Naira Crash Due To Higher Dollar Demand, FX Supply Gaps   The naira crash to about N630 to dollar at the parallel market has been linked to higher dollar demand and foreign exchange (FX) supply constraints. However, the dollar to naira exchanges at N415.75 to one dollar,...

UPDATE: Naira Continues to Fall, now N650 Per Dollar The Nigerian currency has again sunk to a new low as it now exchanges for N650 against the U.S. dollar in the parallel market. This is coming less that than an hour after ECONOMIC CONFIDENTIAL reported that...

CBN To Sanction Customers Converting Naira To Dollar   The Central Bank of Nigeria (CBN) yesterday read the riot act to bank customers, especially politicians, converting naira to the dollar as electioneering spending spike. The CBN, which also raised interest rate from 13 per cent to 14...

Naira Remains Constant, Exchanges At 421/$   The Naira on Tuesday remained constant at exchanging at 421.00 to the dollar for the second day at the Investors and Exporters window. The local currency remained unchanged at 421.00 to the dollar, same as the 421.00 traded on Monday. The...

2023 Elections: Dollar Rises By 21%, FX Shortage Persists After Party Primaries   Dollar exchanged at N603 (average) at Lagos and Abuja parallel markets on Tuesday, indicating a worsening liquidity crisis in the foreign exchange market of Africa’s biggest oil producer. Between June 2021, and June 2022,...

BDCs Suspension Worsening Dollar Scarcity - ABCON   The Association of Bureaux De Change Operators of Nigeria (ABCON) said that the widening gap between the official and parallel market exchange rates is driven by acute dollar scarcity due to the continued suspension of foreign exchange sales...