exchange rate

Amidst the ongoing economic turbulence in Nigeria, the value of the national currency, the naira, has continued its downward trajectory across both official and unofficial foreign exchange markets. Speculators are capitalizing on the situation, leading to a surge in demand for the US dollar...

Amidst ongoing economic uncertainties, the Nigerian Naira witnessed another downturn on Tuesday, depreciating at the official market to trade at N1,300.15 against the US dollar. Data sourced from the official trading platform of the FMDQ Exchange, responsible for overseeing the Nigerian...

The Nigerian Naira faced further devaluation on Wednesday, reaching a record low of N1,260 against the US dollar in the parallel foreign exchange market. This marks a significant 2.44 percent decline from the N1,230 exchange rate recorded just days prior on April 19. At the official window...

The Nigerian currency, the Naira, appears to be facing another depreciation period, as observed by some social media users. Concerns about the stability of the currency are expressed, with one user noting a decrease and another lamenting the continual rise. One user highlights a sense of...

Despite the recent surge in the Nigerian Naira against major foreign currencies, prices of goods and services continue to soar, defying expectations of a downward trend. While the Naira gained significant ground against the US Dollar, reaching N1,060 per Dollar compared to a peak of N1,900 in...

In response to the fluctuating dollar exchange rate, Nigerians are expressing frustration over the reluctance of sellers to immediately reduce prices despite the recent decrease in the value of the dollar. The sentiment stems from the observation that when the dollar surges, sellers swiftly...

Prophet Chukwuemeka Ohanemere, also known as Odumeje, of the Mountain of Holy Ghost Intervention and Deliverance Ministry, claimed in a video during a church program that the exchange rate of the dollar to the naira decreased because of his 'Abidoshaker' power. This assertion comes as the...

After its 294th meeting, the Central Bank of Nigeria (CBN) has made a bold move by increasing the Monetary Policy Rate (MPR) by 200 basis points to an unprecedented 24.75%. Led by CBN Governor Yemi Cardoso, this decision underscores the bank's unwavering commitment to combating inflationary...

Former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, criticized the notion of aiming for a Naira to Dollar exchange rate of N400, stating that such expectations are unrealistic. Moghalu emphasized the importance of the exchange rate reflecting its true market value, rather...

In a significant move effective from February 26, 2024, the Central Bank of Nigeria (CBN) has instructed the Nigerian Customs Service (NCS) to base import duty calculations on the foreign exchange (FX) closing rate on the day importers submit 'Form M' for clearing goods. This decision aims to...

The Central Bank of Nigeria (CBN) has announced an adjustment in the exchange rate for the clearance of goods, increasing it from N1444.56/$ to N1515.09 against the USD. This marks a noteworthy rise of N70.53 compared to the previous rate, reflecting the CBN's continued efforts to align official...

In a dramatic turn of events, the official exchange rate between the naira and the dollar plummeted to an unprecedented low of N1,534 on the NAFEM market, marking the weakest point in the currency's history. The day's forex turnover, a mere $89 million, revealed a sharp 64.69% drop in comparison...