The naira made a notable recovery in the official market on September 6, 2024, closing at N1,593.32/$1, marking a 2.89% rebound after three consecutive days of depreciation. 

The Central Bank of Nigeria (CBN) has approved the sale of $20 thousand each to Bureau De Change (BDC) operators at the rate of N1,580/$ in a bid to provide more forex liquidity in the market and meet demand. 

The local currency traded lower against the British pound sterling in the last trading session of this week. The pound was trading at N2,112.8/£1 on the unofficial market.

The haven currency posted mild losses in London’s trading session as renewed concerns over the U.S. economy’s growth outlook weakened its bullish run, while the naira oscillated near the N1650/$ support level.

The exchange rate between the naira and the dollar fell to a six-month low of N1,625.88/$1 on the official NAFEM market on Wednesday, August 4, 2024. 

The dollar index remained near its weekly high, while the Nigerian naira fell below a key support line. The local currency dropped below the N1,600/$ support level in the black market.

In the final trading session of August on Friday, Naira traded at N1598/$1, indicating a continued drowning considering the N1593 it trades for on Thursday

Nigeria’s foreign exchange (FX) reserves have dipped by about $505.68 million (1.37%) in August 2024. 

The Nigerian official foreign exchange (FX) market experienced a marked decline in turnover in August, despite the initial Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN).  

Nigeria’s $500 million domestic dollar bond offering is set to close its subscription period today, Friday, with the settlement date scheduled for September 6, 2024. 

The amount of currency outside the banking system in Nigeria decreased to N3.66 trillion in July 2024, marking the second decline this year. 

Nigeria’s foreign capital inflow has decreased to $770 million in the fourth month of 2024. 

The Manufacturers Association of Nigeria (MAN) has asked the Central Bank of Nigeria (CBN) to wave many conditions of its forex policy for Manufacturers in the country.  

The Nigerian foreign exchange (forex) market is currently witnessing a significant downturn, with average daily turnover plummeting to its lowest level since January 2024.

The Nigerian currency began the week on a bearish note as the U.S. dollar index showed strong performance in the global market.

Nigeria has witnessed a significant increase in capital outflows, totalling $1 billion in April 2024, an increase of 35.14% from $740 million recorded in the previous month.

The Naira strengthened against the US dollar during Friday's trading session.

On Friday, August 23rd, the US Federal Reserve Chair, Jay Powell delivered a much awaited speech at the Jackson Hole symposium hinting at a possible interest rate cut in the coming months.  

The naira displayed mixed signals against the dollar in Nigerian FX markets on Thursday.

Businesses in Nigeria say they expect the Naira to continue to depreciate in the next three months beginning from July but will begin appreciation after six months.  

The Nigerian currency lingers at N1600/$ in the black market on Wednesday morning, despite improved market fundamentals in the country's FX market and the dollar index trading near its 7-month low.

The Central Bank of Nigeria (CBN) has reported a 130% surge in remittance inflows, with the figure reaching $553 million in July 2024. 

Currency traders have attributed the persistent weakening of the naira and the volatility of the foreign exchange market to the lack of consistency in dollar allocation to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN). 

The Federal Government of Nigeria (FGN) has officially issued a $500 million domestic dollar bond, opening for subscription on August 19, 2024. 

The Nigerian official foreign exchange (FX) market experienced a marked decline in turnover during the first two weeks of August, coinciding with the recent Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN). 

The naira struggled to maintain the N1,600 baseline in the official FX market over the past week, despite the dollar index reaching its lowest point since January.  

The federal, state, and local governments collectively gained approximately N2.74 trillion in revenue from exchange gains during the first six months of 2024.  

Nigeria's external reserves have dipped by approximately $342.97 million over a period of nine days. 

The Federal Government of Nigeria plans to issue its dollar-denominated domestic bond next week Monday, as it hopes to raise $500 million from local and foreign investors.  

The Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction on August 6, 2024, where nine companies purchased a combined total of $25.76 million to meet their loan repayment obligations.