naira watch

The National Economic Council (NEC) on Thursday expressed concern over the exchange rate and directed the Central Bank of Nigeria (CBN) to quickly facilitate an urgent review of the current forex policy‎ in the country. The meeting which lasted for over five hours was presided over by Acting...

The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday. The currency plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday. Currency dealers on the streets of...

Nigeria's naira hit a fresh low on the black market on Wednesday at 510 per United States Dollar at the parellel market. The head of its bureau de change association, BDC urged his members to help stabilise the currency, whose continued weakness had become a "major concern" to the central bank...

Nigerian naira on Tuesday tumbled to 507 per US dollar at the parallel market, the worse in the history of the country. The currency is also trading at N530 and 630 to the euro and pound respectively at the black market segment. The naira had open trading at a record high of 500 per dollar in...

Nigerian naira continued on free fall against the three major currencies at the parallel market. The currency on Friday ended weekly trading at N506 to $1 down from N500 recorded on Thursday, February 9, 2017. Against the British Pounds Sterling and the European Euro, the Nigerian Naira...

Nigeria naira on Monday appreciated to 498 from 500 its closed on Friday at the parallel market, amidst increase in the foreign reserve. Nigeria's forex exchange reserves have gained more than $2bn in 2017, rising to $28.2bn on February 2. The currency remained stable against the pound and...

The naira is expected to depreciate further against the United States dollar at the parallel market despite increase in Nigeria's foreign reserve. Nigeria's forex exchange reserves have gained more than $2bn in 2017, rising to $28.2bn on February 2. The local currency had been stable against...

The naira on Friday crashed further to N500 to a dollar at the parallel market after it had remained stable for nearly three weeks, the News Agency of Nigeria (NAN) reports. The Pound Sterling and the Euro also crashed to N616 and N530 respectively at the open market. The Nigerian currency...

The Central Bank of Nigeria (CBN) has tightened its operational guidelines on foreign exchange (forex) trading among banks and other authorised dealers. The guidelines is coming as a measure to stabilise the Nigerian naira’s value. The rules released on Wednesday by the Financial Market...

The naira bounced back against the United States dollar from 500 to 498 at the parallel market on first day trading February, 2017. The naira has been under persistent pressure as scarcity of the greenback continues to hit the market. The currency still maintained high rate against the pound...

Paul Alaje, an economist with the SPM Professionals, Abuja has written extensively on the naira-dollar crisis currently faced in Nigeria. In the article, "The Naira Is Dead: Lets Redenominate the Currency Before Its Too Late!", he delved into the hidtorical antecedent of the currency and why it...

Nigerian naira on Monday crumbled to 500 per dollar at the parallel market sending significant shock to businesses as analysts predicted a sharp depreciation on the currency. The currency plunged further against the United States dollar to an all time low record of 500 on Monday morning, down...

The Nigerian naira plunged further against the United States dollar to a new record low of 498 on Thursday, down from 497 it recorded on Wednesday. The currency had continued to fall since the beginning of the year as experts see the currency hitting 500 to the dollar this year. It also traded...

Central Bank of Nigeria's efforts to save the naira against other foreign exchange has crumbled, the International Monetary Fund (IMF) has said. The IMF also said the challenges around foreign exchange in Nigeria have pushed inflation to double digits in Africa’s largest economy. In its policy...

The Naira on Thursday depreciated further at the parallel market, ebbing close to the projection of speculators, the News Agency of Nigeria reports. NAN reports that at the twilight of 2016, speculators forecasted that the Naira would exchange at N500 to a dollar. The Nigerian currency lost N3...

The Nigerian Naira on Thursday at the parallel market as it weakened against all three major currencies as Central Bank of Nigeria continued to place restriction despite its June 20 flexible exchange rate policy. NAN reports that Naira lost three points to the dollar as it closed at N493 to a...

The naira is set to witness another round of decline against the dollar in the days ahead as an increase in dollar flows from Nigerians living abroad coming home for holidays fell short of expectations, traders said. Foreign exchange reserves last Friday also fell 11.7 per cent to $25.72...

Naira on Thursday edged towards N500 per US dollar at the parallel market with a sharp depreciation against two major currencies as Nigerians visit markets to stock home for the festive season. The currency plunged to 495 naira to a dollar from N492 it closed on Wednesday at the black market...

Nigerian naira on Wednesday crashed further at the parallel market as President Muhammadu Buhari, the Central bank of Nigeria plan to eliminate the gap in the exchange rate against the dollar between the official and black markets, Nigerian Bulletin gathered. The currency plunged to 492 naira...

Nigerian Naira on Monday crashed to 490 per United states dollar at the parallel market, complicating Christmas for the traders at the foreign exchange market The Nigerian currency which exchanged at N487 to a dollar on Friday dropped sharply on Monday afternoon to N490 as dollar scarcity...