Dollar to Naira
Naira dips further, trades at N1,687.52 in Official Market
The Naira experienced a slight decline at the official market on Wednesday, trading at N1,687.52 per dollar. This represents a depreciation of 0.51 per cent, with the currency losing N8.59 compared to Tuesday’s rate of N1,678.93 per dollar. Data from the FMDQ Exchange revealed the loss in value occurred alongside a surge in daily turnover, […]
Naira drops against dollar amid fresh fuel price hike
The naira depreciated significantly against the dollar at the foreign exchange market as the Nigerian National Petroleum Company Limited, NNPCL, increased the pump price of Premium Motor Spirit (petrol) for the umpteenth time. FMDQ data showed that the naira weakened to N1625.13 per dollar on Wednesday from N1561.76 exchanged on Tuesday. This represents an N63.37 […]
JUST IN: CBN sells $10,000 to BDC operators at N1,101/$
The Central Bank of Nigeria (CBN) has announced it will once again sell dollars to bureau de change operators. This was disclosed in a circular seen on CBN website. The CBN said it is set to sell $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more than […]
Naira Appreciates By 1.5% Against Dollar
The Naira experienced a slight appreciation at the official market, trading at N1,431.49 to a dollar on Friday. Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N21.79 or 1.5 per cent, compared to the previous day’s rate of N1,453.28 against the dollar. However, the total turnover decreased to […]
Naira gains at parallel market, trades at N1,500/$
Naira has continued its appreciation streak at the parallel section of the foreign exchange (FX) market. The local currency traded at N1,500/$ on Wednesday, representing a gain of 9.09 percent from N1,650/$ recorded on Monday. Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,450 and the selling price at […]
Naira volatility: Banks to fix forex rates —CBN
FOLLOWING persistent fluctuations of the naira exchange rate, the Central Bank of Nigeria (CBN) has permitted banks to sell foreign exchange at rates determined by them. With the banks determining their own prices, customers may find better deals on FX compared to the previous system while customers can compare the prices offered by different banks, […]
Again, CBN Adjusts Exchange Rate to N1,413.62/$1
Amid stakeholders’ rejection of the N1,356.883 exchange rate, the Central Bank of Nigeria (CBN) on Saturday readjusted the exchange rate on the Customs platform to N1,413.62/$1. This review of the exchange rate came less than 24 hours after the CBN increased the exchange rate from N951.941/$1 in December to N1,356.883/$1 on Friday, February 2nd, 2023. […]
BREAKING: Naira falls to record low of N1,515 /$1 at the black market
Naira has fallen to a record low of N1,515 per dollar following strong demand on the parallel market, also known as the black market. This represents 1.32% or N20.00 weaker than N1,495 it traded in the morning today according to Nairametrics tracker. This despite analysts’ optimism that the new FX rules by the apex bank […]
BREAKING: Abuja black market traders close shops
In a surprising move, foreign exchange black market operators in Abuja, including those at the bustling Wuse Zone 4 market, abruptly stopped trading on Thursday morning. They attributed their decision to instructions from their union and a significant depreciation of the Naira against the US dollar at the official market. None of the traders approached […]