Naira Crashes, Nigeria’s External Reserves Cross $34bn The Nigerian naira struggled unsuccessfully across the foreign exchange markets on Thursday as spot FX rates worsened further despite growing external reserves. Exacerbated demand for US dollar, and other foreign currency continued to weaken the naira purchasing power in the absence of Central Bank of Nigeria (CBN) FX […]

Naira Depreciates to N1507.83 on Weak FX Market Liquidity The Nigerian local currency, the naira, depreciated further today against the dominant foreign currency, the United States (US) dollar, at the official foreign exchange market on Wednesday on sustained FX supply. According to data from the FMDQ, where daily spot rates are quoted, exchange rate worsened […]

Naira Crosses N1500 after FX Turnover Falls by 42% The naira got dirty as the exchange rate continued to worsen across forex markets amidst zero FX intervention following the Central Bank of Nigeria’s (CBN) strong stance on the willing buyer, willing seller policy decision. According to information obtained from the FDMQ platform, the naira exchange […]