forex market

The Nigerian Naira faced further devaluation on Wednesday, reaching a record low of N1,260 against the US dollar in the parallel foreign exchange market. This marks a significant 2.44 percent decline from the N1,230 exchange rate recorded just days prior on April 19. At the official window...

The Nigerian currency, the Naira, appears to be facing another depreciation period, as observed by some social media users. Concerns about the stability of the currency are expressed, with one user noting a decrease and another lamenting the continual rise. One user highlights a sense of...

Despite a fluctuating economic landscape, the Nigerian naira exhibited resilience against the US dollar in the black market, maintaining its value while experiencing a slight decline in the official market. Late Thursday, the naira strengthened to N1,060 per dollar in the parallel market...

The Association of Bureau De Change Operators of Nigeria (ABCON) has revealed that BDC operators are now purchasing dollars at the rate of N980 to a dollar, marking a significant appreciation of the naira. This revelation was disclosed by the President of ABCON, Aminu Gwadebe, during a recent...

The Nigerian Naira exhibited a remarkable appreciation against the United States Dollar on Monday, with significant gains observed in both the parallel market and the official foreign exchange (FX) window. This currency shift has drawn attention from investors, economists, and policymakers...

The Nigerian naira saw an appreciation to N1,250 per dollar in the parallel foreign exchange market on Monday, marking a 0.43 percent increase from the N1,280 recorded on March 29. Bureau de Change operators in Lagos quoted the buying rate of the dollar at N1,230 and the selling price at...

The Central Bank of Nigeria (CBN) has reported a substantial inflow of over $1.5 billion in recent days, signaling a positive outlook for the nation's monetary policy initiatives. The announcement, made by the Bank's Acting Director of the Corporate Communications Department, Hakama Ali...

The Nigerian Naira has seen a significant appreciation, reaching N1,350 per dollar in the parallel market from N1,430 just a day prior. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira climbed to N1,382.95 per dollar, marking a notable increase from the previous day's 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...

Amidst Nigeria's evolving economic landscape, the Central Bank of Nigeria (CBN) has taken significant steps to bolster liquidity in the foreign exchange market, signaling a potential shift in the nation's currency dynamics. In a recent circular addressed to Bureau De Change operators (BDCs)...

The Central Bank of Nigeria's recent interventions have spurred a remarkable recovery for the Naira, with the currency appreciating to N1,382.35/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM). This surge marks a significant gain from its previous rate of N1,536.83/$, showcasing...

In a bid to assuage concerns over Nigeria's economic stability, President Bola Tinubu's special adviser on information and strategy, Bayo Onanuga, issued a resolute message to the public, urging swift action in response to promising developments in the currency market. Onanuga's assertion, made...

The naira exhibited resilience as it appreciated to N1,600 per dollar at the parallel section of the foreign exchange (FX) market on Monday. This marked a notable 1.23 percent gain from the N1,620/$ reported just a day earlier on March 8. Bureau De Change operators in Lagos quoted buying rates...

The Nigerian Naira fell to N1,620 against the US Dollar at the parallel market, marking a N20 decrease from the start of March. Bureau de Change operators quoted buying at N1,600 and selling at N1,620. The official exchange rate saw the Naira dip to N1,627.40 against the Dollar, a 1.57% fall...

The Central Bank of Nigeria (CBN) is contemplating significant regulatory changes for Bureau De Change (BDC) operators, including a potential ban on street trading and restricting cash payments for foreign exchange (FX) sales to a maximum of $500. The proposed guidelines also require sellers...

Amidst a deepening forex crisis pushing the naira to a historic low of N2,000 against the dollar, the Central Bank of Nigeria (CBN) has implemented robust measures against Bureau De Change (BDC) operators. In response to the economic downturn, the National Security Adviser, Mallam Nuhu Ribadu...

The Nigerian Naira has reached an unprecedented low, hitting N1960 per Euro in the black market, marking a significant decline of 5.36% from the previous day. This historic depreciation comes amidst persistent demand pressures and soaring inflation, which rose to 29.90%, as reported by the...

National Security Adviser Nuhu Ribadu has issued directives to law enforcement agencies to crackdown on individuals engaged in foreign exchange market speculation, aiming to curb the steep depreciation of the Nigerian naira. Ribadu revealed that intelligence reports indicate currency...

In a tumultuous week for Nigeria's economy, the national currency, the Naira, experienced unprecedented depreciation, closing at N1,537.96 at the official market on Friday. This marks a significant milestone, as the currency surpassed the N1,500 threshold, showcasing the severity of its recent...

The Central Bank of Nigeria (CBN) has introduced a pivotal policy shift, instructing authorized dealer banks to discontinue the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. This directive, signed by Dr Hassan Mahmud, the Director of the Trade and...