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NAIRA
The naira fell against the U.S. dollar at both the official and parallel market on Tuesday after the local currency recorded a gain against the dollar in the official market the previous day.
The structural issues facing the Nigerian economy have prevented the naira from benefiting from the US dollar's recent...
The latest data from the Central Bank of Nigeria (CBN) shows that the currency in circulation (CIC) has reached a new year high of N2.99 trillion by October 31, 2023.
The Nigerian naira appreciated massively against the dollar on Friday, 17th November 2023, closing at N791.75/$1 at the official market.
The naira fell against the U.S. dollar at the official but gained marginally at the parallel market after the local currency recorded a gain against the dollar in the official market the previous day.
The naira gained against the U.S. dollar in the official market and closed flat at the parallel market to halt losses after it recorded an appreciable decline in the past two days.
The naira fell against the U.S. dollar at both the official and parallel market to sustain losses for the second day after it recorded appreciable gain at the weekend.
The Nigerian naira appreciated massively against the dollar on Friday, 10th November 2023, closing at a new monthly high of N780.14/$1 at the official market.
Following a steep plunge in the value of the naira on the parallel market over the past four months, there has been a respite over the past several days.
Naira crashed against the dollar on Tuesday, falling to 869.91/$1 at the official market representing a 6.99% decline in the local currency.
The value of the naira increased significantly on Sunday on the black market due to the high possibility of more foreign exchange inflows in Africa’s largest economy.
The naira maintained its strong foot in the black market while the dollar eased further as traders bet that the Federal Reserve was done with its interest rate hikes, although anticipation of key nonfarm payroll data kept the naira bulls' gain in check.