Tag: Naira exchange rate

Naira hits ₦1,401/$ amid global tensions

Aminu Imam
Naira forex rate

…Analysts warn of FX volatility The Naira traded at ₦1,401.4 per dollar at the official foreign exchange (FX) market on Tuesday, marking a 4.09% depreciation over the past three weeks from ₦1,346.32/$ on February 20. Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency crossed the ₦1,400/$ threshold on Monday, trading at ₦1,405.62/$. This is the first time the naira has hit this level since January 27, when it traded at ₦1,401.2/$. At the parallel market, the naira weakened slightly by 0.70%, moving from ₦1,430/$ on…

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“Naira could hit ₦1,100 to $1 in 2026′ – Ɗangote

Aminu Imam
Dangote on Naira

Chairman of the Ɗangote Group, Aliko Ɗangote, has predicted a significant strengthening of the naira, saying the currency could reach 1,100 to a dollar this year. Dangote made the remarks on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice-President Kashim Shettima and other dignitaries. While the Naira currently trades around ₦1,300 to a dollar, Dangote said government reforms signal better days ahead. “I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in…

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“Naira has strengthened, economy leaping out of crisis” — Rewane 

Aminu Imam
Rewane

Renowned economist and Chief Executive Officer of Financial Derivatives, Bismark Rewane, says Nigeria’s currency has stabilized. Rewane, who spoke during an interview on a television programme on Thursday, said the strength of the naira in the last months is due the Central Bank of Nigeria (CBN)’s monetary framework and transparency in the country’s foreign exchange market. Rewane noted that everyone seems to agree that the Nigeria’s economy is leaping its way out of crisis. “The currency is strengthened because of the discipline in the monetary policy framework and explicit inflation…

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Naira depreciates by 0.34% against dollar at official market

Aminu Imam
Naira depreciates

The Naira depreciated on Friday at the official market, trading at ₦1,602.18 to the dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira lost ₦5.49. This represents a 0.34 percent loss when compared to the ₦1,596.69 per dollar recorded on Wednesday, April 30, before the Workers’ Day holiday on Thursday, May 1. The Naira had remained relatively static for three trading days, from Monday, April 28, to Wednesday, April 30, when it traded at ₦1,599.95, ₦1,599.71, and ₦1,596.69, respectively. The local currency, which closed the…

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Naira to hit ₦1,804/$ on 2025 volatility projections – Report

Aminu Imam
Naira dollar currency

The Nigerian currency, the Naira, is projected to depreciate to a weighted fair value of ₦1,804.45 in the coming year as tendency of volatility persists. This is according to a new report by Lagos-based investment and research firm Afrinvest titled: ‘Beyond The Rhetorics: Transforming Reforms to Tangibles’. The research company revealed that while the gross foreign reserves have risen above $40 billion, “we anticipate that exchange rate volatility would persist in 2025 albeit at a modest pace”. “Our prognosis is hinged on the belief that the CBN would be constrained…

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Naira defies CBNs interventions, depreciates to N1,510/$

Aminu Imam
Naira dollar

The depreciation of the nation’ s currency, the Naira, persisted over the weekend, with the currency trading at N1,510 to a dollar in the parallel market and 1,466.31 at the official market. This marks a notable decline from its previous levels, with the exchange rate increasing by N40 between Thursday and Friday alone. Despite recent efforts and interventions by the Central Bank of Nigeria (CBN) to stabilise the naira, including supplying dollars to Bureau-De-Change (BDC) operators to boost liquidity, the currency has continued to weaken. Just a few months ago,…

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Naira slumps again at official window, trades at N1,402/$1

Aminu Imam
CBN on cash

The nation’s currency, the Naira, reversed the gain it recorded on Tuesday to depreciate against the US Dollar at the end of trading on Thursday at the official window. The domestic currency traded at N1,402.67/$1, according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window. At the end of trading on Thursday, the Naira lost N12.67 against the dollar when compared to the previous exchange rate of N1,390/$1 on Tuesday, April 30, 2024. Similarly, the Naira lost against the dollar at the parallel section of the market…

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Naira weakens, as Customs FX duty rate hits N1,373

Aminu Imam
Forex naira

As the Nigerian currency, the Naira, slumped further against the United States dollar in the foreign exchange market, the exchange rate for computing import duties at the nations seaports has increased by 3.5 percent. Recall that the Central Bank of Nigeria, (CBN), raised the Customs FX duty rate from N1,327.35/$ to N1,373.646/$ on Tuesday, according to the information obtained from the official trade portal of the Nigeria Customs Service. This represents a 3.5 percent increase in rate, when compared to the old rate of N1,327.35/$ used for the opening of…

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Naira depreciates to 1,399/$1 & 1,430/$1 at official, parallelwindows

Aminu Imam
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The Naira continued its slump against the American dollar for the seventh consecutive day on Friday, at both the official and parallel windows. ?According to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the domestic currency traded at N1,399.23/$1 and N1,430/$1 respectively. At the end of trading on Friday, the naira lost N89.35 against the dollar when compared to the previous exchange rate of N1,309.88/$1 on Thursday. The intra-day high and low recorded during the day were N1,410/$1 and N1,051 /$1 respectively, representing a wide spread of…

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Naira falls to 1,400/$overrenewed pressure onblackmarket

Aminu Imam
Naira dollar

A few days after the Federal a Allocation Committee (FAAC) to States, Federal Government’s  Ministries department and agencies (MDAs), the Naira yesterday fell to N1,400 against the US dollar on the black market, following renewed demand pressure in the foreign exchange (FX) market. With the current exchange rate, the naira has lost 19.64% in two weeks when compared to N1,125 per dollar quoted on April 12, 2023 on the parallel market, popularly called the black market. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,308.52 per dollar on…

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