Business

Report: Nigerians shun naira for foreign currencies

Nigerians are accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, a Bloomberg report said yesterday, citing a research paper in a journal published by the Central Bank of Nigeria(CBN). “Higher real-exchange rate volatility is associated with an increased level of currency substitution,” central bank economists including Isaiah Ajibola, Sylvanus Udoette, […]

Business

Naira weakens against dollar at I&E forex window

The naira depreciated against the dollar yesterday at the Investors & Exporters’ (I&E) window of the foreign exchange market, closing at N411 per dollar compared with N409/$1 on Monday, according to data obtained from the FMDQ Security Exchange. The local currency, however, remained stable at N482 per dollar on the parallel market, according to data […]

Business

Naira weakens further at I&E window

The local currency, naira extended i ts weakness against the greenback at the Investors and Exporters’ (I&E) window yesterday, closing at N411.0 per dollar compared with N410.50/$1 on Tuesday, FMDQ data shows. Naira, however, remained stable at N485 per dollar on the parallel market according to data obtained from abokifx.com. Following the naira’s slide to […]

Business

Naira gains marginally against dollar at I&E window

The local currency, naira, appreciated marginally against dollar at the Investors and Exporters’ (I&E) window yesterday, closing at N411.13/$1 compared with N412 per dollar on Tuesday, FMDQ data shows. On Monday, naira had closed at N411.88/$1 at the I&E window, weaker than N411 per dollar last Friday. In the wake of naira’s weakening to N410.25 […]

Business

Naira strengthens further at I&E window

The naira gained further ground at the Investors and Exporters’ (I&E) window yesterday, closing at N406.50 per dollar compared with N411/$1 on Wednesday, according to FMDQ data. After dropping to N411.63 per dollar on Tuesday from N409/$1 at the I&E window, on the previous day, the local currency had gained 0.15 per cent against the […]

Business

Naira gains at I&E window after sustained slide

For the first time this week, the naira strengthened at the Investors and Exporters’ (I&E) window yesterday, closing at N400 per dollar from an opening rate of N401.04/$1, data on the FMDQ website shows. The local currency’s recovery yesterday evening at the I&E window came after it traded for as high as N422.59 per dollar […]

News

Analysts: Naira to depreciate to N490/$1 on parallel market

Citing the Central Bank of Nigeria’s (CBN) plan to settle February 24 Non-Deliverable Forwards (NDFs) at N412.14 on the official market, analysts at leading provider of currency trading solutions, AZA, have predicted that the naira will depreciate to N490 per dollar on the parallel market. The NDF is an indicator of the direction of the […]

Business Top Stories

Devaluation speculation mounts as naira weakens

Speculation mounted in financial circles yesterday that another devaluation of naira was afoot as the local currency extended its weakness on the Investors and Exporters’ (I&E) window. According to data obtained from FMDQ’s website, naira yesterday closed at N395.50 per dollar from an opening rate of N395.25/$1. On Tuesday, naira closed at N395 per dollar […]

News Top Stories

Naira falls to N480/$1 on parallel market

The naira continued its downward slide on the parallel market yesterday, dropping to N480/$1from N478/$1 on Thursday. Data obtained from “Abokifx,” a website that tracks forex rates on the parallel market, shows that after falling to N487 per dollar in late November, the naira appreciated to N465/$1 during the Christmas festivities. It, however, resumed its […]

Business

Naira strengthens further against dollar on parallel market

The naira had continued to s t r e n g t h e n against the dollar on the parallel market in the wake of the Central Bank of Nigeria’s (CBN) new policy on diaspora remittances. Data obtained from “Abokifx,” a website that tracks forex rates on the parallel market, shows that the naira […]

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