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 […]

Naira Sees 3.3% Gain as FX Market Condition Improves The naira strengthened by 3.3% to close at N1,354.21 per US dollar at Nigeria’s autonomous foreign exchange market on Monday. The local currency recorded a gain against the dominant US dollar as the gap between supply and demand for foreign exchange closed favourably. A slew of […]