Currencies Archives - Nairametrics

FX turnover crashes by 75.98% to a three-week low on Thursday

Sami Tunji — Thu, 13 Jun 2024 19:16:22 +0000

The foreign exchange (FX) turnover on the Nigerian official market crashed by 75.98%, hitting a three-week low on Thursday.

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Naira strengthens below N1,500/$ bandwidth amid U.S interest rate decision

Olumide Adesina — Wed, 12 Jun 2024 08:00:40 +0000

The naira posted some gains against the greenback as the dollar index moderated significantly while market players awaited America's inflation data and the U.S. Federal Reserve's interest rate decision due later in the day.

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Naira trades within narrow range as FX turnover surges by 138.67%

Sami Tunji — Tue, 11 Jun 2024 20:34:19 +0000

The naira exhibited signs of moderate stability as foreign exchange (FX) turnover surged by 138.67% on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

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FX turnover records first crash after Afrexim Bank’s $925 million announcement

Sami Tunji — Tue, 11 Jun 2024 05:19:56 +0000

The foreign exchange (FX) turnover on the Nigerian official market crashed by 39.95% on Monday.

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Naira snap early gains against Euro, far right strengthens grip on Europe

Olumide Adesina — Mon, 10 Jun 2024 07:12:27 +0000

Euro skidded against the naira in the unofficial market on Monday after French President Emmanuel Macron called a snap election following a defeat in the European Union vote by the far-right.

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Naira approaches N1500/$ border line as dollar index surged by 80 basis point

Olumide Adesina — Sat, 08 Jun 2024 10:03:53 +0000

Naira posted significant losses against the haven currency at the last reading session of the week as investors increased their buying pressure on the greenback.

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Exchange rate gains now 20% of FAAC allocation from 1.32%- Report

Aghogho Udi — Fri, 07 Jun 2024 12:48:04 +0000

In the one year between May 2023 and April 2024, exchange rates gain as a constituent of the monthly FAAC allocation stood at N4.23 trillion. This represents around 20% of the total FAAC allocation to the three tiers of government during the period.

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Naira hits three-week low at N1,488.60/$1 on official market

Sami Tunji — Thu, 06 Jun 2024 06:41:37 +0000

The naira depreciated to its lowest level in three weeks on the official market on Wednesday, June 5, 2024.

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Naira stays flat at N1,476.95/$1 on official market as FX turnover nearly doubles

Sami Tunji — Tue, 04 Jun 2024 19:35:50 +0000

The naira has shown some form of stability against the US dollar on the NAFEM window, closing at N1,476.95/$1 on June 4, 2024.

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Naira lurks within N2,000 price mark against British Pounds

Olumide Adesina — Tue, 04 Jun 2024 08:53:47 +0000

Naira languished against the British pound near the N2,000 support line, as the fortunes of the British currency gained momentum in global FX markets.

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FX turnover crashes by 42.92% on first trading day in June

Sami Tunji — Tue, 04 Jun 2024 07:27:20 +0000

The Nigerian official foreign exchange (FX) market witnessed a significant downturn in turnover, crashing by 42.92% on Monday, June 3, 2024.

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FX rate for customs duties collection rises by 23.9% as naira weakens

Aghogho Udi — Sun, 02 Jun 2024 07:19:53 +0000

The exchange rate for the Nigeria Customs duties collection has risen by 23.9% from N1,196.6 per USD to N1,482.9/$. This marks an increase of N286.3 in just 2days from May 30th 2024 when it dropped to the N1,196.6/$ rate.

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Naira drops 5.6% against dollar in May in official market

Olumide Adesina — Sat, 01 Jun 2024 08:42:59 +0000

The Nigerian currency ended the month weaker, despite a monthly decline in the dollar index.

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CBN permits IOCs to sell 50% of repatriated export proceeds to authorized FX dealers

Sami Tunji — Sat, 01 Jun 2024 08:41:41 +0000

The Central Bank of Nigeria (CBN) has announced that International Oil Companies (IOCs) can sell 50% balance of their repatriated export proceeds to authorized forex dealers.

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Naira ends turbulent May at N1,485.99/$1 on official market

Sami Tunji — Fri, 31 May 2024 19:26:40 +0000

After two days of substantial depreciation in a week characterized by significant volatility in the foreign exchange market, the naira showed signs of stabilizing as it closed at N1,485.99/$1 on Friday, May 31, 2024.

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How exchange rate volatility is crippling Nigerian businesses

Paul Atuma — Fri, 31 May 2024 08:13:17 +0000

Naira has experienced substantial fluctuations making it difficult for businesses to predict costs and revenues accurately, complicating financial planning and budgeting processes.

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Exchange rate back to normal range, falls to N1,484.75 at official market

Chike Olisah — Thu, 30 May 2024 18:01:01 +0000

The exchange rate between the naira and the dollar fell to N1,484.75 on Thursday, May 30, 2024, marking the second consecutive day of decline.

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FX market turnover drops 27.68% to $9.12 billion in April – FMDQ reports

Chris Ugwu — Thu, 30 May 2024 07:34:24 +0000

The Naira steeply appreciated against the US Dollar, with the spot exchange rate ($/N) decreasing by 22.45% ($/N279.38) to close at an average of $/N1,244.66 in April 2024 from $/N1,524.04 recorded in March 2024.

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Naira falls hard to N1,329.65/$1 as gaining momentum fades

Sami Tunji — Wed, 29 May 2024 20:12:20 +0000

The naira suffered a significant depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, falling to N1,329.65/$1 on Wednesday, May 29, 2024.

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Exchange rate gains tied to $1.3 billion maturing NDFs, CBN’s interventions

Sami Tunji — Wed, 29 May 2024 15:40:04 +0000

The naira has experienced consecutive double-digit appreciation on the official market, and sources say that the Central Bank of Nigeria (CBN) has been selling more dollars on the official market in anticipation of a $1.3 billion non-deliverable forward (NDF) maturing today Wednesday, May 29, 2024.

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