Nigeria’s currency on Wednesday strengthened against the dollar across foreign exchange market segment, driven by forces of demand and supply. The local currency gained 0.21 percent as the dollar closed at N474 on Wednesday as against N475 on Tuesday at the parallel market. Naira remained stable at the Bureau De Change (BDC) segment of the……
Tag: Naira
BDCs see FX unification increasing remittances inflow into economy
Bureaux De Change Operators (BDCs) on Monday advocated for unification of exchange rates saying it is necessary to maximise the economic benefits of increased remittances inflow into the economy. Association of Bureaux De Change Operators of Nigeria (ABCON) stated this in its quarterly economic review for the Fourth Quarter of last year (Q4’2020), stressing that……
New year, old worries for naira
Nigeria’s currency, the naira, ran into troubled waters in 2020, and although the New Year is widely expected to be better than the last, there are some familiar challenges lying in wait for the currency. Nigeria devalued its currency a record three times against the dollar last year, and the general consensus of analysts is……
Naira breaks stability, weakens to N472 on black market
Nigeria’s currency on Friday lost 0.42 percent as the dollar closed at N472, breaking two weeks stability at N470 sold for since December 29, 2020 on the black market. The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic. Naira remained……
Nigeria’s naira firms as U.S Congress confirmation of Biden’s win boosts risk sentiment
Nigeria’s naira firmed in early Thursday trade against the dollar, which languished near its lowest in nearly three years, after Congress certified the victory of the president-elect, Joe Biden, clearing the way for a larger fiscal stimulus and boosting risk sentiment. Georgia Democrats Raphael Warnock and Jon Ossoff have also been declared winners in the……
FX turnover rise by 56.67% as naira close N394.50k at I&E window
The foreign exchange turnover on Wednesday rose by 56.67 percent to $52.50 million from $33.51 million recorded on Tuesday at the Investors and Exporters (I&E) forex window. This led to improvement in liquidity as FX dealers show strong participation in the market. However, the level of liquidity could not strengthen the local currency as naira……
More confusion trails Nigeria’s FX policy after latest naira U-turn
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Naira closes year with 30.55% loss against dollar no thanks to Covid-19
The foreign exchange market on Thursday closed the year 2020 with Nigeria’s currency losing 30.55 percent of its value against the dollar on the parallel market, due to sharp drop in oil prices and low foreign earnings occasioned by Covid-19 pandemic. Naira closed at N470 per dollar at the end of the year 2020 compared……
Naira retains strength at N465 as supply from remittances improves
Nigeria’s currency has strengthened to N465 per dollar on the black market since Thursday as a result of increased supply from Diaspora remittances following recent policies by the Central Bank of Nigeria (CBN). With the current rate, naira has gained 2.10 percent or N10.00k day-on-day against the dollar, which closed at N475 on Wednesday at……
Naira steadies at N477 as external reserves decline by $100.30m
Nigeria’s currency steadied at N477 to the dollar on Monday at the black market as demand pressure remained modest. The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic. Naira remained stable at the Bureau De Change (BDC) segment of the……
Naira closes unchanged at N475 to dollar on parallel market
The foreign exchange market on Monday opened and closed with Nigeria’s currency exchanging with the dollar at N475 on the black market, the same since Friday. The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic. However, naira gained by 0.62……
INFLATION: Agusto & Co warns Nigerians against liabilities in hard currencies
By Rosemary Onuoha Due to the weakening of the Naira value against the world’s major currencies, Nigerians should not build up liabilities in hard currencies as the tendency is that more Naira will be required to repay the debt in the long run. Founding Managing Director of Agusto & CO, Mr. Bode Agusto, who disclosed…