Naira records second straight week of massive depreciation against US dollar
Nigeria’s currency, the Nigerian Naira, has recorded another week of decline against the United States Dollar in both official and parallel markets. Data released by the Central Bank of Nigeria showed the exchange rate dropped further at the end of the week. According to the figures, the naira closed at N1,393.26 per dollar compared to […]
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 depreciation against US dollar ahead of new year
The naira has recorded a slight depreciation against the United States dollar at the official foreign exchange market ahead of the new year. Data from the Central Bank of Nigeria showed that the naira weakened to ₦1,445.68 per dollar, compared to ₦1,442.51 recorded the previous day. This means the local currency lost about ₦3.17 against […]
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 […]
Naira records highest depreciation against dollar at official market
The Naira saw a significant drop against the dollar in the official foreign exchange market on Friday, closing the week on a negative note. According to data from the Central Bank of Nigeria, the Naira fell to N1,602.18 per dollar on Friday, down from N1,596.68 on Thursday. This shows a daily decline of N5.492, marking […]
Naira records highest depreciation against dollar amid Trump’s tariff war
This week, the Nigerian naira experienced its biggest drop against the US dollar at the official exchange market. The Central Bank of Nigeria (CBN) reported that the naira fell to N1,552.53 per dollar on Thursday, down from N1,531.25 on Wednesday. This represents a N21.28 drop in just one day, the largest single-day decline since March […]
With the Naira’s fall, Nigeria is arguably now more competitive – Chatham House warns FG against strengthening Naira
Chatham House, a UK-based think tank, has advised the Nigerian government not to strengthen the naira. The organization believes that the naira’s decline has made Nigeria’s economy more competitive and warns that reversing this trend could do more harm than good. According to Chatham House, President Bola Tinubu’s economic reforms have led to a sharp […]
Exchange Rate Ends 2024 At ₦1,535/$1, Marking A 40.9% Depreciation
The Nigerian naira faced a challenging year in 2024, ending at ₦1,535/$1 against the US dollar. This marked a significant 40.9% depreciation from the previous year’s rate of ₦907.11/$1. Despite various reforms and policies by the Central Bank of Nigeria (CBN), the currency struggled to maintain stability. On the parallel market, where exchange rates are […]
Naira Falls to N1,700/$ in Parallel Market — Lowest Rate in Seven Months
In a significant turn of events, the naira has fallen to N1,700 per dollar in the parallel foreign exchange market, marking its lowest point in seven months. This drop occurred on Friday, representing a 1.49% decrease from the previous day’s rate of N1,675/$. This recent decline is particularly striking, as it mirrors the naira’s earlier […]
Naira Falls to N1,656 per Dollar in NAFEM
The Nigerian currency, the Naira, has continued to depreciate, hitting N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This is a significant drop compared to the previous week’s exchange rate, signaling ongoing pressure on the Naira.According to data from FMDQ, the exchange rate for the Naira in NAFEM rose to N1,656.49 per […]