Tag
EXCHANGE RATE
The naira displayed mixed signals against the dollar in Nigerian FX markets on Thursday.
The exchange rate for the Nigeria Customs Service (NCS) duties collection has risen to N1618.73/$ according to the latest figure from the service’s exchange rate portal.
Nigeria’s exchange rate closed July 2024 at N1608.73/$1, marking a 6.43% depreciation on the official market for the month.
Business activities in Nigeria’s private sector contracted for the first time since November 2023 in July mainly due to reduction in new orders and high prices limiting demand.
The naira surged to N1,570/$1 on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Thursday, marking an increase of 2.47% from the previous day’s rate of N1,608.73/$1.
The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has declined from N1,584/$ on the 22nd of July to N1,541/$ today representing a drop of N43.
The strong U.S. dollar and summer vacation have increased foreign currency demand, pushing the naira to a four-month low.
The Central Bank of Nigeria (CBN) has announced the sale of $106.5 million as foreign exchange (FX) to 29 FX dealer banks.
The Central Bank of Nigeria (CBN) has announced the approval of the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.
Parallel market operators are quoting a buy price above N1,600/$1 for holders of naira looking to buy dollars, as the local currency faces rising pressure.
The naira fell for a fifth day against the greenback despite the CBN's assistance, hitting its lowest level since March amid high demand for U.S. dollars and heightened geopolitical uncertainty.
The naira hit a new low in July, closing at N1,563.80/$1 on Friday, July 12, 2024, as it recovered from the previous day’s slight appreciation.