The figure represented a decrease of 0.09 per cent compared with the N429.62 it exchanged for the dollar before the close of business on Aug. 12. The open indicative rate closed at N429.70 to the dollar on Monday. An exchange…
Naira slips further at official market
The currency has not moved significantly in the last few weeks. Naira fell slightly against the U.S. dollar at the official market on Monday, extending its depreciation at the spot market segment to a second day. Data posted by the Central…
Naira gains at official market
Naira clinched a slight gain against the U.S. dollar at the official market on Wednesday, after the local currency fell at the spot market on Friday last week. The naira closed at N415.00 to a dollar on Wednesday, representing a…
Nigeria’s eNaira Platform Records One Million Hits Ahead Of October Launch
Afew hours after the official website of the upcoming Central Bank of Nigeria’s (CBN) digital currency, enaira.com, went live, it has recorded over one million hits. This comes one week to the planned launch of the initiative. The development could pass…
The Naira is suffering so badly right now, here’s why you should be worried
A weakened Naira means a higher consumer price index and a rise in price of foodstuff. The Naira continues to weaken against the dollar (CBN) The Central Bank of Nigeria (CBN) has been holding on to scarce foreign currencies in…
Nigerian’s should expect “a significant devaluation” to N550/$1 – Goldman Sachs
A leading global investment banking firm, Goldman Sachs Group, this week, predicted that a significant devaluation of the naira is expected within the next 12 to 18 months. The investment firm believes this will help bring about “the desired balance”…
Naira Depreciates To N367/$1 As MPC Meeting Continues Today
The naira falls yesterday to N367 against the Dollar on the parallel market from N376 it opened for trading as the Central Bank of Nigeria (CBN) Monetary Policy Meeting commences today (Tuesday). The sell side of the naira exchange…