nigerian naira

The Nigerian Naira faced significant depreciation, falling to N1,400 against the US dollar on the black market, fueled by intensified demand pressure in the foreign exchange (FX) market. This represents a 19.64 percent loss in just two weeks compared to the rate of N1,125 per dollar recorded...

The Association of Bureau De Change Operators of Nigeria (ABCON), represented by its president Aminu Gwadabe, has raised concerns over the impact of Binance-like platforms on the depreciation of the Nigerian Naira. In an interview in Abuja, Gwadabe emphasized the commitment of BDC operators to...

The Economic and Financial Crimes Commission (EFCC) has taken decisive action by freezing 300 illegal forex trading accounts. This revelation came during an interactive session with journalists in Abuja on Tuesday, April 23, 2024, as disclosed by EFCC Chairman, Ola Olukoyede. The targeted...

Amidst ongoing economic uncertainties, the Nigerian Naira witnessed another downturn on Tuesday, depreciating at the official market to trade at N1,300.15 against the US dollar. Data sourced from the official trading platform of the FMDQ Exchange, responsible for overseeing the Nigerian...

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...

Despite the recent surge in the Nigerian Naira against major foreign currencies, prices of goods and services continue to soar, defying expectations of a downward trend. While the Naira gained significant ground against the US Dollar, reaching N1,060 per Dollar compared to a peak of N1,900 in...

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 current Naira-Dollar exchange rate has sparked mixed reactions among Nigerians. Some express surprise at the apparent stability, while others recall past fluctuations. Amidst the discussion, there's speculation about recent trends, with comments on both upward and downward movements...

Amidst a three-day holiday break, the Nigerian naira maintained stability, with the dollar trading at N1,125 on Friday, consistent with Thursday's rate of N1,120. However, due to reduced trading activity during the festive period, irregularities in market rates were observed. Transactions were...

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...

Goldman Sachs anticipates strengthening of the Nigerian naira against the US dollar over the next twelve months, projecting an exchange rate of 1200 in the short term. The New York-based investment bank attributes this positive outlook to recent policy reforms aimed at supporting the currency's...

The Nigerian naira continues its alarming decline, reaching an unprecedented N1,825 against the dollar despite the Economic Financial Crimes Commission's (EFCC) efforts to curb manipulative practices. The agency's recent raid on Abuja Zone 4 market, where gunfire was employed to halt the...

The Nigerian naira witnessed a 3.45 percent depreciation on Wednesday, plummeting to N1,500 against the dollar in the parallel market. This marks a decline from the N1,450 recorded just two days prior, leaving currency traders, also known as Bureau De Change operators, with a narrow profit...

The Nigerian Naira has hit a record low of N1,410 against the US Dollar on the black market, reflecting a 3.29% drop from the previous day's closing rate. The sudden depreciation is attributed to increased demand for dollars, notably from businesses restocking, individuals pursuing overseas...

In a dramatic turn of events, the Nigerian Naira has plummeted to an unprecedented low, exchanging at N1043.09 to the dollar at the official foreign exchange market. This shocking depreciation marks a significant decline from N872.59/$ recorded just a day earlier. According to market experts...

The Nigerian Naira faced contrasting fates in currency markets. The parallel market recorded a depreciation, with the naira sliding to N1,230 per dollar, a slight dip from N1,225 per dollar the previous week. On the other hand, in the official Nigerian Foreign Exchange Market (NAFEM), the naira...

In a historic development on December 8th, 2023, the Nigerian Naira experienced an alarming depreciation, closing at an all-time low of N1,099.05 per dollar in the official market. This 23.29% drop in value, compared to the previous closing rate, raises significant concerns just weeks before...

The Nigerian naira faced further depreciation, reaching N1,165 per dollar in the parallel foreign exchange market on Thursday. This marks a 0.43 percent decrease compared to the N1,160 rate just two days earlier. Currency traders, or Bureau De Change operators, quoted buying rates at N1,155 and...

The Nigerian Naira faced a significant challenge in the foreign exchange market as it depreciated to N1,135 per US dollar on Wednesday at the parallel market. This represents a notable N15 or 1.35 percent depreciation compared to the previous day's exchange rate of N1,120. Currency traders...

On Wednesday, the Nigerian naira experienced a significant boost, appreciating against the US dollar as it closed at NGN801.10 per $1. This marks a remarkable 5.83% increase from the previous day's rate, which stood at NGN847.77/$1. The day's forex market saw an intraday high of N891/$1 and an...