Tag: naira value

Naira, dollar

Naira Depreciates Again in Black and Official Markets

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The Naira again depreciated in the black market yesterday, dropping to N1,600 per Dollar from N1,585 per Dollar on Tuesday. Similarly, the Nigerian currency depreciated to N1,545 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the […]

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Yesterday, the Naira strengthened to N1,580 per dollar in the parallel market, up from N1,595 per dollar on Wednesday. Similarly, the Naira yesterday appreciated to N1,570 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,570 per dollar from N1,608.73 per dollar on Wednesday, indicating N38.73 appreciation for the naira. The volume of dollars traded in the market grew by 47 percent to $142.32 million from $270.81 million traded on Wednesday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N10 per dollar from N13.73 per dollar on Wednesday.

‘Those Wishing Naira Would Sell at N400/$ Are Living in Dream World’ – Former CBN Deputy Governor

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Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, has explained that those who want the Naira to be N400 to the Dollar are living in a dream world. According to him, the exchange rate should reflect its market value in reality. Moghalu claimed that Godwin Emefiele’s era at the Central Bank […]

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Naira Under Immense Pressure Due to Decreased Dollar Supply (details)

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The value of the Naira began another downward slide at the official Investor and Exporter forex window on Thursday, as the US Dollar supply decreased by 46.77 per cent. According to data from the FMDQ Securities Exchange, this decline amounted to 13.78 per cent from the previous day’s closing rate of N840.53 against the US […]

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‘How Naira Has Become Sub-Sahara Africa’s Worst Performing Currency’ – World Bank

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The Nigerian Naira has now become Africa’s Worst Performing currency for the first time in history according to a World Bank report. Africa Pulse is a bi-annual publication of the office of the Chief Economist of the World Bank Africa Region. The report provides an analysis of the issues shaping Africa’s economy. According to the […]

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Naira Almost Completely D3ad, Now N1000/£

Naira Almost Completely D3ad, Now N1000/1£

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Businesses that transact with foreign currencies are lamenting as the British pound exchanged N1000/1£ at the black market over the weekend with indications that the naira will crash even lower. The report revealed that the sharp fall of the naira against the foreign currencies at the parallel market has left business owners in a state of […]

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