The naira appreciated to N1,560/ in the parallel market on Monday, up from N1,565/ last Friday. However, in the Nigerian Foreign Exchange Market (NFEM), it depreciated slightly to N1,538.4/, compared to N1,534.9/$ last weekend — a drop of N3.5. As a result, the gap between the official and parallel market rates narrowed to N21.6, down…
The Naira wrapped up the trading week with a modest gain of 4.52 kobo against the U.S. dollar at the official market on Friday, according to the latest data from the Central Bank of Nigeria (CBN). It closed at N1,534.72 per dollar, slightly up from N1,534.79 on Thursday—reflecting a 0.05% improvement. Earlier in the week,…
The naira closed last week weaker against the US dollar at the official Nigerian Foreign Exchange Market, falling by 0.14. This came despite an initial rebound to a four-month high of ₦1,518.88/on the week’s first trading day. The currency later fluctuated, trading as low as ₦1,530.25/ and ₦1,533.11/before slightly recovering. The highest exchange recorded during…
On Friday, the Naira strengthened slightly in the parallel market, closing at ₦1,550 per dollar, a ₦5 improvement from ₦1,555 recorded the previous day. In contrast, the currency edged down by ₦1 in the Nigerian Foreign Exchange Market, slipping to ₦1,532/$ from the previous rate of ₦1,531, according to the Central Bank of Nigeria. This…
The naira appreciated by 0.16 percent to 1530.52/$ from 1532.93/$ in the previous trading session on the Nigerian Foreign Exchange Market at the close of trading on Wednesday. Data from the Central Bank of Nigeria showed that the naira traded at a high of 1545/$ and a low of 1500/$, which was lower than Tuesday’s…
The naira strengthened to 1,494.03/$ at the official window on Thursday according to data from FMDQ Securities Exchange Limited. Similarly, it appreciated at the parallel market to 1,510.00/$, further reducing the spread between the markets to 15.5/$. The gap between the official foreign exchange and the parallel market rates is closing, following the various policies…
The Naira rose to N1,493 in the official foreign exchange market on Thursday. According to data published by the Central Bank of Nigeria (CBN), the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,493 per dollar from N1,506 per dollar on Wednesday, indicating N13 appreciation for the naira. The official exchange rate…
The Naira has appreciated to N1,640 per dollar in the parallel market from N1,655 per dollar on Monday. According to data published by the Central Bank of Nigeria (CBN) showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,526.3 per dollar from N1,533.5 per dollar on Monday, indicating N7.2 appreciation…
The Naira yesterday appreciated to N1,695 per dollar in the parallel market from N1,725 per dollar on Tuesday. The Naira remained steady at N1,672.69 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to data from FMDQ, the indicative exchange rate for the naira has stayed stable since Monday, following the start of…
By the conclusion of the second quarter of 2024, Nigeria’s total public debt stock had increased by N12.6 trillion in just three months to N134.3 trillion ($91.3 billion). This is a 10.35% growth compared to the N121.7 trillion ($91.5 billion) reported in the first quarter of this year. The devaluation of the naira, announced during…
