Naira Crashes To N493/$ At Parallel Market     This is not the best of times for the naira. It crashed yesterday to N493/$ at the parallel market, losing N12 to the dollar within 24 hours. It closed on Tuesday at N481/$. The sharp depreciation came a day...

Naira Drops As Food Inflation Rises       Fears of continued rise in inflation among foreign exchange dealers have further weakened the naira, market statistics have shown. The local currency lost strength at the weekend, dropping to N485/$1 from N483/$1 at the parallel market. The slide followed release of...

Foreign Reserves Gain $620m From Remittances     After gaining $620 million from diaspora remittances in two weeks, the foreign exchange reserves jumped to $35.026 billion, a data from the Central Bank of Nigeria (CBN) has shown. The accretion, the highest in over a month, has been attributed...

Export Proceeds, Remittances Diverted To Parallel Markets Weakening Naira         The continued diversion of export proceeds by exporters and diaspora remittances inflows to the parallel market are responsible for the ongoing depreciation of the naira against the dollar, global forex dealers have said. Trading Desk Manager, AZA,...

Naira Steady Despite #EndSARS Protests         The naira last week traded at the parallel market for N463 against the dollar, a slightly weaker ratio from the N462 exchange rate the previous week. Naira’s exchange rate remains at N379 to the dollar at the official market. The local currency...

CBN’s $450m Inflow To BDCs Stabilise Naira       The Central Bank of Nigeria (CBN) has injected over $450 million into the Bureau De Change (BDC) segment of the foreign exchange market to keep the naira stable. The dollar injections, which came after the apex bank resumed dollar...