Tag
EXCHANGE RATE
Nigerians are excessively focused on the exchange rate of the local currency, the Naira. It’s looked at as a barometer of the economy
India has witnessed a significant surge in its billionaire population over the past decade, with over 100 new additions, while Nigeria has seen a relatively modest increase, welcoming only one new billionaire, Femi Otedola.
The naira clawed back some of its losses against the dollar amid prospects for rate cuts in the world's largest economy improved, and U.S. core inflation and weaker-than-expected inflation readings in Nigeria.
The exchange rate for customs duty collections has risen to N1502.1/$, the highest in seven weeks going back to March 22nd when the figure stood at N1572/$.
The exchange rate for import duties collection by the Nigerian Customs Service (NCS) has risen to the highest just over six weeks at N1457/$ according to checks on the exchange rate portal of the NCS.
The Nigerian currency breached the N1,450 mark against the greenback on the black market amid evolving market dynamics in Nigeria's fragile FX market.
This amount spent represents 46.36% of the total cost of sales of N514.349 trillion recorded by the cement firms during the period under review.
In the opening trading session of May at the NAFEM window, the Naira experienced a slight decline, settling at N1,402.67 to the dollar, which is a 0.83% decrease from the previous close of N1,390.96 in April.
Seplat Energy Plc declares N1.309.88/$1 as applicable currency exchange rate for 2023 dividend payout
The Nigerian naira traded near its April low, while the dollar index approached a six-month high as the anticipation of a Federal Reserve meeting kept traders largely biased towards the greenback.
The new rate represents a 10% increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday.
Foreign portfolio inflows into Nigeria's Stock Market (NGX) reached N93.37 billion in the first quarter of 2024, marking a 415% increase compared to the same period in 2023.