The Nigerian currency traded below the N1.550/$ range at the black market at the first trading session in...
The naira posted mild gains in Nigeria's foreign exchange market while the U.S. dollar index dipped to its monthly lows.
The naira weakened against the U.S. dollar on October 9, 2024, closing at N1,625.13 in the official Investor and Exporter (I&E) window, as crude oil futures slipped slightly to around $76 per barrel.
The naira appreciated against the U.S. dollar, closing at N1,561.76 in the official Investor and Exporter (I&E) window, as global oil prices remained steady above $77 per barrel.
The strong U.S. dollar and summer vacation have increased foreign currency demand, pushing the naira to a four-month low.
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.
Naira falls as increased demand pressures the local currency, while the U.S. dollar index maintains its bullish trend.
Naira weakened in the official market while Nigeria's headline inflation readings rose to a three-decade high in May, worsening the naira's fortunes in the short term
The Naira continued its decline across the country's unofficial FX market, depreciating to a new low of 1,540 per dollar on the parallel market despite a falling U.S. dollar index.
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The naira held onto its bullish momentum despite the greenback's most recent aggressive gains this week, as concerns about persistent inflation remained unabated, despite weaker-than-expected March U.S. producer prices.
The U.S. dollar index was on track for its first weekly fall in 2024 while the naira appreciated at the official and black market.
