Naira Sells N436.63/$1 at Spot Market, N731/$1 at Black Market The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday, October 6. Yesterday, the exchange rate of the local currency against the greenback closed at...

Naira Slips to N737  to a Dollar The naira, on Thursday, depreciated further against the dollar at the parallel and official sections of the foreign exchange market. The Nigerian naira collapsed to a new record low, trading at a minimum of N737/$1 on Thursday at the...

FOREX: CBN Allays Fears of Nigerians   ABUJA – In the face of rising demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some...

In Two Months, CBN Defends Naira With $3.36bn The Central Bank of Nigeria injected $3.36bn into the foreign exchange market in two months as part of efforts to ensure the stability of the naira. Figures obtained from the CBN’s January monthly report on ‘Foreign Exchange Market...

Amid Currency Crisis, Reserves Gain $5bn In 2021   Amid currency crisis and fluctuation in oil prices, the country’s gross foreign reserves dipped by nearly $600 million in December alone. This raises fresh concern about the short to medium-term stability of the foreign exchange market. The figure...

External Reserves Decline By $523m In Two Weeks       Nigeria’s external reserves dropped by $523m to $34.475bn as of March 16 from $34.998bn as of March 1, figures from the Central Bank of Nigeria revealed on Wednesday. The reserves, which had continued a downward trend of recent,...