Tag
US DOLLAR
The U.S dollar index was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year.
The naira has continued its recovery against the US dollar at the parallel market as it appreciated to N1280/$1 on Saturday
The naira recorded significant depreciation against the haven currency in a matter of few weeks despite the recent decline in the US dollar index, influenced by weak U.S economic data.
The Nigerian naira held its value against the US dollar in the black market, but it slightly declined in the official market amid a mixed bag of U.S. economic data.
Tether Custodian CEO makes strong case for stablecoins stressing their importance to the US dollar.
The Nigerian Naira appreciated significantly against the US dollar throughout March 2024, marking a major turnaround for Nigeria's exchange rate policy.
The official market witnessed a slight gain in the value of the Naira against the US Dollar, reversing the downward trend of the previous two days.
The Naira experienced a decline against the US Dollar in the official market, concluding the week at N1,665.50/$1, amid sustained demand pressures that continued to exert downward pressure on the currency's value.
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.
Naira depreciated against US dollar at official market on 30th June 2023.
The Nigerian Naira has been in the spotlight for the past few days after reports of plans to unify multiple exchange rate systems, yet the rampaging dollar has kept the naira at suppressed levels.
Approximately 5% of the Nigerian foreign exchange market is accounted for by the parallel market, which is often the scene of corruption and bribes