© Reuters. The Nigerian Naira has continued its decline, hitting record lows in both the official and parallel foreign exchange markets. Amidst the ongoing currency crisis, Central Bank of Nigeria (CBN) Governor Dr. Olayemi Cardoso is expected to announce new monetary policies today at a Chartered Institute of Bankers of Nigeria (CIBN) event. The Naira
© Shutterstock Nigeria’s currency, the Naira, experienced a turbulent week with significant fluctuations across different exchange platforms. Amidst ongoing liquidity issues and a lack of intervention from the Central Bank of Nigeria (CBN) since October, the Naira’s value has been under considerable pressure. On the official segment of the Nigerian Autonomous Foreign Exchange Market (NAFEM),
© Reuters. Today, the Central Bank of Nigeria (CBN) addressed public concerns over the legitimacy of old Naira notes and rumors of cash scarcity. Isa AbdulMumin, Director of Corporate Communications at the CBN, confirmed that all CBN-issued banknotes are legal tender, including redesigned ones. The confirmation is rooted in Section 20(5) of the CBN Act
© Reuters. The continuous devaluation of the Nigerian Naira, which recently peaked at N2,010 per CFA1000, has significantly disrupted cross-border trade and led to record high commodity prices. The situation has been particularly severe for traders dealing in rice and frozen poultry products at the Seme-Krake border in Lagos. The price of a 50kg bag
© Reuters. In a significant turn of events, the Nigerian Naira has appreciated against the United States dollar, trading below N1,000 for the first time in 44 days across all markets, including the black market. As of Thursday, the Naira traded at N995 against the US dollar, marking an appreciation by N118 within hours. This
On Tuesday, the Nigerian naira showed a significant appreciation of 21.81%, closing at an official rate of N815.32/$1, up from N993.82/$1 the previous day. This change was accompanied by intraday figures that ranged between a high of N998.00/$1 and a low of N6475.00/$1, marking a spread of N523/$1. Despite this appreciation, Tuesday also saw a
© Reuters. FILE PHOTO: A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo By Chijioke Ohuocha ABUJA (Reuters) – Nigeria’s naira is on the brink of breaching 1,000 per dollar after falling to an official record low of 999 last week, Refinitiv data showed, tracing
© Reuters. The Nigerian Naira continued its downward trend against major currencies, hitting a record low on Monday. Despite the Central Bank of Nigeria’s (CBN) efforts to manage the currency value by floating it on June 14 and lifting forex restrictions on commodities, the Naira’s depreciation persisted. According to Aboki FX, the Naira started the
© Reuters. FILE PHOTO: A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo ABUJA (Reuters) -Nigeria’s naira hit a record low of 980 per dollar on the official market on Tuesday, Refinitiv data showed, mirroring weakness on the parallel market, as persistent dollar shortages plague
© Reuters. Nigeria’s external debt has surged by N13.38 tn ($17.38 billion) in the second quarter of 2023 due to a significant devaluation of the naira and changes in foreign exchange policies, according to data from the Debt Management Office (DMO). The country’s external debt rose to N33.25 tn ($43.16bn) in Q2 2023 from N19.64
