The naira weakened against the U.S. dollar on October 11, 2024, closing at N1,641.27 in the official Investor and Exporter (I&E) window, despite crude oil futures remaining above $79 per barrel. This shift highlights changes in Nigeria’s foreign exchange landscape, with the naira depreciating by 1.15% from the previous day’s rate of N1,622.57. Meanwhile, market
The Central Bank of Nigeria (CBN) announced it sold $543.5 million to authorized dealer banks between September 6 and September 30. According to a statement from Omolara Duke, Director of the Financial Markets Department at the CBN, the sales occurred over 11 dealing days through a two-way quote at the Nigeria Foreign Exchange Market (NFEM).
Bureau De Change (BDC) operators in Nigeria have attributed the recent depreciation of the Naira in the parallel market to scarcity of forex in the sector as major sources become drastically reduced. The Chairman of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe told Nairametrics that sources of forex to that
The naira strengthened against the US dollar on September 27, 2024, closing at N1,540.78 in the official Investor and Exporter (I&E) window. This represents a 2.24% increase from the previous day’s closing rate of N1,576.10, as the naira seeks stability against the dollar. However, market turnover dropped significantly, declining by 36% from $334.05 million on
The Central Bank of Nigeria (CBN) has announced the approval of the sale of an additional $20,000 to each eligible Bureau de Change operator (BDC) in the country. This is according to a circular released on September 25, 2024, signed by Dr. W.J. Kanya, the Acting Director of the CBN’s Trade & Exchange Department. According
The exchange rate between the Nigerian naira and the US dollar depreciated to N1,562.66 at the official Investor and Exporter (I&E) window on Monday, September 23, 2024. This represents a 1.37% decline from the N1,541.22 recorded on September 20, 2024, as the naira lingered within the N1,500 range, a level it has struggled to maintain
The Manufacturers Association of Nigeria (MAN), Cross River and Akwa Ibom branch, has highlighted foreign exchange market volatility as a major threat to its operations. Acting Chairman, Mr. Usen Umoh, made this statement during the association’s 17th Annual General Meeting (AGM) in Uyo on Monday. Speaking at the event, themed “Innovative Pathways in Manufacturing: Transforming
On Wednesday, the U.S. Federal Reserve implemented a 0.5% cut to its interest rates, marking the start of what many analysts anticipate will be a sustained phase of monetary easing. This more aggressive reduction in borrowing costs follows rising concerns about the state of the U.S. job market. In its latest statement, the Federal Open
Nigeria’s foreign exchange (FX) reserves rose by $621.2 million in 10 days following the successful sale of a domestic dollar bond. The gross FX reserves increased from $36.24 billion on September 2, 2024, to $36.87 billion by September 12, 2024. This is according to the latest data on the reserves from the Central Bank of
The exchange rate between the naira and the US dollar appreciated N1,558.75 at the official Investor and Exporter (I&E) window on Wednesday, September 11, 2024. This marks a 4.81% gain from the previous day’s rate of N1,637.59 as Nigerian oil blends trade at $75 above the Brent contract of $70. The naira’s recent performance reflects