Naira Bruise Deepens, USD Scarcity Unsettles FX Markets

Naira Bruise Deepens, USD Scarcity Unsettles FX Markets The Nigerian naira depreciated further on Friday with depressed exchange rate outlook. The future of the local currency appears bleak following sub-par FX market intervention. The central bank maintained no support for the local currency despite surging demand for foreign currency in the market. Last week, the […]
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Naira Loses Steam over Pressing FX Illiquidity

Naira Loses Steam over Pressing FX Illiquidity With sustained negative swings, the Nigerian naira plunged further in the foreign exchange market as demand for US dollars and other foreign currencies outweighed the supply side. The local currency has been returned to the old story line of persistent falling in the value of the local currency, […]
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Naira Launches Fresh Recovery, Foreign Exchange Rates Gap Slides

Naira Launches Fresh Recovery, Foreign Exchange Rates Gap Slides The Nigerian naira rebounded from currency shock, trading at N1400 at the official window, according to information obtained from FMDQ Securities Exchange. The latest rally at the Nigerian autonomous foreign exchange market was supported by improved foreign currency liquidity. The forex market has seen riotous exchange […]
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Naira Slightly Depreciates by 0.8% Against Dollar at Official Market

Naira Slightly Depreciates by 0.8% Against Dollar at Official Market The naira on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71 This represents […]
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