exchange rate

In response to the fluctuating dollar exchange rate, Nigerians are expressing frustration over the reluctance of sellers to immediately reduce prices despite the recent decrease in the value of the dollar. The sentiment stems from the observation that when the dollar surges, sellers swiftly...

Prophet Chukwuemeka Ohanemere, also known as Odumeje, of the Mountain of Holy Ghost Intervention and Deliverance Ministry, claimed in a video during a church program that the exchange rate of the dollar to the naira decreased because of his 'Abidoshaker' power. This assertion comes as the...

After its 294th meeting, the Central Bank of Nigeria (CBN) has made a bold move by increasing the Monetary Policy Rate (MPR) by 200 basis points to an unprecedented 24.75%. Led by CBN Governor Yemi Cardoso, this decision underscores the bank's unwavering commitment to combating inflationary...

Former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, criticized the notion of aiming for a Naira to Dollar exchange rate of N400, stating that such expectations are unrealistic. Moghalu emphasized the importance of the exchange rate reflecting its true market value, rather...

In a significant move effective from February 26, 2024, the Central Bank of Nigeria (CBN) has instructed the Nigerian Customs Service (NCS) to base import duty calculations on the foreign exchange (FX) closing rate on the day importers submit 'Form M' for clearing goods. This decision aims to...

The Central Bank of Nigeria (CBN) has announced an adjustment in the exchange rate for the clearance of goods, increasing it from N1444.56/$ to N1515.09 against the USD. This marks a noteworthy rise of N70.53 compared to the previous rate, reflecting the CBN's continued efforts to align official...

In a dramatic turn of events, the official exchange rate between the naira and the dollar plummeted to an unprecedented low of N1,534 on the NAFEM market, marking the weakest point in the currency's history. The day's forex turnover, a mere $89 million, revealed a sharp 64.69% drop in comparison...

The naira experienced a decline, exchanging at 1,233/$ at the parallel market, as reported by Bureau de Change (BDC) operators. Conversations with BDC operators revealed that the local currency, traded at 1,228/$ and 1,233/$, maintained the same rate from Friday. Figures from Abokifx indicated...

Amid assurances from President Bola Ahmed Tinubu that Nigeria is open for business, a persistent forex crisis continues to cast a shadow on the country's financial stability and international reputation. Despite claims that barriers to investment have been dismantled, the ongoing struggle with...

The Nigerian Naira showcased a robust performance, closing at N750.14 against the dollar at the official market on November 20, 2023. This 5.55% appreciation brought relief to financial analysts, attributing the upswing to the Central Bank of Nigeria's (CBN) strategic move to clear a backlog of...

The Naira experienced a staggering fall, reaching a historic low of N1,105 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Central Bank of Nigeria's (CBN) approved official market. The day began with the Naira opening at N830, marking a rapid depreciation...

In a remarkable turn of events, the Nigerian naira continued its impressive rebound against the US dollar on Friday, surging to an exchange rate of ₦950/$ in the parallel market. This marks a substantial gain of ₦170 or a 15.18% appreciation of the local currency compared to the ₦1,120/$ it...

In a surprising turn of events, the Nigerian naira witnessed a remarkable appreciation against the U.S. dollar in the parallel section of the foreign exchange market. On Friday, the local currency soared by N145, marking a substantial increase of 12.24 percent, reaching the impressive exchange...

Industries across the nation are grappling with immense challenges as the Nigerian naira continues its sharp decline against the U.S. dollar. The unofficial exchange rate in Lagos and Abuja recently reached between N1,150 and N1,155 per dollar. This alarming trend is causing significant distress...