On the other hand, the the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the … Read more
The Naira on Tuesday depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. Similarly, the Naira … Read more
The Nigerian currency, Naira, has depreciated to N1,140 per United States dollar in the parallel market, from N1,060 per dollar on Thursday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,169.99 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,169.99 per dollar from N1,154.98 … Read more
The Central Bank of Nigeria (CBN) has announced plans to offer foreign exchange worth $20,000 to any eligible Bureau De Change operator across the country. This comes more than two years after suspended former CBN governor Godwin Emefiele prohibited the sale of foreign exchange to BDC operators in that area of the FX market. The … Read more