Tag
DOLLAR
The Nigerian naira showed little strength at the last trading session of the week, appreciating to below N1600 amid a volatile dollar index in global markets.
The naira posted impressive gains against the haven currency amid increased inflows from the CBN, recording its best gains since March.
The naira has suffered a significant depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, falling to N1,561.98/$1 on Wednesday, July 10, 2024.
The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and authorized forex dealers, emphasizing the mandatory acceptance of old and lower denominations of United States Dollar (USD) bills from customers.
A review Nigeria's Q1 2024 debt portfolio, noting decreased total debt but rising costs due to higher interest rates.
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 naira maintained the N1500 bandwidth against the dollar at the parallel market, while the U.S. dollar index broke higher than 105 index points.
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.
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.
The Nigerian official foreign exchange (FX) market witnessed a significant downturn in turnover, crashing by 42.92% on Monday, June 3, 2024.
The Nigerian currency ended the month weaker, despite a monthly decline in the dollar index.
The naira held its ground on the unofficial market, appreciating against the dollar on the parallel market as the dollar index posted some losses amid profit-taking.