The World Bank has highlighted factors that could lead to a decline in remittance inflow to Nigeria and other countries in the Sub-Saharan Africa region (SSA).

Nigeria emerged as a major recipient of diaspora remittances in Sub-Saharan Africa, capturing approximately 35% of the region’s total inflows in 2023.

 Nigeria's exchange rate closed June 2024 at N1,503.3/$1, marking a 1.3% depreciation for the month. 

The Central Bank of Nigeria (CBN) has introduced revised guidelines to allow Deposit Money Banks (DMBs) to deposit excess foreign currency notes at its branches in Lagos and Abuja in order to credit their offshore accounts with correspondent banks. 

Most inexperienced Forex traders lose over 90% of their money before giving up.

The Nigerian Autonomous Foreign Exchange Market, NAFEM, is set to record its lowest foreign exchange (FX) turnover in five months in June 2024, as dollar illiquidity continues to exert pressure on the naira.  

Nigeria's external reserve rose hit a new milestone in June rising to $34.07 billion,the highest level since March 2024.

The naira has weakened further against the dollar on Wednesday, closing at N1,507.83/$1, based on the latest data from the FMDQ, which manages the NAFEM window where currencies are officially traded. 

The naira moderated by 71 basis points in the official market amid increased pressure from the U.S. dollar index, showing improved stability in the unofficial market.

The Governor of the Central Bank, Yemi Cardoso, stated that the country has already experienced the worst of naira volatility regarding foreign exchange. 

The naira has weakened further against the US Dollar, falling to N1,500.79/$1 on the official market on June 25, 2024. 

The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said that the country recorded a total foreign exchange inflow of about $24 billion in the first quarter of 2024.

The exchange rate between the naira and the dollar fell to a six-week low on Monday, closing at N1,490.2/$1, just N10 shy of hitting N1,500/$1.

The foreign exchange rate for import duties collection by the Nigeria Customs Service (NCS) has stayed at N1474/$ in the last three weeks consecutively- the longest duration since January.

The naira traded in the N1500 range against the greenback at the parallel market, while the U.S. dollar index rallied to its eight-week high in the broader market.

Nigeria's foreign exchange (FX) reserves have surged to their highest level since March 28, 2024, marking a significant financial milestone that coincides with the longest period of stable exchange rate seen in over a year.

Global Forex Reserves hit $12.3 trillion at the end of 2023 representing a 3.5% year-on-year increase from the $11.92 trillion recorded a year earlier. 

The naira maintained the N1500 bandwidth against the dollar at the parallel market, while the U.S. dollar index broke higher than 105 index points.

The special adviser to the President on Information and Strategy, Bayo Onanuga, said Nigeria was spending a whooping sum of $1.5 billion monthly to peg foreign exchange before Tinubu’s unification policy in June 2023.   

Naira weakened in the official market while Nigeria's headline inflation readings rose to a three-decade high in May, worsening the naira's fortunes in the short term

The foreign exchange (FX) turnover on the Nigerian official market crashed by 75.98%, hitting a three-week low on Thursday.

The naira posted some gains against the greenback as the dollar index moderated significantly while market players awaited America's inflation data and the U.S. Federal Reserve's interest rate decision due later in the day.

The naira exhibited signs of moderate stability as foreign exchange (FX) turnover surged by 138.67% on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window. 

The foreign exchange (FX) turnover on the Nigerian official market crashed by 39.95% on Monday.

Euro skidded against the naira in the unofficial market on Monday after French President Emmanuel Macron called a snap election following a defeat in the European Union vote by the far-right.

Naira posted significant losses against the haven currency at the last reading session of the week as investors increased their buying pressure on the greenback.

In the one year between May 2023 and April 2024, exchange rates gain as a constituent of the monthly FAAC allocation stood at N4.23 trillion. This represents around 20% of the total FAAC allocation to the three tiers of government during the period.

The naira depreciated to its lowest level in three weeks on the official market on Wednesday, June 5, 2024. 

The naira has shown some form of stability against the US dollar on the NAFEM window, closing at N1,476.95/$1 on June 4, 2024. 

Naira languished against the British pound near the N2,000 support line, as the fortunes of the British currency gained momentum in global FX markets.