Browsing: FOREX
No Respite for Naira as Official, Parallel Market Rates Plunge The bleak outlook for the Nigerian local currency, the naira,…
US Dollar Falls Ahead of Fed Chair Jerome Powell’s Speech The US dollar fell against its major trading partners on…
Naira Reclaims Value as FX Market Liquidity Tightening Eases The Nigerian naira reclaimed value, appreciated by 1.36% day on day…
The US dollar rose against its major trading partners early Wednesday, except for a decline versus the euro, before the release of consumer price data for July,
The Manufacturers Association of Nigeria (MAN) has urged the Central Bank of Nigeria (CBN) to explore avenues to resolve outstanding obligations on foreign
CBN Uses $876m to Buy Naira at Dutch FX Auction With the aim of promoting price discovery in the currency…
The naira appreciated in the official window after additional foreign currency inflows boosted Nigeria’s external reserves. At the Nigerian autonomous FX market, the naira appreciated by 0.47% to close at ₦1,554.65 per US dollar. FX analysts said eligible US dollar demand remained elevated even though the exchange rate trended positively– albeit marginally.
The naira exchange rates worsen further across forex markets on Tuesday as the apex bank remained unfazed about the local currency’s two-week free fall. The exchange rate worsened in the official window for eligible FX demand.
Untamed demand for foreign currencies shadowed purchasing power of the Nigerian naira, gasping for strength after 40% year-to-date depreciation in the forex market.
The naira ended the week in red against the dominant US dollar in the foreign exchange market as demand and supply continues to test effectiveness of Nigeria’s willing buyer, willing seller FX policy.