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,...

Naira Crosses N700/$ At Parallel Market   The naira has continued its downward trend, falling to N702 per dollar at the parallel market. The figure represents N10 or 1.4 per cent depreciation compared to the N692 it traded last week. Bureaux De Change (BDC) operators in Lagos and...

Naira Drops To N683 Per Dollar At Parallel Market   Naira has dropped to N683 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market. The figure represents a depreciation of N3 or 0.4 per cent from the N680 it...