The naira, on Wednesday, crossed the N1,500 mark at the parallel section of the foreign exchange (FX) market. The value of the naira fell to N1,530 against the dollar an all-time low in the parallel market. This is a 4.08 percent decline compared to the N1,470/$ reported the previous trading day. Currency traders, also known … Read more
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks to sell their surplus dollar stock by February 1, 2024, as part of new measures to stabilize the country’s fluctuating currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency … Read more
The naira on Monday appreciated to N1,350 per dollar in the parallel market from N1,370 per dollar last week. Similarly, the naira depreciated to N925.34 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N925.34 per dollar from N902.45 per dollar last … Read more
The value of the naira had dropped to never-before-seen lows, affecting all aspects of life and driving inflation in the country to decades-high levels. The naira’s value has risen from N450 to the dollar at the official end and N750 to the dollar at the parallel market to selling at N1200 on the streets and … Read more