Naira appreciates against dollar despite spike in inflation

Naira appreciates against dollar despite spike in inflation

The naira appreciated against the dollar at the official foreign exchange market on Tuesday, despite the high inflation rate. Data from the Central Bank of Nigeria showed that the naira strengthened to N 1,598.95 per dollar on Tuesday, compared to the N1,604.48 it traded at on Monday. This indicates that the naira gained N5.53 against the dollar at the official rate on a day-to-day basis. Meanwhile, in the black market, the naira remained stable…

Naira appreciates against dollar despite spike in inflation - Media Talk Africa

The naira appreciated against the dollar at the official foreign exchange market on Tuesday, despite the high inflation rate. Data from the Central Bank of Nigeria showed that the naira strengthened to N 1,598.95 per dollar on Tuesday, compared to the N1,604.48 it traded at on Monday. This indicates that the naira ...

Naira Strengthens to N1,605/$1 at NAFEM, N1,615/$1 at Black Market

By Adedapo Adesanya The Naira further strengthened against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 14, by N5.83 or 0.36 per cent to settle at N1,605.25/$1, in contrast to the N1,611.08/$1 it was traded in the previous session, which was last Friday. Equally, the local currency appreciated against […]

Was $1 equivalent to N22 during Abacha’s rule?

Claim: Several social media posts claimed that the US dollar was consistently equivalent to N22 throughout General Sani Abacha’s tenure as Nigeria’s head of state. Verdict: Misleading! Abacha ruled as Nigeria’s head of state from 1993 to 1998. While $1 equalled N22 in 1993 and 1994, the naira depreciated to N82.33 to a dollar in …

Naira Weakens Slightly, Closes at N1,604/$1 in Official Market - Tech

The naira began the week on a softer note, closing at N1,604.48/$1 in the official foreign exchange market on Monday. This is a slight depreciation from its previous close of N1,603.78/$1. The decline shows cautious market sentiment following last week’s underperformance of the Nigerian currency against the US dollar, which ended the week lower. In the parallel market, the naira traded at N1,605/$1, a 0.19% appreciation from Friday’s closing rat…

Nigerian Treasury Bills Down By 21% » News.ng

Nigerian Treasury bills experienced a 21% downward trend following a bullish trading experience in the secondary market, which was caused by under-allotment at the main auction in the past week.  According to traders, local investors took advantage of treasury bills left off by foreign portfolio investors (FPIs) and consequently withheld naira assets because of the global investment speculation.  Investors increased their thirst for treasury pap…