TheNewsGuru

Tag: Naira

  • Naira loses N13.49 against Dollar at official market

    Naira loses N13.49 against Dollar at official market

    The Naira on Monday depreciated at the official market, trading at N1,577.29 to the Dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N13.49.

    This represents 0.86 per cent loss when compared to the previous trading date on Friday, July 12 when it exchanged at N1,563.80 to a Dollar.

    However, the total daily turnover increased to 153.53 million dollars on Monday, up from 126.50 million Dollars recorded on Friday.

    Meanwhile, at the Investor’s and Exporter’s (I&;E) window, the Naira traded between N1,590 and N1,470 against the Dollar.

  • Naira strengthens marginally against dollars

    Naira strengthens marginally against dollars

    For the first time in about nine days, the naira appreciated against the dollar in both the official and parallel foreign exchange markets.

     

    According to FMDQ data, the naira marginally appreciated to N1,554.65 per dollar on Thursday from N1,561.98 on Wednesday, marking a gain of N7.33.

     

    Similarly, in the parallel exchange market, the naira appreciated to N1,550 on Thursday from N1,560 on Wednesday.

     

    This improvement comes as foreign currency transaction turnover hit $348.82 million on Thursday, as reported by FMDQ.

     

    Since last Friday, the naira had been depreciating, losing N52.31 over the period. Notably, external reserves reached a one-year high of $35.05 billion on Monday, July 8, 2024.

  • Again, Naira weakens against dollars

    Again, Naira weakens against dollars

    The naira has continued its depreciation against the US dollar in the foreign exchange market, despite a surge in FX transaction turnover.

     

    The FMDQ data made available showed that the naira weakened to N1532.58 against the dollar on Tuesday, down from N1523.85 on Monday. This represents an N8.73 depreciation from the previous day.

    This decline occurred despite an increase in foreign currency transaction turnover, which rose to $188.19 million on Tuesday from $133.46 million on Monday.

    Similarly, in the parallel foreign exchange market, the naira depreciated to N1540 on Tuesday from N1530.

    Further analysis shows that from last Friday to Tuesday, the naira lost N22.91 in the official market and N15 in the parallel market, despite an increase in Nigeria’s external reserves to $34.66 billion as of June 4, 2024.

  • CARTOON OF THE DAY: Smelly and mutilated notes in circulation

    CARTOON OF THE DAY: Smelly and mutilated notes in circulation

    CARTOON OF THE DAY: Smelly and mutilated notes in circulation

  • Naira suffers 40% depreciation in first half of 2024

    Naira suffers 40% depreciation in first half of 2024

    The Naira depreciated by over 40 percent in the first half of 2024 in the foreign exchange market.

    FMDQ data showed that the Naira weakened to ₦1505.30 per dollar on Friday, down from between ₦896.6 and ₦907.11 where it closed on December 29, 2023.

    The figures indicate that the Naira has faced continued instability against other currencies in recent months, following a period of appreciation that ended in mid-April 2024.

    The Naira peaked at ₦1,665.50 in February 2024 and reached its lowest point in April at ₦1,140 and ₦1,230.61 in the official and parallel foreign exchange markets, respectively.

    The depreciation is a result of several policies implemented by the Central Bank of Nigeria (CBN).

    These policies include unifying the FX market, regulating International Money Transfer Operators, intervening with Bureau De Change operators, imposing regulations on excess FX to banks, and recently withdrawing the Price Verification System Portal for importers.

    Despite these policy reforms, the Naira has continued to fluctuate against the Dollar and other currencies in the foreign exchange market.

    According to Bloomberg, the Naira went from being the best-performing currency in April 2024 to the worst-performing in May.

    As of Friday, the Naira closed at ₦1505.30 and ₦1515 in the official and parallel foreign exchange markets, respectively.

    This depreciation occurred despite an increase in Nigeria’s external reserves, which stood at $34.07 billion as of June 26, 2024.

  • Naira regains confidence after nose diving against Dollar for nine days

    Naira regains confidence after nose diving against Dollar for nine days

    The Naira appreciated against the dollar at the foreign exchange market on Friday to end the week on a positive note after nine days of depreciation.

    FMDQ data showed that the Naira gained at N1505.30 against the dollar on Friday from N1510.10 traded on Thursday.

    This represents a N4.8 gain against the dollar compared to the N1510.10 traded the previous day.

    Similarly, the Naira saw a gain and traded N1515 against the dollar at the foreign exchange market on Friday.

    This is the first time the Naira has appreciated since June 18, 2024, when it traded at N1482.72 per dollar at the official forex market.

    The development comes as Nigeria’s external reserves rose to a record high of $34.07 billion on June 26, 2024.

  • Naira gains slightly against the US Dollar

    Naira gains slightly against the US Dollar

    The Nigerian currency, Naira on Tuesday  appreciated marginally to N1480 against the  United States dollar at the parallel foreign exchange market.

    The slight appreciation was disclosed to journalists by Dayyabu Ashiru, a bureau de change operator at Wuse Zone 4 in Abuja.

    According to him, demand for foreign exchange had remained flat due to the Eid-el-Kabir holiday.

    Continuing he said, the Naira was exchanged at N1,480 against the dollar on Tuesday compared between N1,490 to N1500 it was traded last Friday before the holiday.

    “We buy at N1,460 against the dollar and sell at N1,480. This is an appreciation compared to the N1,490 to N1,500 it traded last week Friday. I think demand for FX dropped due to the Sallah celebration,” he said.

    The development comes as the Nigeria government declared Monday and Tuesday public holidays to mark the Sallah celebration.

    Consequently, official FX trading is expected to resume on Wednesday.

    Last week Friday, FMDQ data showed that the Naira closed at N1482.72 against the dollar at the official market.

    The continued fluctuations of the Naira in the FX market had been a source of concern to financial experts.

    Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the fluctuation of the Naira against the dollar is a contributing factor to Nigeria’s soaring inflation, which rose to 33.95 per cent in May 2024.

     

  • Naira depreciates by 0.17% against dollar at official market

    Naira depreciates by 0.17% against dollar at official market

    The Naira on Thursday slightly depreciated at the official market trading at N1476.24 to the dollar.

    Data from the official trading platform of the FMDQ Exchange, revealed that the Naira lost N2.58.

    This represents a 0.17 per cent loss when compared to the previous trading date on Tuesday when it traded at N1,473.66 to the dollar.

    Also, the volume of currency traded reduced to $92.68 million on Thursday down from $385.91 million recorded on Tuesday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between 1,500 and N1,400 against the dollar.

  • Naira appreciates to N1,485 per dollar

    Naira appreciates to N1,485 per dollar

    The Naira on Tuesday appreciated in the parallel market to N1,485 per dollar from N1,490 per dollar on Monday.

    However, the Naira appreciated to N1,473.66 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

    Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,473.66 per dollar from N1,483.62 per dollar on Monday, indicating N9.96 appreciation for the Naira.

    The volume of dollars traded on the window increased by 138.6 percent to $385.91 million from $161.69 million on Monday.

    Consequently, the margin between the parallel market and NAFEM rates widened to N11.34 per Dollar from N6.38 per dollar on Monday.

  • Naira appreciates against Dollar by 0.02%

    Naira appreciates against Dollar by 0.02%

    The Naira on Monday slightly appreciated at the official market trading at N1,483.62 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 37 kobo.

    This represents a 0.02 per cent gain when compared to the previous trading date on Friday when it traded at N1,483.99 to the Dollar.

    However, the volume of currency traded reduced to $161.69 on Monday down from $269.27 million recorded on Friday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,505 and N1,410 against the Dollar.