Tag
NAIRA
The naira posted impressive gains against the haven currency amid increased inflows from the CBN, recording its best gains since March.
Financial analysts at United Capital Plc have forecasted that the exchange rate will stabilize, trending between N1,423.26/$ and N1,550/$ by the end of 2024.
The strong U.S. dollar and summer vacation have increased foreign currency demand, pushing the naira to a four-month low.
Spot FX market turnover was $6.72 billion (N10.01 trillion) in June 2024, representing a 41.17% ($4.70 billion) a Month-on-month (MoM) decrease from the turnover recorded in May 2024 ($11.42 billion)
Parallel market operators are quoting a buy price above N1,600/$1 for holders of naira looking to buy dollars, as the local currency faces rising pressure.
The naira fell for a fifth day against the greenback despite the CBN's assistance, hitting its lowest level since March amid high demand for U.S. dollars and heightened geopolitical uncertainty.
The naira hit a new low in July, closing at N1,563.80/$1 on Friday, July 12, 2024, as it recovered from the previous day’s slight appreciation.
Naira fell below N2,000 against the British pound as UK economic data exceeded expectations, impacting currency markets significantly.
Naira falls as increased demand pressures the local currency, while the U.S. dollar index maintains its bullish trend.
The Nigeria Customs Service exchange rate for import duties collection has risen to N1508/$- the highest in the past three months dating back to 21st March, 2024.
Rising U.S. yields bolstered the dollar index while adding pressure on inflation-prone currencies like the Nigerian naira.
A review Nigeria's Q1 2024 debt portfolio, noting decreased total debt but rising costs due to higher interest rates.