Browsing: FX

No Respite for Naira as Official, Parallel Market Rates Plunge The bleak outlook for the Nigerian local currency, the naira,…

Naira Depreciates ‘Back2Back’ Amidst Nigeria’s $6bn Oil Debt The naira has seen back-to-back depreciation across foreign currency markets due to…

CBN Uses $876m to Buy Naira at Dutch FX Auction With the aim of promoting price discovery in the currency…

Nigeria’s foreign reserves climbed further to about $36.80 billion from sources suggested to be disbursement from the International Monetary (IMF) and NNPCL oil

The naira lost 3% on Friday, pulling back from gaining streaks against the US dollar in the forex market as exchange rate rubbished FX market intervention.

CBN Commences Regular Foreign Exchange Sales to Bridge Demand Gap The Central Bank of Nigeria (CBN) says it has commenced…

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 experienced a huge value decline across forex markets as sustained demand for the US dollar began to test the Central Bank of Nigeria’s (CBN) resolve not to defend the local currency.

The Nigerian naira crashed further on Monday due to sustained US dollar scarcity challenges and rising forex demand. The authority’s thinking or expectation is not clear as the exchange rate continues to weaken in a country that depends more on imports.

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.