Naira sells below 1,280/$ at official, parallel markets

The nation’s currency, Naira began the new month on a bullish note, appreciating to N1,278.58 against the United States dollar from N1,309.39 per dollar recorded last week Thursday. This indicates an increase of N30.81 at the close of trading activity. According to data from FMDQ Securities, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (AFEM), closing below the N1,300 ceiling marks the first instance since January 26 of this year. Recall that the Naira depreciated to as low as N1,615/$1 on March 13, 2024. Since the introduction…

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US Dollar falls to N1,280 on black market on CBN policies

The naira has continued to appreciate as the US dollar is currently selling at N1,280 on the parallel market, following the recent foreign exchange (FX) policy measures of the Central Bank of Nigeria, (CBN). With the current rate, the Naira has gained 2.34 percent of its value against the dollar in less than one day, from N1,310 the closing rate for Wednesday. When compared to the level on February 20, 2024, the naira has gained 42.58 percent of its value against the dollar from the lowest of N1,825/$ on the…

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Naira regains strength, now N435/$1

With the expected commencement of sales of dollars to bureau de change operators by the Central Bank of Nigeria, the naira now sells between N440 and N435 to $1. Notably, the naira which had been on a downward spiral since the government gave indications of commencement of international travels and full reopening of the economy, depreciated to as low as N490 before settling around N477 last week. On Monday, black market traders had refused to show quotes as panic set in with the expected commencement of dollar sales to BDCs.…

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Naira strengthens against dollar ahead of CBN FX sales to BDCs

The naira has strengthened at the parallel market to N448 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators. Before the announcement, the naira had been trading as low as N480 against the dollar. Upon resumption, the apex bank said BDCs must not exchange the naira at more than N386/$ to end-users. The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for…

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Naira weakens marginally to Dollar

The Naira on Friday weakened marginally against the dollar at both the parallel market in Lagos and the investor’s window. The Nigerian currency traded at N472.5 to the dollar at the parallel market, down by 0.5 points from N472 exchanged on Thursday. The Pound Sterling and the Euro closed at N582 and N530, respectively. The Naira closed at N389.50 to the dollar at the investor’s window, down by 1.50 points from N388 it traded on Thursday. Market turnover at the investor’s window stood at 12.61 million dollars. It, however, closed…

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