Naira Extends Gains Against USD, Reaches 10-Month High
Nigeria’s currency, the Naira, continued its upward momentum last week, marking a significant milestone in its recovery against the U.S. dollar. During the week ending October 10, 2025, the naira appreciated by 0.72% at the official foreign exchange market, closing at ₦1,455.17 per dollar, according to data from the Central Bank of Nigeria (CBN). This […]
FMDQ Faces 67% Trading Volume Loss As CBN Shifts To Internal Platform
The FMDQ Securities Exchange has recorded a sharp 67% drop in trading volumes after the Central Bank of Nigeria (CBN) redirected most of its foreign exchange transactions to its own internal platform. This shift has significantly reduced activity on FMDQ, raising concerns among market operators about transparency and liquidity. Analysts argue that the move by […]
Naira records second straight depreciation against US dollar
The Nigerian Naira continued its slide against the US dollar on Thursday, marking the second day in a row of depreciation in the official foreign exchange market. According to figures from the Central Bank of Nigeria (CBN), the Naira closed at ₦1,498.98 per dollar, weaker than Wednesday’s rate of ₦1,494.03. This represents a daily drop […]
Naira rises to N1,530/$ in Parallel market
The naira has risen to N1,530 per dollar in the parallel market, improving from last week’s rate of N1,535 per dollar. However, in the Nigerian Foreign Exchange Market, it dropped slightly, trading at N1,513 per dollar compared to N1,511.5 last week, showing a small decline of N1.5. Data from the Central Bank of Nigeria confirmed […]
Naira slides to N1,550/$ in parallel market
The Naira continued its decline on Tuesday, August 26, closing at N1,550 per dollar in the parallel market, down from N1,540 per dollar recorded on Monday. In the official Nigerian Foreign Exchange Market, the local currency also weakened slightly, trading at N1,537 per dollar compared to N1,536.99 per dollar the previous day, according to the […]
“The reforms I have embarked upon have been impactful. The results are blossoming. No more corruption”- President Tinubu tells Brazilian business community
President Bola Tinubu said that the changes his government has made are already showing results. He claimed that corruption in Nigeria’s foreign exchange market has been removed and that honest businesses can now thrive in the economy. Speaking at a press conference with Brazilian President Luiz Inácio Lula da Silva in Brasília, Tinubu explained that […]
Nigeria’s FX Reserves Rise To $41Billion, Highest Since 2021
Nigeria’s foreign exchange (FX) reserves have climbed to $41 billion, the highest level since December 3, 2021. Fresh figures reviewed from the Central Bank of Nigeria (CBN) show a steady rise through August, signaling improved stability in the FX market. From August 1 to August 19, the reserves grew by 3.69%, moving from $39.54 billion […]
Naira records three consecutive depreciations against US dollar
The Naira on Wednesday recorded its third straight loss against the United States dollar at the official foreign exchange market, even though Nigeria’s external reserves have risen to $41 billion. Data from the Central Bank of Nigeria showed that the Naira closed at ₦1,536.73 per dollar, weaker than the ₦1,534.93 rate recorded on Tuesday. This […]
Naira continues depreciation against dollar at official market
Nigeria’s local currency, the naira, continued to lose strength against the United States dollar and other major currencies at the official foreign exchange market on Tuesday. According to the Central Bank of Nigeria (CBN), the naira could not recover, sliding further to ₦1,534.93 per dollar compared to ₦1,533.67 on Monday. This means the naira dropped […]
Nigerians now have more confidence in naira—CBN Governor Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that for the first time in a long while, Nigerians are beginning to trust the naira again. He shared this update while answering questions at the end of the 301st Monetary Policy Committee (MPC) meeting held on Tuesday. Cardoso explained that the […]