Naira and dollar – InfoStride News

FG Seeks $10 Billion to Stabilize Exchange Rate Amid Naira Decline

Temitope Nlewemchi — Wed, 21 Feb 2024 20:41:02 +0000

In response to the recent depreciation of the naira, the Federal Government has initiated efforts to secure $10 billion with the aim of stabilizing the exchange rate. This move underscores the government’s commitment to addressing the challenges posed by the fluctuating currency value and maintaining economic stability. The decline of the naira has been a [...]

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Naira Spirals: NAFEM Closing Rate Plummets to N881.88/$1

Temitope Nlewemchi — Wed, 29 Nov 2023 19:31:41 +0000

The Naira’s decline continued on Tuesday, with a closing rate of N881.88 per dollar in the official market and N1157 per dollar in the parallel market, marking a 7.63% depreciation. This represents a substantial loss of N67.28 or a 7.63% decline compared to the previous day’s closing rate of N814.60. The intraday high reached was [...]

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Naira Slides Despite Three-Month Low for U.S. Dollar Index

Temitope Nlewemchi — Wed, 29 Nov 2023 18:07:37 +0000

The mid-week trading session witnessed a subdued performance of the naira in the peer-to-peer market, and its value depreciated further on the black/official market. This occurred despite a growing consensus that the United States central bank had concluded its interest rate hikes, leading to the dollar hitting a three-month low. Official data from FMDQ revealed [...]

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EIU Critiques CBN’s Experience in Floating Policy Implementation

Temitope Nlewemchi — Fri, 10 Nov 2023 17:11:42 +0000

Infostride News projects a weakening of Nigeria’s official exchange rate to N1,068.3/$ by 2025, according to a comprehensive report by the Economist Intelligence Unit (EIU). The report unveils concerns about the Central Bank of Nigeria’s (CBN) ability to handle a $6 billion forex backlog, pointing to a lack of firepower and experience in conducting a [...]

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Breaking News: Exchange rate plunges to unprecedented levels with N1,152 at P2P and N999/$1 at NAFEM

Temitope Nlewemchi — Thu, 19 Oct 2023 13:05:27 +0000

The Nigerian currency, the naira, has experienced a historic low in its exchange rate against the US dollar, plummeting to an alarming N999 per dollar during trading on October 19, 2023. This significant devaluation of the naira was observed in the intraday trading data sourced from the Financial Markets Dealers Quotations (FMDQ), which serves as [...]

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