Naira extends appreciation against US dollar
The naira continued to strengthen against the US dollar at Nigeria’s official foreign exchange market on Wednesday. Data from the Central Bank of Nigeria showed that the currency improved slightly to ₦1,418.26 per dollar, compared with ₦1,419.07 recorded on Tuesday. This means the naira gained about 80 kobo in one day, continuing its recent upward […]
Naira continues gain against US dollar as Nigeria’s foreign reserves climb to $45.57bn
Nigeria’s currency, the naira, has continued to strengthen against the United States dollar as the country’s foreign exchange reserves increased to about $45.57 billion. Analysts say the improvement reflects better inflows from crude oil sales, growing investor confidence, and tighter management of the foreign exchange market by the Central Bank of Nigeria. Market watchers explain […]
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 Second Straight Appreciation Against US Dollar
Nigeria’s currency, the naira, has recorded a second consecutive day of improvement against the United States dollar in the official foreign exchange market. This positive movement suggests a slight return of confidence and improved liquidity in the forex space. Market watchers say the appreciation is linked to increased dollar supply and recent monetary policies aimed […]
Naira records highest depreciation against US dollar as foreign reserves decline
The Nigerian naira has recorded its highest depreciation against the United States dollar, raising fresh concerns about the country’s economic stability. The sharp fall is coming at a time when Nigeria’s foreign reserves are declining, limiting the Central Bank’s ability to defend the local currency in the foreign exchange market. Market watchers say the drop […]
Naira records first appreciation against dollar after days of decline
The Nigerian naira has recorded its first appreciation against the United States dollar after several days of continuous depreciation. The local currency gained marginally at the official foreign exchange market, bringing temporary relief to businesses and individuals affected by rising exchange rates. Market observers say the improvement may be linked to recent interventions by the […]
Naira records four consecutive depreciation against US dollar
The Nigerian currency has continued to struggle, recording four consecutive days of decline against the US dollar. Reports from the financial market show that the naira weakened both at the official window and in the parallel market, raising fresh concerns about the stability of the foreign exchange system. Traders noted that rising demand for dollars, […]
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 records first appreciation against US dollar as foreign reserves hit $46.7bn
The Nigerian naira has recorded its first major appreciation against the US dollar in months, following a boost in the country’s foreign reserves. According to recent data, Nigeria’s reserves have climbed to $46.7 billion, giving the currency some much-needed support in the foreign exchange market. Analysts say this improvement signals a positive shift in market […]