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EXCHANGE RATE
The exchange rate between the Naira and Dollar close at N1,278.58 on Tuesday April 2, 2024, the first trading on the official NAFEM market.
The Nigeria’s Purchasing Managers’ Index (OMI) remained unchanged at 51.0 for the month of March, indicating no change from previous figures.
The naira defied the strong dollar despite positive macros from the world's largest economy's manufacturing data report that it grew in March for the first time since September 2022.
The President of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Dele Oye has stated that the duties collection by the Nigeria Customs Service (NCS) should be charged in Naira rather than in another foreign currency.
The exchange rate between the Naira and the Dollar closed at N1,300/$1 on Wednesday on the official NAFEM window, marking the strongest performance in over 8 weeks.
The exchange rate charged by the Nigerian Customs Service (NCS) for cargo clearance and import duties collection has dropped significantly from N1572.5/$ to N1448.38 to the USD.
The Association of Bureau De Change Operators of Nigeria (ABCON) has stated that the oversubscription of recent FGN securities is having a positive effect on the naira exchange rate to the USD.
Nigeria continues to grapple with dwindling revenue amidst rising fiscal expenditure, with debt servicing gulping a huge chunk of government budget.
Dangote's fortune had gone through a turbulent era before its current boom, which represents a substantial turnaround for the company.
The official exchange rate between the Naira and the Dollar strengthened to N1,431/$ on Friday, March 22, 2024, posting the best rate in over six weeks.
For the second week in a row, the dollar index has increased, rising 0.8 percent to 104.095 index points.
The exchange rate of the naira to the USD has increase to N1400/$ on the parallel market marking a significant strengthening on the naira in the past few weeks.