Naira Lost 43% in 1-Month as Hot Money Shifts Base The naira lost about 43% of its value in the foreign exchange market as volume of US dollar in the currency markets dried up. The unmet return on hot money caused foreign investors’ earlier exits. Data tracked from the apex bank’s website showed there were […]

Cryptocurrency Exchanges Begin to Delist Naira from P2P Trading Platforms The Securities and Exchange Commission, SEC has disclosed that crypto exchanges have commenced the delisting of the Naira from Peer-to-Peer Trading platforms The Commission had last week in collaboration with the Office of the National Security Adviser directed digital operators to delist the Naira from […]

Bleak Outlook for Naira as Exchange Rate Hits N1533.99 The naira pulled backward again in the forex markets due to a surge in demand for the US dollar. The local currency came under pressure following the return of FX liquidity scarcity at official and parallel markets. According to data obtained from FMDQ, the naira depreciated […]

Naira Rises as Nigeria Records 16th FX Receipts in 25-Day The naira popped up following a series of downturns in the foreign currency market following a sustained increase in gross external reserves. The naira reclaimed value against the US dollar to settle below N1460, according to data from the FMDQ Securities Exchange. The local currency […]

Naira Loses Shine, CBN Calls Meeting as Exchange Rates Worsen The Nigerian naira lost shine in the foreign currency markets as exchange rates worsened beyond analysts’ anticipation. According to currency movement data from FMDQ, the naira depreciated against the US dollar by 2.86% to close at ₦1,520.40 per dollar in the official market. The amount […]

Naira Skids as Rising FX Demand Tests ‘Willing Buyer, Willing Seller’ Model The Naira depreciated against the dollar due to persistent US dollar scarcity.  Increased demand for FX has tested to test the effectiveness of Nigeria’s willing buyer, willing seller FX model despite the nation’s dependency on imports. According to information obtained from FMDQ Securities […]

Price Crude Oil in Naira to Strengthen Local Currency, Expert Advises FG A financial expert, Mr Okechukwu Unegbu, has advised the Federal Government to consider pricing the country’s crude oil, in Naira in order to strengthen the local currency. Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said this in […]