The Nigerian naira showed stability in the official market as demand for the greenback moderated during the second trading session of the week.
The naira depreciated further at the parallel market to close at N1685/$1 at the end of business on Tuesday, December 10, 2024 with the exchange rate falling for the second time since the Central Bank of Nigeria (CBN) migrated to the Enhanced Foreign Exchange Market System (EFEMS) platform.
The Nigerian currency posted strong gains against the European currency at the parallel market on the weekly spectrum amid ongoing reforms in Nigeria’s foreign exchange market and political uncertainty in Europe.
Currency traders under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) have warned that forex speculators will resist the rapid appreciation of the naira to cover their losses.
The naira recorded a huge gain against the US dollar at the parallel market, hitting N1640/$1, at the close of business on Wednesday, December 4, 2024.
The Central Bank of Nigeria (CBN) has announced fresh guidelines for interbank foreign exchange (FX) trading via its...
The Central Bank of Nigeria (CBN) has announced the introduction of an electronic matching system for foreign exchange transactions in the Nigeria FX market scheduled to begin from December 1, 2024.
