forex market

  1. Naira Surges to N1,350/$ in Parallel Market Amidst CBN Reforms

    Nigeria Naira Surges to N1,350/$ in Parallel Market Amidst CBN Reforms

    The Nigerian Naira has seen a significant appreciation, reaching N1,350 per dollar in the parallel market from N1,430 just a day prior. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira climbed to N1,382.95 per dollar, marking a notable increase from the previous day's rate...
  2. Naira Gains: Nigerians Demand Immediate Price Reduction In Goods and Services

    Nigeria Naira Gains: Nigerians Demand Immediate Price Reduction In Goods and Services

    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...
  3. Nigeria's Central Bank Initiates Dollar Sales to BDCs to Boost Forex Liquidity

    Nigeria Nigeria's Central Bank Initiates Dollar Sales to BDCs to Boost Forex Liquidity

    Amidst Nigeria's evolving economic landscape, the Central Bank of Nigeria (CBN) has taken significant steps to bolster liquidity in the foreign exchange market, signaling a potential shift in the nation's currency dynamics. In a recent circular addressed to Bureau De Change operators (BDCs)...
  4. Naira Strengthens Significantly, Hits N1,382/$ Amid Forex Stability Efforts

    Nigeria Naira Strengthens Significantly, Hits N1,382/$ Amid Forex Stability Efforts

    The Central Bank of Nigeria's recent interventions have spurred a remarkable recovery for the Naira, with the currency appreciating to N1,382.35/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM). This surge marks a significant gain from its previous rate of N1,536.83/$, showcasing...
  5. Nigerians Dismiss Tinubu's Aide Bayo Onanuga's Advice to Dump Dollar for Strengthening Naira

    Nigeria Nigerians Dismiss Tinubu's Aide Bayo Onanuga's Advice to Dump Dollar for Strengthening Naira

    In a bid to assuage concerns over Nigeria's economic stability, President Bola Tinubu's special adviser on information and strategy, Bayo Onanuga, issued a resolute message to the public, urging swift action in response to promising developments in the currency market. Onanuga's assertion, made...
  6. Naira Appreciates to N1,600/$, Prompting Analysis and Future Forecasts

    Nigeria Naira Appreciates to N1,600/$, Prompting Analysis and Future Forecasts

    The naira exhibited resilience as it appreciated to N1,600 per dollar at the parallel section of the foreign exchange (FX) market on Monday. This marked a notable 1.23 percent gain from the N1,620/$ reported just a day earlier on March 8. Bureau De Change operators in Lagos quoted buying rates...
  7. Currency Woes: Naira Records Further Depreciation Against Dollar

    Nigeria Currency Woes: Naira Records Further Depreciation Against Dollar

    The Nigerian Naira fell to N1,620 against the US Dollar at the parallel market, marking a N20 decrease from the start of March. Bureau de Change operators quoted buying at N1,600 and selling at N1,620. The official exchange rate saw the Naira dip to N1,627.40 against the Dollar, a 1.57% fall...
  8. Naira Crisis: CBN Set to limit Cash FX Transaction to $500

    Nigeria Naira Crisis: CBN Set to limit Cash FX Transaction to $500

    The Central Bank of Nigeria (CBN) is contemplating significant regulatory changes for Bureau De Change (BDC) operators, including a potential ban on street trading and restricting cash payments for foreign exchange (FX) sales to a maximum of $500. The proposed guidelines also require sellers...
  9. Naira Crisis: CBN target BDCs With N2 billion Licence Fee

    Nigeria Naira Crisis: CBN target BDCs With N2 billion Licence Fee

    Amidst a deepening forex crisis pushing the naira to a historic low of N2,000 against the dollar, the Central Bank of Nigeria (CBN) has implemented robust measures against Bureau De Change (BDC) operators. In response to the economic downturn, the National Security Adviser, Mallam Nuhu Ribadu...
  10. CBN's Efforts Ineffective as Naira Falls to N1960 against Euro

    Nigeria CBN's Efforts Ineffective as Naira Falls to N1960 against Euro

    The Nigerian Naira has reached an unprecedented low, hitting N1960 per Euro in the black market, marking a significant decline of 5.36% from the previous day. This historic depreciation comes amidst persistent demand pressures and soaring inflation, which rose to 29.90%, as reported by the...
  11. Ribadu Blames Naira Collapse on 'Dollar Racketeers'

    Nigeria Ribadu Blames Naira Collapse on 'Dollar Racketeers'

    National Security Adviser Nuhu Ribadu has issued directives to law enforcement agencies to crackdown on individuals engaged in foreign exchange market speculation, aiming to curb the steep depreciation of the Nigerian naira. Ribadu revealed that intelligence reports indicate currency...
  12. Naira Nosedive: Closes Week at N1,537, Defying Central Bank Measures

    Nigeria Naira Nosedive: Closes Week at N1,537, Defying Central Bank Measures

    In a tumultuous week for Nigeria's economy, the national currency, the Naira, experienced unprecedented depreciation, closing at N1,537.96 at the official market on Friday. This marks a significant milestone, as the currency surpassed the N1,500 threshold, showcasing the severity of its recent...
  13. CBN Cracks Down on Forex Malpractices: Ends Cash Payments for Travel Allowances

    Nigeria CBN Cracks Down on Forex Malpractices: Ends Cash Payments for Travel Allowances

    The Central Bank of Nigeria (CBN) has introduced a pivotal policy shift, instructing authorized dealer banks to discontinue the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. This directive, signed by Dr Hassan Mahmud, the Director of the Trade and...
  14. Economic Concerns as Naira Depreciates to N1,565/$ in Parallel Market, Widening Gap with Official Rates

    Nigeria Economic Concerns as Naira Depreciates to N1,565/$ in Parallel Market, Widening Gap with Official Rates

    The Nigerian Naira experienced fluctuations against the US dollar, reaching an intra-day high of N1,582 while witnessing a notable decline in forex turnover, plummeting by 56.58% to $117.87 million. Both official and black-market exchange rates saw a marginal decrease in the value of the Naira...
  15. Economic Jitters as Naira Depreciates to N1,500: Parallel Market Struggles Against Dollar

    Nigeria Economic Jitters as Naira Depreciates to N1,500: Parallel Market Struggles Against Dollar

    The Nigerian naira witnessed a 3.45 percent depreciation on Wednesday, plummeting to N1,500 against the dollar in the parallel market. This marks a decline from the N1,450 recorded just two days prior, leaving currency traders, also known as Bureau De Change operators, with a narrow profit...
  16. Naira Bounces Back at Official Forex Window, Parallel Market Struggles

    Nigeria Naira Bounces Back at Official Forex Window, Parallel Market Struggles

    Amidst concerns over the Nigerian currency's volatility, the naira experienced a positive turn at the official forex window, strengthening by 1.09% to close at 1,419.86/$, following reassurances from the Central Bank of Nigeria Governor, Olayemi Cardoso. Last week saw the naira hitting an...
  17. Dollar Drought Forces Abuja BDCs to Suspend Business Indefinitely – Chairman Cites Digital Currency Influence

    Nigeria Dollar Drought Forces Abuja BDCs to Suspend Business Indefinitely – Chairman Cites Digital Currency Influence

    The Bureau de Change (BDC) operators in Abuja have declared the indefinite closure of their business premises starting from Thursday, February 1, 2024. The announcement, made by the Association's Chairman, Abdulahi Dauran, cites the scarcity of dollars as the primary reason for this decision...
  18. Manufacturers Sound Alarm on Impending Price Escalations Amid Naira Depreciation

    Nigeria Manufacturers Sound Alarm on Impending Price Escalations Amid Naira Depreciation

    Manufacturers in Nigeria are bracing for a potential surge in commodity prices as the nation's currency, the naira, continues its downward spiral against the United States dollar. Since the removal of the rate cap by the Central Bank of Nigeria in June 2023, the naira has witnessed a significant...
  19. Central Bank's $500 Million Boost Fails to Halt Naira's Dive, Reaches Record Low of N1,348.63/$1

    Nigeria Central Bank's $500 Million Boost Fails to Halt Naira's Dive, Reaches Record Low of N1,348.63/$1

    Naira plummeted to a record low of N1,348.63 against the US Dollar on Monday, signaling a 33.87% decline from the previous Friday's closing rate of N891.90. This unprecedented depreciation, witnessed at the official NAFEM market, reflects the severity of the current economic challenges facing...
  20. K

    Business Naira tumbles against US dollar at forex market - Daily Post

    https://dailypost.ng/2024/01/17/naira-tumbles-against-us-dollar-at-forex-market/
Back
Top