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 […]
Nigerian Naira depreciates against US dollar at official market
The Nigerian naira recorded a slight depreciation against the United States dollar at the official foreign exchange market on Monday, starting the new trading week on a negative note. Data from the Central Bank of Nigeria (CBN) showed that the local currency closed at N1,390.36 per dollar. This represents a drop from the N1,386.55 per […]
Naira records two consecutive appreciations against US dollar
The Nigerian Naira has recorded two consecutive days of appreciation against the United States dollar, signaling renewed investor confidence in the local currency. Market analysts attribute the gain to increased dollar inflows from exports and improved liquidity in the foreign exchange market. Data from the Central Bank of Nigeria (CBN) showed that the Naira closed […]
CBN Launches Electronic System for Foreign Exchange Transactions to Reduce Speculation and Market Distortion
The Central Bank of Nigeria (CBN) is taking a bold step to enhance the foreign exchange (FX) market with the introduction of the Electronic Foreign Exchange Matching System (EFEMS). This new electronic platform aims to bring greater transparency, efficiency, and governance to FX transactions, addressing many of the challenges currently facing the market. The EFEMS […]
Naira Strengthens Against Dollar in Black Market During Sallah Holiday
During the Sallah holiday, the Naira experienced a modest rise to N1480 per dollar on the parallel market, commonly known as the black market. Dayyabu Ashiru, a currency trader at Wuse Zone 4 in Abuja, informed the Daily Post on Tuesday. He mentioned that the demand for foreign currency remained stable because of the Eid-el-Kabir […]