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The Naira has lost over half of its value in one year since Yemi Cardoso assumed office as the Governor of the Central Bank of Nigeria,( CBN) According to data from the FMDQ, the value of the local currency dropped from N747.76/$1 on September 22, 2023, to N1,541.52/$1 as of September 20, 2024, representing a
The naira has suffered further depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, closing at N1,603.80/$1 on Thursday, July 25, 2024. According to data from the FMDQ Securities Exchange, the naira depreciated by 1.07% from N1,586.71/$1 recorded the previous day. It is also the lowest level since March 14, 2024, when it was
The exchange rate between the naira and the dollar fell to N1,484.75 on Thursday, May 30, 2024, marking the second consecutive day of decline. Earlier in the week, the naira had shown unexpected strength, appreciating to N1,173.88 on Tuesday, its best performance in over two months. This surprising gain was first indicated on Monday, when
The Naira traded at the lower end of its range against the British pound sterling, edging lower ahead of a Bank of England (BoE) interest rate decision as traders project that the British apex bank will likely hold rates steady but possibly release a dovish statement. A relaxed outlook, prompted by declining UK inflation and
Nigeria’s foreign exchange (FX) reserves have witnessed a significant downturn, plunging by approximately $1.84 billion in 26 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise the Naira. Current figures from the Central Bank of Nigeria, CBN, as of April 12, 2024, reveal that the FX reserves are now positioned at $32.61
The APC and her supporters seem to be celebrating the recent dollar “supposed – gain” at N1,400. Most Nigerians, especially the well meaning Nigerians found it rather amusing and unfortunate. You’d recall that APC ousted PDP and inherited Dollar to Naira at 180 naira.. The calamitious Buhari used 8 years to spike the dollar from
This time last year the dollar rate was stable @ 730 to $1. It was the same at Binance P2P USDT was stable and pegged at 730 to $1. So what changed between last year and this year that caused a 60% Naira depreciation? There are two answers. 1. PresidentTinubu’s miscalculation. 2. Greedy Speculators Lets
The Naira fell to a new all-time-low of N1,720/$ at the parallel market on Monday, according to the data on abokiFX. This represents 3.61% decline from the N1,660/$1 it closed on Friday at the parallel market and a further fall from the N1,600/$1 it closed on Thursday. The naira also fell to N2,125 against the British
There is no end in sight to the lingering foreign exchange crisis as dollar crossed over N1,500 at the official market. The dollar closed at 1,534.39 at the official market on Monday, according to the FMDQ data. This is the first time the dollar would be exchanging at over N1,500 since the crisis putting more pressure
Bureau de Change Operators, under the Association of Bureau de Change Operators of Nigeria have shutdown operations over the surge in the price of the dollar. Members under the Abuja Bureau de Change Association who operate in Zone, 4, a hub for black market foreign exchange have also shutdown operations Major areas for sourcing foreign