Tag
NAIRA
The naira struggled to maintain the N1,600 baseline in the official FX market over the past week, despite the dollar index reaching its lowest point since January.
The local currency marked its first bearish fall on the Nigerian forex market since the Central Bank of Nigeria began its Dutch Auction System last Tuesday.
The Naira strengthened against the dollar on Friday, trading at N1,585/$ from N1,590/$ posted on Thursday in the...
The naira has appreciated again to close below N1,600/$1 on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.
The forex turnover on the FMDQ, where the exchange rate trades officially, closed at a turnover of just $61.9 million, the lowest since January 2024.
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/$1.
The Federal Government of Nigeria has listed some of the benefits of selling Crude oil to Dangote refinery and other local refineries in naira rather than in foreign currency, notably the greenback.
The latest data from the Central Bank of Nigeria (CBN) shows that the currency in circulation (CIC) reached a year-high of N4.05 trillion in June 2024, up by 56% from N2.6 trillion in the same month of the previous year.
The Naira posted its worst dip since April despite the weakening U.S. dollar index.
The Nigerian naira showed little strength at the last trading session of the week, appreciating to below N1600 amid a volatile dollar index in global markets.
According to a statement on Friday, the transactions, conducted on July 22 and 23, 2024, aim to provide much-needed stability in the FX market.
The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has declined from N1,584/$ on the 22nd of July to N1,541/$ today representing a drop of N43.