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Tag: Naira

  • Naira depreciates by 4.41% against dollar

    Naira depreciates by 4.41% against dollar

    The Naira on Monday depreciated at the official market, trading at N1670.65 to the dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N70.65.

    This represents a 4.41 per cent loss when compared to the previous trading date on Friday, Oct. 25, when it exchanged at N1,600 to a dollar.

    Also, the total daily turnover reduced to 81.17 million dollars on Monday down from 284.93 million dollars recorded on Friday.

    At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,677 and N1,585.67 against the dollar.

  • Naira appreciates by 0.07% against dollar

    Naira appreciates by 0.07% against dollar

    The Naira closed the week stronger on Friday at the official market, trading at N1,600 to the dollar.

    Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N1.20.

    This represents a 0.07 per cent gain when compared to the previous trading date on Thursday when it exchanged at N1,601.20 to a dollar.

    Also, the total daily turnover increased to 284.93 million dollars on Friday up from 230.99 million dollars recorded on Thursday.

    At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,682 and N1,589.82 against the dollar.

  • Naira slumps against Dollar at official market

    Naira slumps against Dollar at official market

    The Naira on Tuesday depreciated at the official market, trading at N1,658.97 to the Dollar. Data from the official trading platform of the FMDQ Exchange,  revealed that the Naira lost N106.05.

    This represents a 6.82 per cent loss when compared to the previous trading date on Monday when it exchanged at N1,552.92 to a dollar.

    Also, the total daily turnover reduced to 217.86 million dollars on Tuesday down from 343.71 million Dollars recorded on Monday.

    At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,670.50 and N1,556.29 against the Dollar.

  • Naira looses N63.37 against dollar

    Naira looses N63.37 against dollar

    The Naira on Wednesday depreciated at the official market, trading at N1,625.13 to the dollar.

    Data from  the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N63.37.

    This represents a 4.05 per cent loss when compared to the previous trading date on Tuesday when it exchanged at N1,561.76 to a dollar.

    Also, the total daily turnover reduced to 170.6 million dollars on Wednesday down from 253.68 million dollars recorded on Tuesday.

    At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,652 and N1,560 against the dollar.

  • Naira slumps to N1,669.15 per USD at official market

    Naira slumps to N1,669.15 per USD at official market

    The Naira on Wednesday depreciated at the official market, trading at N1,669.15 to the Dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N127.21.

    This represents an 8.24 per cent loss when compared to the previous trading date on Monday, Sept. 30 when it exchanged at N1,541.94 to a Dollar.

    Also, the total daily turnover reduced to 176.45 million dollars on Wednesday down from 181.86 million dollars recorded on Monday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,699 and N1,550 against the Dollar.

  • Naira depreciates by 8.24% against dollar

    Naira depreciates by 8.24% against dollar

    The Naira on Wednesday depreciated at the official market, trading at N1,669.15 to the dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N127.21.

    This represents an 8.24 per cent loss when compared to the previous trading date on Monday, Sept. 30 when it exchanged at N1,541.94 to a dollar.

    Also, the total daily turnover reduced to 176.45 million dollars on Wednesday down from 181.86 million dollars recorded on Monday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,699 and N1,550 against the dollar.

  • Naira Nosedives to N1,700/$ at parallel market, lowest level in 7 months

    Naira Nosedives to N1,700/$ at parallel market, lowest level in 7 months

    The naira nosedived to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday.

    At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday.

    The N1,700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.

    Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.

    At the official window, the local currency appreciated by 2.24 percent from N1,576.1/$ on Thursday to trade at N1,540.78 on Friday.

    According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,691 and at a low rate of N1,530. during trading hours.

    WEEK-LONG FLUCTUATIONS

    At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.

    Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.

    However, the naira rebounded to N1,675 on Thursday.

    At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.

    Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.

    On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.

    The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.

    On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.

  • Naira gains 2.24% against Dollar at official market

    Naira gains 2.24% against Dollar at official market

    The Naira on Friday appreciated at the official market, trading at N1,540.78 to the Dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N35.32.

    This represents a 2.24 per cent gain when compared to the previous trading date on Thursday, Sept. 26, when it exchanged at N1,576.10 to a Dollar.

    However, the total daily turnover reduced to 212.31 million dollars on Friday, down from 334.05 million Dollars recorded on Thursday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,691 and N1,530 against the Dollar.

  • VERY sick Naira: CBN sells $20k to BDC operators at N1,590/$

    VERY sick Naira: CBN sells $20k to BDC operators at N1,590/$

    The Central Bank of Nigeria (CBN) has announced the sale of $20,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,590/$.

    In a circular to all Bureau De Change operators dated September 25, 2024, the apex bank said the forex would provide “additional liquidity to this segment of the foreign exchange market”.

    The circular was signed by CBN’s Acting Director of Trade and Exchange Department, W.J. Kanya.

    Kanya said, “To this end, the CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions.

    “All BDCs are allowed to sell to eligible end-users at a margin of not more than one percent above the purchase rate from CBN.

    Eligible BDCs interested in this transaction are directed to make the naira payment to the CBN deposit account numbers with them.

    “Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Akwa, Kano and Lagos for collection of the $20,000.”

  • Naira strengthens massively against Dollars

    Naira strengthens massively against Dollars

    The naira experienced a significant appreciation against the dollar on Wednesday in the official foreign exchange market.

    According to FMDQ data, the naira strengthened to N1,543.84 per dollar, up from N1,592.06, marking an increase of N48.22.

    This is the first gain for the naira this week after it had previously declined by N27.58 against the dollar on Monday and Tuesday.

    In contrast, the parallel market saw the naira remain unchanged at N1,615 per dollar, the same rate as the previous day.

     

    The Central Bank of Nigeria reiterated its commitment to stabilizing the country’s foreign exchange market in a statement released on Tuesday.