Tag: forex rate

Naira Depreciates Once Again in the Parallel Market

How Central Bank Bank Strengthened the Naira to N1,309 to the Dollar

Hetty

The Central Bank of Nigeria (CBN) and other banking institutions have significantly strengthened the foreign exchange market by injecting an additional $2.5 billion over the past two weeks. The intervention led to a remarkable appreciation of the naira, which strengthened to N1,309 against the United States dollar, according to the latest figures from the FMDQ […]

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Naira Nosedives to N1,040 per $1

Hetty

The Nigerian currency, the naira continues its free fall as it slumped to N1,040 in the parallel market. Market watchers say the ongoing trend of demand surpassing supply seems to be a contributing factor. According to Nairametrics, forex traders report inflow quotes ranging from N1,035 to N1,045 per dollar, indicating heightened scarcity. Regardless of the […]

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