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NAIRA
Based on the half-year financial markets report of the Central Bank of Nigeria, the apex bank has maintained its intervention in the foreign exchange market in an attempt to alleviate demand pressures and ensure exchange rate stability.
The Nigerian currency, the naira, has suffered a significant depreciation in the third quarter of 2023, according to official and unofficial data.
King Dollar creates a new headache for Mr. Yemi Cardoso, the new chief of the CBN, as the Nigerian foreign exchange market becomes more vulnerable despite the CBN effort to stabilize the naira.
The dollar held to a 10-month high against a basket of major currencies (Euro, British pound, Japanese Yen, Swedish Krona, Swiss Franc, Canadian dollar) on Thursday, while the naira held to an all-time low on the black market as investors weighed upbeat economic data from the United States and new comments from Federal Reserve officials.
There are mounting concerns that the widening disparity between the dollar and naira may be triggering a new wave of forex round tripping.
Mr. Yemi Cardoso, the acting governor of the Central Bank of Nigeria, faces an impossible challenge in trying to tame the strong dollar effect on the naira in the face of the nation's poor liquidity.
Billionaire entrepreneur and business magnate, Tony Elumelu, has expressed confidence that the recent change in leadership at the Central Bank of Nigeria will play a pivotal role in bolstering faith in the nation's currency.
President Bola Tinubu made a call to Investors as he rang the closing bell of NASDAQ saying, “I count on you to invest in Nigeria.”
A report from Stear's Africa FX Monitor has advised Nigerians to brace for continued downward pressure on Nigeria's FX rates.
A recent surge in U.S. economic growth has spurred a renewed rally in the dollar, sparking frenetic activity among forex traders.
The MAN has disclosed that during the period of severe naira scarcity earlier this year, cement sales dropped by a substantial 30 percent.
The depreciation of the Naira in the month of August was exacerbated by the inability of Nigerian banks to meet the surging demand for dollars forcing buyers to turn to the parallel market.