The Naira experienced a notable appreciation in the parallel market yesterday, strengthening to N1,485 per dollar from Monday’s rate of N1,490 per dollar. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,473.66 per dollar. Data from FMDQ indicated a significant improvement in the NAFEM, with the indicative exchange rate falling … Read more
On Friday, the Naira experienced a slight depreciation in value at the official market, trading at N1,483.99 to the dollar. This marks a N2.50 decline from Thursday’s rate of N1,481.49, representing a 0.16% loss. According to data from the FMDQ Exchange, which manages the Nigerian Autonomous Foreign Exchange Market (NAFEM), the trading volume surged significantly. … Read more
The Nigerian Naira witnessed a positive surge in the parallel market, climbing to N1,495 against the US dollar on Thursday, marking an improvement from its previous rate of N1,510 per dollar on Wednesday. Similarly, within the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also experienced an uptick, reaching N1,481.49 per dollar. Data sourced from … Read more
The Naira is projected to strengthen in the upcoming months after the Central Bank of Nigeria (CBN) settled over $1.3 billion in foreign exchange (forex) forwards contracts last week, according to analysts. Experts at Rand Merchant Bank in Lagos noted that following this settlement, the outstanding unpaid forex forwards contracts from now until December amount … Read more
The Nigerian Naira experienced contrasting movements in different foreign exchange markets on Wednesday. While the Naira depreciated in the parallel market, it appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM). In the parallel market, the Naira depreciated to N1,495 per dollar from N1,470 per dollar on Tuesday. On the other hand, in the NAFEM, … Read more
The foreign currency (FX) market began on Monday, with the naira exchanging for $1,430 on the parallel market, also known as the black market. This is a 5.49 percent depreciation against the dollar, compared to the black market closing price of N1,350 per dollar on Friday. Traders attributed the naira weakness to increased demand for … Read more
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71 This represents a 0.84 per cent loss when compared to … Read more
On Monday, the naira appreciated to N1,120 per dollar in the parallel part of the foreign currency (FX) market. The current FX rate is a 9.67% reduction from the N1,240/$ recorded on April 3. Bureau de change (BDC) operators, popularly known as street traders, in Lagos quoted the local currency’s buying rate at N1,100 and … Read more
The Naira on Friday strengthened at the official market, trading at N1,251.05 to a dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N4.02. This represents a 0.32 per cent gain when compared to the previous day’s … Read more
The naira appreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official window, on Monday. Naira rose by 1.06 percent to close at N1,419.86 to a dollar — from N1,435/$ recorded at the close of trading last Friday. According to data on FMDQ Exchange, a platform that oversees official FX trading in Nigeria, … Read more