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FOREIGN EXCHANGE MARKET
The naira appreciated marginally to N1,597/$1 on Monday at the official foreign exchange market, according to data published by the Central Bank of Nigeria (CBN).
The Nigerian naira depreciated further against the US dollar at the official foreign exchange market, closing at N1,609/$1 on Tuesday, May 6, 2025.
The naira ended the trading week on a strong footing, appreciating to N1,589/$1 at the official Nigerian Foreign Exchange Market (NFEM) on Friday, April 25, 2025.
The Central Bank of Nigeria (CBN) has officially approved the release of the Nigerian Foreign Exchange (FX) Code, a move aimed at fostering ethical conduct and transparency within the nation’s foreign exchange market.
The CBN has granted BDC operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The local currency maintained its ground during the fourth trading session of the week, despite the US dollar index oscillating at a two-year high.
Nigeria’s money supply (M3) has grown by 62.8% year-on-year (YoY) in September 2024, despite the Monetary Policy Committee’s (MPC) tightening stance aimed at curbing excess liquidity to control inflation.
The naira exhibited signs of moderate stability as foreign exchange (FX) turnover surged by 138.67% on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.
The Central Bank of Nigeria (CBN) has announced that International Oil Companies (IOCs) can sell 50% balance of their repatriated export proceeds to authorized forex dealers.
After two days of substantial depreciation in a week characterized by significant volatility in the foreign exchange market, the naira showed signs of stabilizing as it closed at N1,485.99/$1 on Friday, May 31, 2024.
The exchange rate between the Naira and the Dollar at the official window saw a significant appreciation of 10.71% on Monday, closing the day at N1,339.33/$1.
The U.S. dollar index was on track for its first weekly fall in 2024 while the naira appreciated at the official and black market.