Naira Depreciation: Insurance Industry Capital Base Crashes To $1bn       Naira’s depreciation has taken a toll on the capital base of the insurance industry. The capital has dropped to $1 billion from $2.2 billion. This was contained in the Agusto & Co. 2021 Nigerian Insurance Industry Report:...

Naira Depreciation Weakens Manufacturing Production - MAN       Notwithstanding the challenges of access to foreign exchange (forex) for importation of raw materials, local manufacturers have stated that a favourable exchange regime and a stronger currency, presents a good omen for improving manufacturing production. According to the Manufacturers...

'Naira Depreciation In Parallel Market To Continue'       Analysts have predicted that the depreciation of the naira in the parallel market will continue due to back-log of unsatisfied demand for dollars. They also cited rising dollar demand owing to increased economic activities due to reduction in COVID-19...

Firms Expect Further Naira Depreciation As Dollar Sells For N440   Business organisations in the country expect the naira to depreciate further in the next few months, a report by the Central Bank of Nigeria has said. The dollar on Thursday sold for N440 in the parallel...

‘Naira Depreciation Could Rekindle Foreign Portfolio Investors’ Interests’   Analysts in Nigeria’s financial sector have expressed optimism that the Central Bank of Nigeria’s (CBN) adjustment of the Foreign Exchange (FX) rate to N380 to $1, could rekindle the interest of foreign portfolio investors in the country’s...

The Nigerian Stock Exchange (NSE) has been hit by the foreign exchange crisis as the continued depreciation of the local currency, naira, against the US dollar affects the value of the market. The market capitalisation in dollar terms has dropped by about $15 billion within...