Naira records highest single-day depreciation against US dollar
The Nigerian Naira fell sharply against the US dollar on Monday, marking its largest single-day depreciation this year. At the official exchange rate, the currency dropped to N1,378.03 per dollar, down from N1,363.39 on Friday. In the black market, the Naira also weakened, closing at N1,380 per dollar, down N5 from last week, narrowing the […]
Naira records depreciation against US dollar across official, black markets
The Nigerian naira continued to face pressure as it recorded further depreciation against the U.S. dollar in both the official and black markets. Traders and financial analysts reported that the currency struggled throughout the day, reflecting ongoing supply shortages in the foreign exchange market. This drop has raised fresh concerns about currency stability and its […]
Naira continues depreciation against US dollar to end on negative note
The Nigerian Naira continued its downward trend against the US dollar, closing the week on a negative note. Traders reported increased demand for dollars, while supply from exporters remained limited, putting pressure on the local currency. The Central Bank of Nigeria (CBN) continues to monitor the situation closely. Analysts noted that the ongoing depreciation reflects […]
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 […]
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 […]
Why Cement Prices in Nigeria May Remain High
Nigerians hoping for a reduction in cement prices might be disappointed due to several economic factors. The depreciation of the Naira and rising inflation are major contributors to the high cost of cement. One significant issue is smuggling. Cement is being smuggled into neighboring countries like Chad and Cameroon, where a 50kg bag can cost […]