The Naira crashed again to an over 3-year low against the dollar, closing at N500/$1 at the parallel market.
Even though there was a little appreciation in the NAFEX window, the Naira depreciated at the black market.
The naira has been hitting record lows on the parallel and over-the-counter spot markets.
With the government under pressure to earn dollars, reliance has shifted mostly towards foreign borrowing.
The U.S dollar index that tracks the American dollar against a basket of other major currencies was down 0.67% to 99.22 by 12 noon Nigerian time on...
The consistent slide of the naira in the parallel market is a pointer to the fact that CBN may further devalue the naira.
Nigeria's currency continued to depreciate at the forward market, as worries strengthened that the CBN might have to devalue the naira again.
Many Nigerian banks are reducing how much foreign currency customers can spend abroad as concerns over the impact of the COVID-19 pandemic and drop in crude...
A butcher's penthouse full of dollars just exploded and it’s raining dollars. All you need to do is focus on catching as much as you can...
In exchange rate, when Nigeria sells oil, she is paid in dollars, but when Nigeria imports, she spends those dollars also.