This week, the naira experienced its first increase against the dollar in the parallel foreign exchange market on Tuesday. Idris Yunusa, a Bureau de Change operator in Wuse Zone 4, Abuja, informed DAILY POST that the naira rose to N1,580 per dollar on Tuesday, up from N1,585 on Monday. This marks a gain of N5…
Aminu Gwadebe, the National President of the Association of Bureau de Change Operators, has disclosed that the recent increase in interbank proceeds to Bureaux de Change, as mandated by the Central Bank of Nigeria, along with other contributing factors, has led to a notable appreciation of the Naira against the dollar over the past week….
The Nigerian naira experienced a substantial appreciation against the dollar in both the parallel and official foreign exchange markets on Tuesday. In the black market, the naira strengthened against the dollar, closing at N1,625 on Tuesday, down from N1,650 on Monday, marking a N25 improvement. “We are buying at N1,620 and selling at N1,625 today,”…
The naira has further depreciated against the dollar in the official foreign exchange market as of Monday. According to FMDQ data, the naira fell to N1,548.89 per dollar on Monday, down from N1,543.03 recorded last Friday. This represents a decline of N5.86 compared to the previous week’s closing rate. In the black market, the naira…
The Naira is back to appreciation against the dollar at the official foreign exchange market 24 hours after it depreciated. Central Bank of Nigeria exchange rate data for Tuesday showed that the Naira strengthened to N1 525 to the dollar from N1 538.50 traded on Monday. This represents a gain of N13.5 to the dollar…
The Central Bank of Nigeria (CBN) has confirmed that there is no deadline for the circulation of the old N200, N500, and N1000 banknotes. CBN spokesperson Sidi Ali Hakama made this announcement in a statement released on Thursday. This clarification comes in response to rumors suggesting that the old Naira notes would no longer be…
In the past 48 hours, the naira has depreciated by N106.7 against the dollar in the official foreign exchange market. This decline follows a further weakening of the naira as foreign exchange supply decreased on Wednesday. According to FMDQ data, the naira fell to N1659.69 per dollar on Wednesday, down from N1658.97 on Tuesday, marking…
The Nigerian Naira is among the worst-performing currencies in sub-Sahara Africa at the end of August 2024. The World Bank disclosed this in its latest edition of Africa’s Pulse report. Report showed that the Naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region. The report…
On Monday, the Naira strengthened to N1,580 per dollar in the parallel market, up from N1,585 per dollar over the weekend. In a similar trend, the Naira rose to N1,570.99 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday. According to data from FMDQ, the indicative exchange rate for NAFEM decreased from N1,574.2…
The Naira has continued to appreciate against the dollar in the forex market despite the ongoing protests against misgovernance across the country. This comes at a time when the Naira has gained tremendous value in the official and stable forex market. , FMDQ data showed that the Naira appreciated against the dollar from N1,608.73 on…
