Naira Hits Old Red Line as FX Crisis Gets Messy The naira has hit the old red line of N1,490 per US dollar. Pressure on the Nigerian naira deepened across forex market on Monday as exchange rates hit new red lines it has crossed in the past. FX supply in the market was below the […]

Naira Steadies as Volume of US Dollar Traded Dips The naira rate was little changed on Friday in the official market as demand for US dollar was met with adequate FX supply. According to data from the FMDQ Securities Exchange platform where official daily spot rate are quoted, exchange rate closed lower at N1485.53 per […]

Sell Pressure Pushed Nigerian Bonds Yield to 18.83% Benchmark yield on Nigerian government bonds climbed to 18.83% as fixed interest securities investors offloaded naira assets in the secondary market. Buying sentiment paused as Debt Management Office (DMO) released notice of its reopened bonds worth N450 billion. Compared with spot rates on Treasury bills, the Nigerian […]

Naira Dips by 221.34% in 12-Month, Fluctuation Fuels inflation The depreciation of the Nigerian naira fueled inflation surge in the country, though analysts are expecting moderation in consumer price index in the coming month. In the last 12 months, the naira has lost more than 221% of its purchasing power following a decision to devalue […]

Naira Trades in Red Ahead of World Bank Disbursement The naira ended the week in red against the dominant US dollar in the foreign exchange market as demand and supply continues to test effectiveness of Nigeria’s willing buyer, willing seller FX policy. In the foreign exchange market, the Naira depreciated against the US dollar by […]