Naira Faces U.S dollar Resurgence Amid Nigeria’s Oil Production Boost  - Thepodiummedia

Naira faces pressure amid Dollar resurgence,  oil output growth offers hope

The Nigerian naira came under renewed pressure in the parallel foreign exchange market, fluctuating around the N1,620.25/$1 support level amid a global rebound of the U.S. dollar and surging demand for foreign currency by Nigerian importers and individuals. Despite demand-side pressures driven by the rush to obtain dollars for essential needs and import obligations, optimism persists for the local currency, buoyed by improving fundamentals in Ni…

Naira decline steers everyday Nigerians towards global accounts

In the early months of 2023, Victor Olulewa sat in the heat of an Ibadan afternoon, laptop open, his browser blinking at a payment he couldn’t touch. He had just wrapped a content creation project for a ticketing company abroad—a job that should have ended with a quiet sense of accomplishment.  Instead, it ended in annoyance. The client had paid via a platform familiar to many Nigerians, but getting it into his bank account felt like running aft…

Naira Faces U.S dollar Resurgence Amid Nigeria’s Oil Production Boost  - Thepodiummedia

The Nigerian currency oscillated between the N1,620.25/$ support line in the unofficial market amid the resurgence of the dollar in the global financial market. The naira’s depreciation was driven by demand-side concerns, with individuals and businesses rushing to buy dollars to meet necessities and import obligations. However, recent fundamentals in Nigeria’s oil industry paint a bright prospect for the naira. Nigeria’s crude oil production rea…