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NAIRA
The naira broke through the N2,180 barrier and began Thursday's session at the lower end of its range against the British pound sterling.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has said that Dangote Refinery's petroleum product production will boost the strength of the naira, Nigeria's legal tender.
The Naira faced more headwinds in the unofficial market amid high demand for the dollar and a widening supply gap.
The Nigerian currency hit a multi-weekly low this week, demonstrating that CBN’s intervention and attractive fixed-income yields have not stopped the naira's decline.
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.
The naira faces more headwinds as the safe-haven currency rallied strongly amid rising odds of Donald Trump’s return to the U.S. presidency.
Although the naira is going through tough moments in the market at the moment, this article explains how the outcome of the US presidential election will impact the Nigerian currency.
Latest data from the Central Bank of Nigeria (CBN) reveals a significant year-on-year (YoY) increase in the amount of currency outside the banking system, highlighting a shift in public behaviour regarding cash retention.
The Nigerian currency slightly depreciated at the official market, as the U.S dollar index showed some recovery after Wednesday's sell-off.
The Nigerian naira weakened by 0.12% against the US dollar in the parallel market, on October 25, 2024, trading at N1,730/$1—a marginal decline of N2 from the previous rate of N1,728.
The naira showed mild strength against the haven currency in the last trading session of the week in the official foreign exchange market.
The local currency has been left to the whims of market forces amid the strengthening of the U.S. dollar index.