FX Market
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It’s been a busy week on the economic front. There was no major shift in the overall outlook – since Monday we’ve had it confirmed that the UK economy has lower inflation and more growth than the last two years, while wages have grown faster than the overall pace of price rises. On the back…
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The Naira depreciated by over 40 percent in the half quarter of 2024 at the foreign exchange market. The FMDQ data showed that the Naira weakened to N1505.30 per dollar on Friday from between N896.6 and N907.11 it closed on 29th December 2023. The figure showed that the Naira had continued its instability against other…
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The Central Bank of Nigeria has stopped the Foreign Exchange Price Verification System for importers. CBN disclosed this in a statement signed by its Acting Director of Trade and Exchange Department, W. Kanya on Wednesday. According to the bank, importers no longer need PVS as a requirement for the completion of ‘Form M’ with effect…
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The Central Bank of Nigeria (CBN) has announced the sales of dollars to 1, 588 Bureau De Change (BDC) operators to meet retail market demand for eligible transactions. A statement by the apex bank on Monday said it will sell $10, 000 to each of the BDCs at the rate of N1,101/$1, adding that the…
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Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar. The situation has provoked anger and protests across the country. The latest government statistics released Thursday showed the inflation rate in January…
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President Bola Tinubu says his administration is making efforts to raise at least $10 billion to increase foreign exchange (FX) liquidity, stabilize the naira and grow the economy. Tinubu made this known at the inauguration of the public wealth management conference organized by the Ministry of Finance Incorporated (MOFI) on Tuesday in Abuja. He said…
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The Central Bank of Nigeria, CBN, has given assurance of stability in the naira-dollar exchange rate. CBN Governor Olayemi Cardoso said this at an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday. “In terms of the volatility of the exchange rate, we are using various tools to ensure the…
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The Central Bank of Nigeria, CBN, has denied plans to convert $30 billion deposits in domiciliary accounts to naira. CBN was reacting to a report that it was considering a policy that will convert the foreign currencies of Nigerians in domiciliary accounts to naira. The report claimed that the move would stabilise and increase liquidity…
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The volatility of the Naira against the US dollar continues to send shockwaves of uncertainty through Nigeria’s economy, affecting investors’ confidence. Last week, there was a brief respite as the country’s currency strengthened against the dollar, trading at N970/$1 in the parallel market compared to N1300/$1 the previous week. However, the naira started this week…
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Nigeria’s currency, the Naira, on Wednesday slumped to N1080 per Dollar at the foreign exchange parallel Market. Dayyabu Ashiru, a Bureau De Change operative in Wuse Zone 4, disclosed this to reporters. According to him, the naira depreciated between N1,060 and N1,100 to the Dollar in the BDC market. “We are selling between N1060-N1080 to…
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The Naira appreciated at the close of work on Wednesday against the Dollar as it exchanged at N790/$1 at the official window. This is according to FMDQ Wednesday’s forex trading report. Wednesday’s rate of N790/$1 represented a N58 disparity from the N848/$1 traded on Tuesday. However, we reported that Naira had continued its free-fall at…
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