Tag
NAIRA
The naira's outlook improved amid reports that the CBN is poised to fulfill its forward FX obligation, along with a recent dovish statement from the U.S. Fed which elevated positive perceptions in the Nigeria’s foreign exchange market.
The Nigerian naira appreciated against the dollar on Wednesday, 1st November 2023, closing at N786.02/$1 at the official market.
The Nigerian naira has once again surpassed a key black market resistance level, settling at N1,170 against the greenback, as the US Fed prepares to announce its interest rate decision later today.
The Nigerian naira appreciated against the dollar on Friday, October 27, 2023, closing at N7.89.94/$1.
The federal government has formulated a plan to securitize approximately $7 billion in dividends derived from the Nigerian Liquefied Natural Gas (NLNG).
The naira within a span of hours appreciated by N166 to the dollar in the P2P market, as currency traders re-evaluate their strategies.
The intraday high recorded was N891/$1, while the intraday low was N730/$1, representing a spread of N161/$1.
The exchange rate between the naira and dollar opened the week at N1,200/$1 on P2P platforms on Monday as traders continue to face demand pressures amidst dwindling supply.
The past week has been unpleasant for Africa's largest economy's currency as the naira hit a fresh low in the official market.
The exchange rate between the naira and dollar fell to N1,100 on the black market according to traders who sell forex per inflow.
The US dollar fluctuated in a narrow range on Tuesday as traders took stock of developments in the Middle East and braced for a series of speeches from U.S. Fed officials this week, while the naira held steady at the black market.
The dollar was little changed after minutes from the Federal Reserve's latest meeting showed policymakers were taking a cautious stance.