Tag
NAIRA
The Nigerian naira remained steady against the euro despite the European currency's aggressive surge against the U.S. dollar in international markets.
The Nigerian naira depreciated further in the official foreign exchange market on Thursday, falling to N1,600.50/$1.
There are fears that the naira may go through another round of devaluation as the global crude oil prices, which have remained low due to the tariff war initiated by the US President, Donald Trump, put pressure on Nigeria’s 2025 budget.
The Nigerian currency showed weakness during midweek trading at the unofficial market, despite improved fundamentals in the country’s official market.
The Nigerian currency posted marginal gains in the country’s foreign exchange market, while the U.S. Dollar Index fell to its lowest level since 2022.
The Naira fell sharply on Monday, closing at N1,629.00/$1 in the official Foreign Exchange Market.
The Nigerian currency ended the first trading session of the week on a positive note amid increased appetite for the haven currency in the global currency market.
The Naira started Friday's session at N1,580/$ per dollar in the parallel market, down from N1,590/$ on Thursday, despite the bullish dollar index in the global financial market.
The Nigerian currency settled lower against the haven currency in the second trading session of the week amid high demand for the U.S. dollar in both the official and unofficial markets.
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