Naira Heads To N1,000/$ As Scarcity Worsens     The rate at which the naira, is depreciating against the dollar shows that it could fall to N1,000/$ before the end of next month, traders said Tuesday. According to the traders, this is due to shortage of the greenback,...

Naira Drops Across Markets As Forex Reserves Dwindle   The naira has continued its free fall across the exchange markets as Nigeria’s foreign exchange (forex) remained depressed amidst dwindling crude oil production. Post-trading data at the weekend showed that the naira during the week depreciated at both...

BoA Says Naira May Devalue By 20% In 2023   Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America (BOA). According to a report by Bloomberg, economist...

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...

In Five Months, CBN Defended Naira With $7.6bn   The Central Bank of Nigeria injected $7.6bn into the economy to stabilise the value of the naira in five months. This was obtained in the banking regulator’s monthly economic reports on foreign exchange market developments. According to the reports,...