The naira closed at N1,582.09 against the United States dollar at the official market on Tuesday, August 13, 2024. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N4.4. It represents a 0.71 percent loss when compared to […]
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The Central Bank of Nigeria has disclosed that the net foreign exchange flows into the country increased to $25.4bn in the first six months of 2024, marking a 55 percent increase from the figure recorded year-over-year. It said the evident progress is a result of its policy measures, as the naira closed at N1,596 against […]
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In the latest testament to the Central Bank of Nigeria’s (CBN) ongoing commitment to support the proper functioning of the foreign exchange market by enhancing liquidity when necessary, the apex bank offered $876 million to fulfill bids submitted by customers at an auction concluded on Wednesday, August 7, 2024. In line with its pledge to […]
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Dollar to Naira CBN Rate Today Dollar to Naira (USD to NGN) CBN Rate Today Buying Rate N1605 Selling Rate N1606 Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary. Naira Fights Back Against US Dollar At Official Market The Nigerian […]
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The Naira on Monday appreciated at the official market, trading at N1,607.15 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira gained N9.93. This represents a 0.61 percent gain when compared to the previous trading date […]
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The naira, on Monday, August 5, 2024, appreciated at the official market, trading at N1,607.15 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira gained N9.93. This represents a 0.61 percent gain when compared to the […]
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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that the nation’s economy will hit $1 trillion economy by 2030. He made the declaration on Friday during his presentation on first half-year review of the Bank’s activities in 2024 before the Senate Committee on Banking, Insurance, and Other Financial Institutions. Affirming the […]
Continue ReadingCBN Governor, Yemi Cardoso •Banks may sell over $5bn, says official, Cardoso faces Senate Tuesday over naira fall Amid its fresh moves to stabilize the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024. The CBN, which disclosed in a […]
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The instability in the forex exchange market and the weakness of the naira pose a significant threat to Nigeria’s ambition of becoming a $1 trillion economy. Analysis by Nairametrics shows that naira devaluation has triggered a loss of about $193 billion in the country’s gross domestic product (GDP) when converted from naira to dollar. Our […]
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With the adoption of inflation targeting, the new leadership of the Central Bank of Nigeria (CBN) has not only raised the bar of accountability and demystified monetary policy conduct but has also handed the public the hangman’s noose should it fail in its most important mandate, achieving price stability, Geoff Iyatse writes. The first time […]
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