Browsing: Naira

The naira, Nigeria’s local currency, fell further against the dominant US dollar across foreign exchange markets in the absence of sufficient forex market intervention.

The naira depreciated sharply at the Nigerian autonomous foreign exchange market (NAFEM) due to a deepening FX liquidity shortage and higher spot rate pricing.

The Nigerian naira gained N26.62 against the US dollar in the official foreign exchange market as the Central Bank of Nigeria (CBN) strengthened the supply side. The local currency has seen an increase in demand in a market with low inflows across to satisfy an eligible requisitions.

The naira softened at the official market, traded at N1,652.25 per US dollar at the Nigerian autonomous foreign exchange market on Friday. According to information from the FMDQ Exchange’s official trading platform, the Naira fell N2.05.

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The naira depreciated further against the dominant US dollar at the Nigerian autonomous foreign exchange (FX) market, settling near N1690 per greenback on Tuesday.

The naira tumbled again across the currency markets due to increasing demand and lower US dollar supply at the Nigerian autonomous foreign exchange market.

The naira dropped week on week in the foreign exchange market on various contending market dynamics.

The future of the naira looks bleak under the current administration as the authority appears to have given preference to growing the nation’s external reserves