Tag
EXCHANGE RATE
The Naira faced more headwinds in the unofficial market amid high demand for the dollar and a widening supply gap.
The Federal Government of Nigeria has projected a fiscal deficit of N13.08 trillion in 2025, an increase from the estimated N9.18 trillion for 2024 and one of the largest on record.
The Nigerian currency is bracing for challenges as the U.S. dollar surges following Donald Trump’s return to the U.S. presidency.
The naira slipped to an all-time low of N1681 per dollar at the official Investor and Exporter (I&E) window on Tuesday, November 6, 2024, according to data from the FMDQ Exchange.
Nigeria recorded a significant increase in its net foreign exchange (forex) inflows in the second quarter of 2024, marking a notable improvement in the nation’s forex dynamics amidst ongoing currency pressures.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has addressed reports credited to the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso of FAAC disbursement resulting in significant pressures in the FX market.
The CEO of Rainoil Ltd, Dr. Gabriel Ogbeche has stated that the current high price of fuel in Nigeria is primarily driven by the exchange rate and not necessarily the price of crude oil in the international market.
On October 17, 2024, the naira resumed its decline against the U.S. dollar, closing at N1,660.49 in the official Investors and Exporters (I&E) window.
Despite significant economic challenges, Nigeria has managed to attract a total of $55.5 billion in foreign capital between Q1 2019 and Q2 2024.
The naira has lost ground, breaking the N16000/$ support level against the dollar in the official foreign exchange...
On October 15, 2024, the naira resumed its downward slide against the U.S. dollar, closing at N1658.97 in the official Investors and Exporters (I&E) window.
The naira appreciated on the first trading day of the week at the official market, despite the U.S. dollar index reaching a two-month high against major currencies on Tuesday.