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Nigeria’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 […]
Continue ReadingSince the arrest of another Nigerian socialite, Pascal Okechukwu (aka Cubana Chef Priest), I have come across jejune assertions justifying the Economic and Financial Crimes Commission’s pursuit of those spraying naira at parties. While reading comments made by a random commenter on social media but unsupported with sensible evidence is one thing, it is another […]
Continue ReadingNigeria’s Naira depreciated on Tuesday, April 23, in the Nigerian Foreign Exchange Market (NAFEM), to N1,300.15 per dollar, exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. Similarly, […]
Continue ReadingNigeria’s Naira strengthened against major world currencies on Monday, April 15. Reports say, the local currency exchanged at below N1,000 at some segments of the parallel market as of late Sunday. Bashir Ahmad, former aide on digital communications to ex-president, Muhammadu Buhari, took to X to celebrate this, and wrote: “I can authoritatively confirm that […]
Continue ReadingThe exchange rate of Nigeria’s currency, the Naira has continued to appreciate to the dollar in response to the fiscal and monetary policies of President Bola Tinubu’s administration. According to data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Friday revealed that […]
Continue ReadingGlobal company, Binance Holdings Ltd., branded Binance, a Cryptocurrency exchange concern, has announced plans to discontinue all services related to the Nigerian naira. The cryptocurrency exchange platform, Binance, was accused of exploiting the Nigerian currency, the Naira, leading to its free fall in value in recent time. The company is, in addition, facing allegations of terrorism […]
Continue ReadingCentral Bank of Nigeria (CBN) has sold over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The naira appreciated against the dollar to 1,582/$ at the close of trading activities at the official market on Monday. According to data obtained from FMDQ securities, the […]
Continue ReadingConsequent upon the recent directive by the Central Bank of Nigeria (CBN), restricting the operations of International Money Transfer Operators (IMTOs) to only inbound transfers, IMTOs have decided to halt dollar transfers to Nigerians, meaning, they will now only pay recipients in naira. In the published document addressed to IMTOs on January 31, CBN ordered […]
Continue ReadingNigeria’s Naira is currently trading above N1,300 to $1 on the Peer-to-Peer cryptocurrency window on Tuesday. This is as many traders on the parallel market confirmed that the national currency is trading close to N1,300 in that segment of the market. On the Binance platform, the Naira is currently quoted above N1,300 to $1. Some […]
Continue ReadingNigeria’s Naira, on Friday, depreciated to N1,260 per dollar in the parallel market, down from N1,240 per dollar on Thursday. In the same vein, the Naira depreciated to N890.54 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from Financial Markets Dealers Quotation (FMDQ) showed that the indicative exchange rate for NAFEM rose to […]
Continue ReadingSomeone recently said on social media, and I agree in toto, that the exchange rate has the biggest impact on the costs of goods and services in Nigeria — far more than the price of petrol. I somehow never dwelt on this fact, even though it is bleeding obvious that movements in exchange rates have […]
Continue ReadingNigerian naira appreciated against the United States American dollar, closing at N791.75/$1 at the official market. According to data from the FMDQ Securities Exchange, the naira rose by 5.87 per cent or N49.39 compared to the previous day’s rate of N841.14/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM). The naira’s gain was, however, expected […]
Continue ReadingIn spite of recent moves by the Central Bank of Nigeria (CBN) to strengthen the foreign exchange market, the Naira closed trading on the Investor & Exporter forex window on Thursday at N996.75 to $1. This is a 13.95 per cent decline from the N874.71 to $1 it closed trading on Wednesday. So far, the […]
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