Written by Naira Disappoints, Loses 11.7% Despite FX Market Intervention The Nigerian naira ended today downbeat, losing about 12% day on day despite forex market intervention. Despite FX sales to local banks, exchange rate has been walking in dark as critics disagree with the Central Bank of Nigeria’s (CBN) willing buyer, willing seller FX model. The monetary […]
Naira Crashes by 13.3% as FX Reserves Record Second Outflow The naira, Nigerian local currency, crashed by about 13.3% day on day in the foreign exchange (FX) market on the obvious FX liquidity challenge that has persisted since last month. Yesterday, the naira gained sharply to settle at N1,173.88 per US dollar at the Nigerian […]
Nigerian Exchange Spikes by N246bn as Tier-1 Banks Rally The Nigerian Exchange (NGX) equities market capitalisation surged by N246 billion midweek as Tier-1 banks rally further. Transaction details from the local bourse showed that the All-Share Index, which opened at 98,383.04, gained 0.44 percent to close at 98,818.04. This increase contributed to the market capitalisation […]
Naira Steadies at Official Window, Parallel Market Gains The Nigerian naira exchange rate steadied at N1339 per US dollar in the foreign exchange market on Tuesday, according to data from the FMDQ exchange platform. Pressure on the naira has reduced compared to the recent past. At the time of filing the report, the Apex Bank […]
Naira Sees Large Daily Gain as FX Pressure Eases The Nigerian naira saw a large daily gain in the official window as foreign currency liquidity challenge eased. According to data from FMDQ Securities, which shows the official exchange rate, the naira appreciated by 9.68%. The local currency exchange rate cleared at ₦1,339.33 per US dollar […]
Investigators at the Gombe Zonal Command of the Economic and Financial Crimes Commission, EFCC, have arrested one Zachariyya Muhammad for allegedly abusing the Nigerian currency in Gombe State. Muhammad was arrested on Saturday, May 25, 2024, based on intelligence linking him with the alleged spraying of Naira notes at G- Connect in Tunfure, Gombe State. Upon his … Continue reading “EFCC arrests man for alleged Naira abuse in Gombe”
Naira Trades Near N1483, Parallel Market Rate Worsens The Nigerian local currency, the naira, registered a marginal gain against the US dollar in the forex market on Friday as FX scarcity pressures eased. According to information gathered from the FMDQ platform, the Nigerian Naira appreciated by 0.19% against the US dollar in the official window, […]
In a significant covert operation driven by actionable intelligence and extensive surveillance, troops of the Nigerian Army deployed for Counter-terrorism operations along the Nigeria-Cameroon Border in Taraba State have successfully intercepted and apprehended 8 members of a syndicate that specializes in smuggling fuel from Nigeria to the Ambazonian rebels in the Republic of Cameroon to … Continue reading “Troops apprehend Nigerian syndicate supplying fuel to Ambazonian rebels for terrorism activities in Taraba state”
The Naira on Friday, May 24, depreciated to N1,520 per dollar from N1,515 per dollar recorded on Thursday, May 23, in the parallel market. It was however appreciated to N1,482.81 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,482.81 per dollar from … Continue reading “Naira depreciates to N1,520/$ in parallel market”
Naira Gains as Nigeria Records 19th FX Inflows in Days The naira climbed further on Tuesday as forex market liquidity stayed ahead of US dollar demand logged by eligible FX users in the official window. A similar mild bullish trend was spotted in the informal currency market as the Central Bank of Nigeria rose to the […]