Tag
FOREIGN RESERVES
The naira ended the week on a slightly weaker note in the parallel market, trading at N1,560/$1 on Friday.
The naira continued its recent streak of relative stability, closing the gap between the official and parallel exchange markets.
The exchange rate closed the week with a mixed performance, as the naira recorded a slight appreciation in the official market but weakened on the parallel (black) market.
The Naira has lost over half of its value in one year since Yemi Cardoso assumed office as the Governor of the Central Bank of Nigeria (CBN).
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the country now records about $2.35 billion as net inflow into the Central Bank foreign reserves.
The Nigerian naira continued its downward trend against the US dollar at the official exchange window, closing at N1,309.88 on Thursday, March 25th.
The naira experienced a decline on Thursday afternoon, falling to N1,450 per dollar in the parallel market.
Nigeria attracted a total of $1.57 billion in capital inflows in the first quarter of 2022, falling by 28.1% compared to $2.19 billion recorded in the previous quarter.
The Central Bank of Nigeria has agreed that increasing oil thefts on the economy is affecting the accretion of the country’s foreign reserves.
Nigeria’s foreign reserve dipped $485.41 million to settle at $40.66 billion from $41.15 billion as of 1 December...
Nigeria's foreign exchange reserves now stand at $36.57 billion, having increased sharply from $33.42 billion as of April 29, 2020.
Naira weakened today at the black market as dollar trading at N454 to $1 as demand increased from foreign investors and businesses with dollar payment