Nigeria’s local currency, the naira, has been ranked among the 10 worst-performing currencies in the world, according to a report by Bloomberg. The report states that five of the worst-performing currencies globally are from Africa, including the Zambian kwacha, Angolan kwanza, and the naira. The decline in the performance of African currencies has been attributed…
Despite efforts by the Economic and Financial Crimes Commission (EFCC) to curtail the operations of suspected manipulators and speculators, the naira has continued to depreciate in value leaving many Nigerians wondering. The EFCC had claimed to engaged in the well-known Abuja Zone 4 market, specifically targeting Bureau De Change operators in an attempt to slow…
Naira records historic low, currently exchanging at N2,000/£ at parallel market  In a concerning turn of events, Nigeria’s local currency, the naira, has reached a historic low against the Great Britain Pound at the parallel market, currently exchanging above N2,000.  This revelation was confirmed by a Bureau de Change operator, Malam Ibrahim, located at…
Nigerian currency the naira on Friday, appreciated against the dollar as it closed at N791/dollar at the official market, bringing sanity to the market, which has fluctuated for several months now. According to data from the Nigerian Autonomous Foreign Exchange Market, where forex is officially traded, the domestic currency appreciated 6.24 percent to close at…
Nigeria’s official currency, Naira has continued to decline as a result of the Central Bank of Nigeria’s order to allow the free flow of the country’s exchange rate in June on the official Investor & Exporter forex window. Before this move, the naira traded at the official market on the FMDQ at 471.67/$ and at…
Naira has reportedly strengthened to 950 per dollar after taking a heartbreaking downward spiral for the past few months. This recent development interprets into a N170 gain or a 15.18 per cent appreciation of the local currency compared to the N1,120 it traded for on Thursday. This is also the second day of recovery for…
The Central Bank of Nigeria has said that it has no plan to redenominate or restructure the naira notes in 2024. The apex bank said this on Tuesday in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and shared on its X handle. The CBN urged Nigerians to disregard the wide circulation of…
The Naira, on Wednesday, appreciated against the US Dollar on the unofficial parallel market, commonly referred to as the black market. In Wednesday’s trading, the exchange rate was N1,300 per dollar, representing a 0.76% increase (N10) compared to the N1,310 rate recorded on Tuesday on the black market. The persistent foreign exchange pressure, exacerbated by…
