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 […]

Business

Naira appreciates to N485/$1 on parallel market

The naira appreciated against the dollar on the parallel market yesterday, closing at N485 per dollar from N490/$1 on Tuesday, according to traders. Data obtained from “Abokifx,” a website that tracks forex rates on the parallel market, showed that the naira strengthened to N470 per dollar earlier yesterday before closing at N485/$1. Analysts attribute the […]

Business

Naira drops to N487/$1 on parallel market

The naira continued its downward slide on the parallel market yesterday, dropping to N487/$1 from N484/$1 at the weekend. Data obtained from “Abokifx,” a website that tracks forex rates on the parallel market showed that although trading had opened earlier in the day with the naira at N483/$1, it depreciated against the greenback to close […]

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Naira plunges to N484/$1 on parallel market

The lingering acute shortage of foreign exchange in the country appears to be worsening as the local currency continued its downward slide on the parallel market, dropping to N484/$1 yesterday from N478/$1 and 470 per dollar on Wednesday and yesterday respectively. Data obtained from “Abokifx,” a website that tracks forex rates on the parallel market […]

News

Naira strengthens against dollar

Barely 24 hours the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos. The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively. The Naira, however, weakened marginally at […]

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FX scarcity: Naira slides to N480/$1 on parallel market

The scarcity of dollars at the parallel market led to the naira dropping to N480 per dollar in Lagos yesterday from N475/$1 rate that the local currency traded at throughout last week. The foreign-currency shortage has worsened in recent weeks leading to lenders not honouring card payments, foreign investors having difficulty getting their money out […]

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Exchange rate unification: CBN weakens official naira to N380/$1

The Central Bank of Nigeria (CBN) may have finally unified the country’s multiple exchange rates as it yesterday altered the official exchange rate at which it sells the naira to the dollar on its website to N380/$1 from the N361 per dollar that the website had reflected since March 20, this year. Although, the apex […]

Business

Naira weakens to N470/$1 on parallel market

The naira dropped further to N470 per dollar on the parallel market yesterday from N465/$1 on Tuesday as scarcity of foreign exchange, occasioned by the slump in oil prices continues to negatively impact the local currency. It, however, closed at N386.50 per dollar from N387.75/$1 earlier in the day at the Investors and Exporters’ (I&E) […]

News

Naira slides to N465/$1 on parallel market

The naira weakened further to N465 per dollar on the parallel market yesterday from N463/$1 on Thursday. The last time the exchange rate traded at close to N465/$1 on the parallel market was in March 2017. However, it yesterday closed at N387 per dollar from N386.13/$1 earlier in the day at the Investors and Exporters’ […]

Business

Naira weakens at parallel market

The naira weakened to N463 per dollar at the parallel market yesterday from N461/$1 the previous day. The local currency had remained stable since Monday, seemingly unaffected by the Central Bank of Nigeria’s (CBN) rate unification actions in recent days. The apex bank had on Tuesday adjusted the exchange rate at the official window by […]

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