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 mixed sentiments against US dollar across official, black markets
The Nigerian Naira recorded mixed trends against the US dollar on Wednesday, with fluctuations observed across both official and parallel markets. While some windows showed slight gains, others experienced minor declines, reflecting market uncertainty. At the official interbank rate, the Naira remained relatively stable, trading within narrow margins, while the black market exhibited higher volatility […]
Naira continues to appreciate against US dollar as CBN directs FX sales to BDCs
The Nigerian naira has continued to gain value against the United States dollar following a new directive from the Central Bank of Nigeria (CBN). The apex bank instructed authorised dealers to sell foreign exchange to Bureau De Change (BDC) operators in a move aimed at improving dollar supply in the retail market. Financial analysts say […]
Naira closes week at N1,366.19 per dollar as Nigeria’s external reserves hit $46.91bn
The Nigerian naira closed the week at ₦1,366.19 per dollar at the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN). This came as Nigeria’s external reserves rose to $46.91 billion, reflecting improved foreign currency inflows into the country. CBN figures showed that the naira weakened slightly on Friday, slipping […]
CBN issues fresh directive to Nigerian banks on NAFDAC licenses for import
The Central Bank of Nigeria (CBN) has issued a new directive allowing Nigerian banks to temporarily accept National Agency for Food and Drug Administration and Control (NAFDAC) licences that expired on December 31, 2025, for import-related transactions. The directive is aimed at ensuring smooth processing of Forms M and access to foreign exchange for affected […]
Naira records first depreciation against US Dollar in 2026
The Nigerian naira has recorded its first drop against the United States dollar in 2026, ending weeks of relative stability in the official foreign exchange market. The currency weakened slightly on the back of increased dollar demand from importers and businesses, putting pressure on supply at the Central Bank of Nigeria’s official window. Market analysts […]
Naira records highest depreciation against US dollar
The Nigerian Naira continued its downward slide on Wednesday, marking its sharpest depreciation of the week against the United States dollar. According to official figures from the Central Bank of Nigeria (CBN), the Naira fell to ₦1,473.29 per dollar, compared to ₦1,463.23 on Tuesday — a daily loss of ₦10.06. This decline represents the largest […]
FMDQ Faces 67% Trading Volume Loss As CBN Shifts To Internal Platform
The FMDQ Securities Exchange has recorded a sharp 67% drop in trading volumes after the Central Bank of Nigeria (CBN) redirected most of its foreign exchange transactions to its own internal platform. This shift has significantly reduced activity on FMDQ, raising concerns among market operators about transparency and liquidity. Analysts argue that the move by […]
Naira slides to N1,550/$ 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 […]