TheNewsGuru

Tag: US Dollars

  • 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.

  • Naira continues to appreciate, gains N7.78 at official market

    Naira continues to appreciate, gains N7.78 at official market

    The Naira gained at the official market on Thursday as it traded at N1,255.07 to a dollar.

    According to Data released from the official trading platform of the FMDQ states  that the the Nigerian currency, Naira gained N7.78

    This represents a 0.62 per cent appreciation when compared to the previous day’s trading on Wednesday, exchanging at N1,262.85 to a dollar.

    However, the total turnover increased to $138.99 million on Thursday, up from $166.18 million recorded on Wednesday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,294 and N1,200 against the dollar.

    The Central Bank of Nigeria revealed that Naira gained about 660 since the new reformed was introduced to help the currency gain some strengths.

  • Foreign Exchange: Naira gains weight twice in one week

    Foreign Exchange: Naira gains weight twice in one week

    The Naira has gained weight significantly against the US Dollar for the second consecutive time in the period of just one week at the foreign exchange market.

    Figures  from FMDQ indicate that the Naira appreciated N1542.58 per US dollar on Wednesday from 1,551.24 on Tuesday.

    This shows a significant improvement of N8.63 or 0.6 per cent gain compared to the N1,551.24 recorded at the close of trading on Tuesday.

    Accordingly, the Naira has gained N36.66 since Monday, when it traded for N1,574.62 per US dollar at the official forex market.

    This is as the US dollar supply surged on Tuesday by 76.62 per cent, according to FMDQ data.

    Furthermore, at the parallel market, the Naira dropped to N1,860 per US dollar on Wednesday from N1,740.00 on Tuesday.

    The margin shows clearly   that the margin between the official and parallel forex markets’ exchange rates has widened.

    The development comes barely 24 hours after a clampdown on illegal Bureau De Change operators by officers of the Economic and Financial Crime Commission, EFCC, in Wuse Zone 4.

    It would be recalled that in the past weeks, the Central Bank of Nigeria has introduced several policies to checkmate the continued fluctuations of the Naira in the FX market.

    The latest policies by CBN were the new guidelines issued to stop the payout of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, in cash.

     

  • Naira continues free fall, drops to all time low

    Naira continues free fall, drops to all time low

    Naira has continued its free fall as it fell to an all-time low against the US dollar, at the official and parallel foreign exchange markets, worsening the nation’s FX crisis.

    Data from FMDQ showed that the naira depreciated from N1,574.62 per US dollar on Monday to N1,537.96 on Friday last week.

    The figure shows that Naira fell to an all time low of N36.66 or 2.3 per cent loss compared to the N1,537.96 recorded at the close of trading on Friday.

    Similarly, at the parallel market, the naira dropped to N1,660 per US dollar on Monday from N1,590 on Friday.

    Dayyabu Mistila, a Bureau De Change operator, confirmed the development to pressmen on Monday.

    The development comes amid a clampdown on illegal Bureau De Change operators by officers of the Economic and Financial Crime Commission, EFCC, and the arrest of 50 in Wuse Zone 4 Abuja on Monday.

    Meanwhile, the depreciation of the FX markets came despite the Central Bank of Nigeria’s introduction of new guidelines on Wednesday last week, stopping the payout of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, in cash.

    At the same time, the apex bank stopped international oil companies, IOCs, operating in Nigeria from repatriating 100 per cent of their forex revenue.

  • US Dollar fights back as Naira falls to N1, 000/$ at official market

    US Dollar fights back as Naira falls to N1, 000/$ at official market

    After few days of the Naira strengthening against the Dollar, at both official and the official and parallel markets, findings show that Dollar is fighting back.

    The naira has weakened for three day running after efforts by the Nigerian central bank to clear a backlog of matured foreign-exchange forward contracts left a number outstanding.

    The naira closed trading on the Investor & Exporter forex window on Thursday at N996.75/$.

    This is a 13.95 per cent decline from the N874.71/$ it closed trading on Wednesday. So far, the naira has lost 27.75 per cent of its value since opening the week at N780.23/$ according to details on FMDQ OTC Securities Exchange.

    So far, the naira has lost about 40 per cent of its value in 2023, earning the tag of one of the worst performing African currencies from the World Bank.

    Recall that the Special Adviser to the President on Economic Matters, Dr Tope Fasua, boasted  that the measure recently being introduced by the Central Bank of Nigeria  will help the Naira achieve N500-N600/$1 in the future.