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Nigerian naira has surged to one of its strongest levels in nearly two years, closing at 1,347.78 per $1 in the official market on Monday, according to a macroeconomic update by CardinalStone. The currency has appreciated by 6.9 per cent year-to-date in the official window, reflecting improved liquidity conditions in the foreign exchange market. But, […]
Continue ReadingNigeria’s Naira yesterday depreciated to N1,455 per dollar in the parallel market from N1,440 per dollar on Monday. But the naira appreciated to N1,349.5 per dollar in the Nigerian Foreign Exchange Market (NFEM). Central Bank of Nigeria (CBN) data showed that the indicative exchange rate fell for the naira to N1,349.5 per dollar from N1,354.9 […]
Continue ReadingReports coming in say that the Nigerian Naira extended its winning streak against the United States Dollar during the early hours of Thursday, February 5, 2026. Building on the momentum from the start of the week, the local currency has significantly improved its position in the official market, as liquidity levels remain robust. Naira opened […]
Continue ReadingNigeria’s Naira has been ranked as the ninth weakest currency in Africa, according to a Forbes currency calculator report for September 2025, underscoring the lingering pressure on Nigeria’s economy despite recent signs of easing inflation. Forbes currency calculator, which sources real-time foreign exchange market data via the Open Exchange Rates API, updates every five minutes […]
Continue ReadingNigeria’s currency, the naira has appreciated to N1,530 per dollar in the parallel market, up from N1,535 per dollar recorded last week. But, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated slightly, trading at N1,513 per dollar, compared to N1,511.5 per dollar last week. This represents a drop of N1.5. Data from the […]
Continue ReadingNigeria’s Naira fell further at the close of work on Tuesday, August 26, trading at N1,550 per dollar at the parallel market, down from N1,540 per dollar recorded on Monday. In the Nigerian Foreign Exchange Market (NFEM), the local currency also weakened slightly to N1,537 per dollar, compared to N1,536.99 per dollar the previous day, […]
Continue ReadingThe Naira on Friday closed the week slightly weaker, as it lost 19 kobo against the U.S. dollar at the official market, trading at N1,533.74. Data released on the official website of the Central Bank of Nigeria (CBN) showed that the Naira traded on Thursday at N1,533.55, according to News Agency of Nigeria (NAN). On […]
Continue ReadingNigeria’s Naira closed the week on a positive note, gaining 4.52 kobo against the U.S. dollar at the official market on Friday. According to the latest figures from the Central Bank of Nigeria (CBN), the Naira traded at N1,534.72 per dollar. The figure represents a modest gain of 0.05 per cent on Thursday, when it […]
Continue ReadingNigerian naira extended its recent gains on Monday, strengthening to a four-month high against the US dollar to close at 1518 per $1 on the official market, the Nigerian Foreign Exchange Market. Data from the Central Bank of Nigeria (CBN) revealed that the naira gained 0.74 per cent to close at 1518 per $1 on […]
Continue ReadingNigeria’s naira yesterday appreciated to N1,600 per dollar in the parallel market from N1,605 per dollar last week. Similarly, the Naira appreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM). The Naira has maintained its appreciation trend since May 29th, gaining N47 against the dollar till date in the official market. Data […]
Continue ReadingNaira appreciated against the dollar as at the close of trading, Friday night, March 14 to halt the depreciation streak at the official foreign exchange market. This comes as the Naira strengthened to N1,550.36 per dollar on Friday for the first time in the week under review from N1,554.85 exchanged on Thursday. The development showed […]
Continue ReadingNigerian Naira appreciated in the parallel market to N1,650 per dollar on Tuesday, December 31, after close of trading compared to N1,655 on Monday. Also, the Naira appreciated to N1,535 per dollar in the official foreign exchange market. New data published by the Central Bank of Nigeria (CBN), showed that the exchange rate for the […]
Continue ReadingNigeria’s Naira is forecasted to depreciate to N1,993 against one United States dollar ($1) by 2028, posing a significant challenge to Nigeria’s pharmaceutical industry, particularly in importing essential medical devices, a new report by BMI, a Fitch Solutions subsidiary, has revealed. The report themed, “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market […]
Continue ReadingIndications are showing that the local currency is set to fully reverse its gains as the depreciation trend enters a new height, hitting N1,740 to $1 in the parallel market at the close of trading last weekend. But, the Naira remained stable with minor appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as dealers […]
Continue ReadingNigeria’s currency, the Naira, appreciated to N1,680 per dollar in the parallel market on Monday compared to N1,690 per dollar last weekend. At the same time, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 […]
Continue ReadingNigerian currency, the Naira has plummeted to a record low, depreciating by N72.58 in value against the US dollar in July 2024. According to the FMDQ financial market report, the average exchange rate stood at 1,560.32 Naira per dollar, a 4.88% increase from the previous month. The foreign exchange market turnover also surged to $7.39 […]
Continue ReadingThe Nigerian currency, the Naira has appreciated at the official market. According to new Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, NAFEM, the Naira gained N9.93, representing a 0.61 per cent gain when compared to the previous trading date on Aug. 2 […]
Continue ReadingNigeria’s Naira further depreciated at both the official and parallel markets on Monday. At the official, Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira dropped to 1,523.85 per dollar, depreciation from the previous close of 1,509.67 to the American dollar. NAFEM is the market trading segment for Investors, Exporters, and End-users that allows for forex […]
Continue ReadingIn spite of the on-the-spot raid of Bureau De Change (BDC) operators by Economic and Financial Crimes Commission (EFCC) on Monday, the naira began the week on a negative note against the United States dollar closing at N1419.11/$ on Monday indicating signs of a turbulent week. At the official market on Monday, the naira traded […]
Continue ReadingNigeria’s naira has demonstrated signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday. This came as the Senate through its Committee […]
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