naira depreciation
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![Today's Naira Rate[12-11-2024]: Naira Hits Unprecedented Low of N1,735 per Dollar in Black Market](/data/attachments/210/210139-73c462305b83b320f621df1b58c50ac0.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[12-11-2024]: Naira Hits Unprecedented Low of N1,735 per Dollar in Black Market
The Nigerian naira has plummeted to a record low of N1,735 per dollar in the black market, underscoring Nigeria’s ongoing currency crisis. With demand far outpacing supply, the widening gap between official and parallel rates highlights deep economic challenges and the urgent need for foreign...- Nigeria News
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Nigeria Naira Set to Weaken to N1,993/$1 by 2028, Report Warns
The Naira is projected to weaken to N1,993/$1 by 2028, affecting Nigeria’s medical device imports. BMI Research reports that the continued depreciation will increase costs, strain healthcare access, and challenge the medical sector. Despite this, local manufacturers could benefit from enhanced...- Nigeria News
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- naira depreciation naira forecast 2028 nigeria medical devices market
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![Today's Naira Rate[01-11-2024]: Naira Declines to N1,735/$ in Parallel Market as Rate Gap Widens](/data/attachments/209/209769-b93ce5212c24c3bd08e3fa7610c004b1.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate[01-11-2024]: Naira Declines to N1,735/$ in Parallel Market as Rate Gap Widens
The naira depreciated to N1,735 per dollar in the parallel market, while appreciating to N1,666.72 in the official NAFEM market. With trading volumes down and the exchange rate margin widening to N68.28, economic concerns over currency stability intensify as Nigeria faces foreign exchange...- Nigeria News
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- nafem exchange rate naira depreciation naira to dollar rate nigerian currency stability parallel market exchange rate
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![Today's Naira Rate[26-10-2024]: Naira Falls to N1,740/$ in Parallel Market as Official Rates Show Mixed Signals](/data/attachments/209/209550-8e774d4b46f10d5320d33103cc295370.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate[26-10-2024]: Naira Falls to N1,740/$ in Parallel Market as Official Rates Show Mixed Signals
The Naira depreciated to N1,740 per dollar in the parallel market while appreciating to N1,601.2 in the Nigerian Autonomous Foreign Exchange Market. Trading volume in the official market increased by 23%, widening the gap between parallel and official rates to N140 per dollar, signaling ongoing...- Nigeria News
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- cbn currency exchange rate foreign exchange market naira depreciation
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Nigeria World Bank: Naira Among Africa’s Most Depreciated Currencies in 2024
The Nigerian Naira ranks among sub-Saharan Africa's weakest currencies, alongside the Ethiopian Birr and South Sudanese Pound, depreciating by 43% by August 2024. The World Bank attributes this to high dollar demand, limited inflows, and rising inflation, with Nigeria’s economic growth...- Nigeria News
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- dollar demand inflation naira depreciation nigerian economy world bank report 2024 worst-performing african currencies
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![Today's Naira Rate[01-10-2024]: Naira Declines, Closing September at N1,705/$1](/data/attachments/208/208816-a1ff39dd457a9e619692b98c1000130e.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[01-10-2024]: Naira Declines, Closing September at N1,705/$1
The Nigerian naira closed September at N1,705 per dollar in the parallel market, marking a significant decline from N1,655. This depreciation results from increased demand and supply shortages, impacting the prices of imported goods. The official exchange rate also fell, signaling a challenging...- Nigeria News
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- foreign exchange supply naira depreciation nigeria currency news parallel market exchange rate
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![Today's Naira Rate[25-09-2024]: Naira Depreciates to N1,658.48 as CBN Raises Interest Rates for Fifth Time in 2024](/data/attachments/208/208624-4803cd99f027345ad0bd4f909c6fbdcc.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[25-09-2024]: Naira Depreciates to N1,658.48 as CBN Raises Interest Rates for Fifth Time in 2024
The naira fell by N95.83 to N1,658.48 against the dollar after the Central Bank of Nigeria's rate hike. Increased dollar supply saw market activity surge by 66%. The CBN raised interest rates to 27.25% to stabilize the currency amid growing inflation and monetary supply concerns. The naira...- Nigeria News
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- cbn interest rate naira depreciation nigerian forex market
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![Today's Naira Rate[13-09-2024]: Naira Drops to N1,665 on Black Market as Dollar Demand Surges](/data/attachments/208/208258-602dbae0e3e86b372bbaa21eb89a7be5.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[13-09-2024]: Naira Drops to N1,665 on Black Market as Dollar Demand Surges
The Nigerian naira fell to N1,665 per dollar on the black market, driven by high demand for travel allowances and school fees. Meanwhile, the naira also dropped 5.5% in the official market. Despite the depreciation, Nigeria’s external reserves grew by $490 million due to recent dollar bond...- Nigeria News
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- black market exchange rate naira depreciation naira to dollar nigeria forex parallel market rate
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![Today's Naira Rate[10-09-2024]: Naira Woes Deepen as Dollar Hits N1,650 in Parallel Market](/data/attachments/208/208150-466ee9631def3fb98efb68478df9fb1d.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[10-09-2024]: Naira Woes Deepen as Dollar Hits N1,650 in Parallel Market
As of September 9, 2024, Nigeria’s black market exchange rate for the US dollar hit N1,650, while the Central Bank’s official rate stands at N1,629. Economic instability, forex shortages, and policy shifts continue to fuel the gap between official and parallel rates, signaling deep-rooted...- Nigeria News
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- black market dollar rate dollar to naira september 2024 naira depreciation naira to dollar exchange rate nigerian forex crisis
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Nigeria Depreciating Naira Drags PZ Cussons Nigeria into First Loss Since 2020
PZ Cussons Nigeria reported its first annual loss since 2020, with a N76 billion deficit for the year ending May 2024. The loss was driven by a 3,000% surge in foreign exchange losses due to naira depreciation, significantly impacting the company's financial stability and increasing liabilities...- Nigeria News
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- annual loss foreign exchange loss n76 billion deficit naira depreciation pz cussons nigeria
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![Today's Naira Rate[31-08-2024]: Naira Falls to N1,645 Against Dollar Despite CBN Interventions](/data/attachments/207/207791-31fa721aaf6302a0c356371f7a19343c.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[31-08-2024]: Naira Falls to N1,645 Against Dollar Despite CBN Interventions
The Naira depreciated significantly, losing N30 in the parallel market and N28.48 in the official market last week. It fell to N1,645 against the dollar amid the Central Bank of Nigeria's Retail Dutch Auction System, despite an increase in foreign exchange transaction turnover. In the past...- Nigeria News
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- central bank of nigeria foreign exchange market naira depreciation naira to dollar rate retail dutch auction system
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![Today's Naira Rate[29-07-2014]: Naira Plummets Further, Hits N1,611.40 per Dollar Despite CBN Intervention](/data/attachments/206/206658-3c44473101cfdb95816e4fca0635f7db.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[29-07-2014]: Naira Plummets Further, Hits N1,611.40 per Dollar Despite CBN Intervention
The naira continues to fall against the dollar, with official rates dropping to N1,611.40 and black market rates to N1,600. Despite the Central Bank's $148 million intervention, the naira's value has declined, sparking concerns and calls for economic reforms to stabilize Nigeria's currency. The...- Nigeria News
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- central bank of nigeria naira depreciation naira to dollar exchange rate nigerian currency decline
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![Today's Naira Rate[25-07-2014]: Naira Falls to Four-Month Low at N1,603.80/$1 Amid Increased Demand](/data/attachments/206/206496-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria Today's Naira Rate[25-07-2014]: Naira Falls to Four-Month Low at N1,603.80/$1 Amid Increased Demand
The naira fell to a four-month low of N1,603.80/$1 on July 25, 2024, marking a 1.07% drop from the previous day. Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency through FX sales and support measures, demand pressure continues to affect the exchange rate. On July...- Nigeria News
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![Today's Naira Rate[24-07-2014]: Naira Drops to N1,575/$ in Parallel Market as Trading Volume Declines](/data/attachments/206/206479-3c44473101cfdb95816e4fca0635f7db.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[24-07-2014]: Naira Drops to N1,575/$ in Parallel Market as Trading Volume Declines
The Naira fell to N1,575 per dollar in the parallel market on Wednesday, down from N1,565. In NAFEM, it dropped to N1,586.71. Trading volume fell 39% to $171.03 million, and the gap between parallel and official rates narrowed. Experts await CBN's response to stabilize the currency. On...- Nigeria News
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- nafem exchange rate naira depreciation naira to dollar exchange rate parallel market naira rate
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Nigeria Naira's Freefall: Banks’ FX Borrowing from CBN Heightens Pressure on Currency
The Naira has dropped sharply as banks’ borrowing from the Central Bank of Nigeria (CBN) for foreign exchange (FX) rises to 32%. This increase in borrowing rates has intensified pressure on the Naira, contributing to significant declines in both official and parallel market rates. The recent...- Nigeria News
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- cbn borrowing rates central bank of nigeria fx market nigeria naira depreciation naira to dollar exchange rate
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Nigeria Naira Hits N1,620/$ in Parallel Market as Depreciation Continues
The naira fell to N1,620 against the dollar in the parallel market on July 18, marking its fifth straight day of depreciation. Official rates showed a slight recovery to N1,566.82. The Central Bank of Nigeria's interventions and calls for stabilization highlight ongoing concerns about currency...- Nigeria News
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- central bank of nigeria foreign exchange market naira depreciation naira exchange rate nigeria currency parallel market
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![Today's Naira Rate[15-07-2014]: Naira Weakens as USD Exchange Rate Reaches N1550 in Black Market](/data/attachments/206/206147-3c44473101cfdb95816e4fca0635f7db.jpg?hash=PERHMQHP25)
Nigeria Today's Naira Rate[15-07-2014]: Naira Weakens as USD Exchange Rate Reaches N1550 in Black Market
Discover today's USD to NGN black market exchange rate, where buyers purchase dollars at N1550 and sellers sell at N1575, contrasting with CBN's official rates. Stay informed on currency fluctuations. Today, the black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) stands...- Nigeria News
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- black market exchange rate naira depreciation usd to ngn exchange rate
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![Today's Naira Rate[26-06-2014]: Naira Weakens Further in Official Market, Hits N1,507.83 per Dollar](/data/attachments/205/205493-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate[26-06-2014]: Naira Weakens Further in Official Market, Hits N1,507.83 per Dollar
The naira weakened to N1,507.83 per dollar in the official market. Central Bank Governor Yemi Cardoso expressed optimism about managing currency volatility, citing recent stability and significant foreign exchange inflows. The Nigerian naira weakened to N1,507.83 per dollar at the official...- Nigeria News
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- central bank of nigeria foreign exchange market naira depreciation naira to dollar exchange rate nigerian currency yemi cardoso
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![Today's Naira Rate[14-06-2014]: Nigerian Naira Falls to N1,485/$ in FX Markets](/data/attachments/205/205064-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate[14-06-2014]: Nigerian Naira Falls to N1,485/$ in FX Markets
Nigerian naira depreciates in both parallel and official foreign exchange markets, impacting rates quoted by Bureau de change operators and FMDQ Exchange. Fitch Ratings projects further decline to N1,450/$ by year-end, contingent on ongoing FX reforms and reduced volatility expectations by Q3...- Nigeria News
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- bureau de change currency news dollar exchange rate fmdq exchange fx market naira depreciation nigerian naira
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![Today's Naira Rate [23-05-2024]: Naira Depreciates to N1,510 Against Dollar in Parallel Market Amidst Forex Volatility](/data/attachments/204/204266-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria Today's Naira Rate [23-05-2024]: Naira Depreciates to N1,510 Against Dollar in Parallel Market Amidst Forex Volatility
The Naira depreciated to N1,510/$ in the parallel market but appreciated to N1,482.81/$ at the official window. Central Bank Governor Olayemi Cardoso emphasized ongoing reforms and the need for stakeholder cooperation to address economic challenges and inflation, aiming to improve the livelihood...- Nigeria News
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- cbn monetary policy naira appreciation naira depreciation nigerian forex market parallel market exchange rate todays exchange rate
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