Browsing: FX

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.

The naira exchange rate skidded in the forex market following Fitch Ratings bearish estimate that the local currency would close the year at N1450 in Dec. 2024.

Treasury bills that were purchased in the fixed interest securities market saw a rise following high bids and allotments at the Central Bank of Nigeria’s (CBN) primary market auction (PMA) last week.

Naira Sees Large Daily Gain as FX Pressure Eases The Nigerian naira saw a large daily gain in the official…

The Nigerian naira exchange rate improved marginally in the forex market, gaining 0.98% week on week amidst expectation that the Central Bank, CBN, will support liquidity in the currency markets in the new week.

The Nigerian local currency, the naira, registered a marginal gain against the US dollar in the forex market on Friday as FX scarcity pressures eased