Nigeria's Naira Returns to Depreciation Against Dollar

Nigeria's Naira returns to depreciation against dollar

The Naira returned to depreciation against the dollar at official and parallel foreign exchange markets on Tuesday after beginning the week in gain.

CBN: Assessing FX Code policy impact on market growth,...

The Central Bank of Nigeria (CBN) took strategic step to enhance transparency and boost market confidence with the inauguration of the Nigeria Foreign Exchange Code (FX Code) in Abuja. Six months after, stakeholders’ assessment shows that the FX Code has so far ignited naira rally at both official and parallel markets, with the local currency exchanging at N1,530/$ from N1,585/$ it exchanged in February when the policy officially took off. The c…

Naira falls as weak Dollar fails to lift currency

The naira lost value against the haven currency in the official and parallel forex markets on Tuesday, even after starting the week with a sharp rise. The post Naira falls as weak Dollar fails to lift currency  appeared first on Nairametrics.

Dollar Demand Pushes Naira to N1,560 in Parallel Market - Tech

The naira depreciated in the parallel (black) market on Tuesday, slipping further from its last close of N1,550/$1 to trade at N1,560/$1. A surge in demand for the U.S. dollar put the Nigerian currency under pressure. However, the naira held its ground against other major foreign currencies, appreciating slightly against the euro. The buy price of the euro fell to N1,770/€1 from the previous close of N1,775/€1, while the sell price stood at N1,7…

Naira Gains N1.29 to Trade at N1,532$1 at NAFEM

By Adedapo Adesanya The value of the Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, August 4 by N1.29 or 0.08 per cent to quote at N1,532.65/$1, in contrast to the N1,533.94/$1 it was exchanged last Friday. Equally, the Nigerian currency gained 23 Kobo against the […]

Naira Rises as External Reserves Increase

The naira began the week on a positive note, appreciating against the US dollar at the official foreign exchange market on Monday, supported by a continued uptick in Nigeria’s external reserves. Data from the Central Bank of Nigeria (CBN) showed that the naira closed at ₦1,531.95 per dollar, marking a ₦1.79 gain compared to the ₦1,533.74 recorded at the close of trading last Friday. In contrast, the naira held steady at the parallel market, main…