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 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 slumps against dollar at Black market after CBN retains interest rate
The naira has dropped again in the black market, falling against the dollar after the Central Bank of Nigeria (CBN) decided not to change the interest rate. A currency dealer in Wuse Zone 4, Abubakar Alhasan, said on Tuesday that the naira was exchanged at N1628 per dollar. This is lower than Monday’s rate of […]
Naira continues appreciation at official foreign exchange market
Nigeria’s currency, the naira, showed a mixed performance on Tuesday as it continued to strengthen in the official foreign exchange market but fell slightly in the black market. According to data from the Central Bank of Nigeria (CBN), the naira appreciated slightly at the official rate, moving from N1,600.44 per dollar on Monday to N1,600.030 […]
Naira continues depreciation against dollar across official, black FX markets
The Naira’s struggle against the dollar continues, with its value dropping on Thursday in both the official and black market exchange rates. According to the latest data from the Central Bank of Nigeria (CBN), the official exchange rate saw the Naira fall further to N1609.64 per dollar, compared to N1,608.60 the day before. This means […]
Trade Exports Hit $50 Billion As FG Policies Boost Trade Balance
Nigeria’s total trade exports reached $50.4 billion in 2024, marking a strong recovery for the country’s economy. This growth was largely due to the depreciation of the naira and the removal of fuel subsidies, which helped improve the trade balance. According to the National Bureau of Statistics (NBS), Nigeria recorded N138 trillion in total trade, […]
2025 Budget Will Reduce Inflation to 15%, Bring Down Dollar to N1,500 – Tinubu
President Bola Tinubu has unveiled Nigeria’s 2025 budget, outlining bold steps to improve the economy. During a presentation to the National Assembly, he announced key goals, including cutting inflation from the current 34.6% to 15% by 2025 and strengthening the naira’s exchange rate from N1,700 to N1,500 per dollar. “The budget projects inflation will decline […]
Nigeria’s Reforms Struggling to Make Impact, IMF Report Suggests
Nigeria’s ongoing economic reforms are still facing challenges, according to the latest report from the International Monetary Fund (IMF). Nearly 18 months after these reforms began, Nigeria’s growth rate remains below the regional average for Sub-Saharan Africa. The IMF’s report highlights that inflation, exchange rates, and debt burdens continue to hold back the country’s economic […]
Adeboye Says God Prevented Naira from Dropping to ₦10,000 per Dollar
Pastor E.A. Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), recently shared his thoughts on Nigeria’s economic struggles, especially the falling value of the naira. Speaking at the Special Holy Ghost Congress in Abuja, Adeboye said that if it hadn’t been for God’s intervention, the naira might have plummeted to ₦10,000 […]
Petrol Landing Cost Decreases in Nigeria
In recent news, the cost of landing petrol in Nigeria has dropped significantly. As of November 2024, the landing cost for Premium Motor Spirit (PMS), or petrol, fell to N971 per litre. This is a 20.23% decrease compared to the N1,219 per litre cost recorded in August 2024, according to the Major Energies Marketers Association. […]