Written by Naira Crashes, Nigeria’s External Reserves Cross $34bn The Nigerian naira struggled unsuccessfully across the foreign exchange markets on Thursday as spot FX rates worsened further despite growing external reserves. Exacerbated demand for US dollar, and other foreign currency continued to weaken the naira purchasing power in the absence of Central Bank of Nigeria (CBN) FX […]
Naira Depreciates to N1507.83 on Weak FX Market Liquidity The Nigerian local currency, the naira, depreciated further today against the dominant foreign currency, the United States (US) dollar, at the official foreign exchange market on Wednesday on sustained FX supply. According to data from the FMDQ, where daily spot rates are quoted, exchange rate worsened […]
Naira Crosses N1500 after FX Turnover Falls by 42% The naira got dirty as the exchange rate continued to worsen across forex markets amidst zero FX intervention following the Central Bank of Nigeria’s (CBN) strong stance on the willing buyer, willing seller policy decision. According to information obtained from the FDMQ platform, the naira exchange […]
Naira Hits Old Red Line as FX Crisis Gets Messy The naira has hit the old red line of N1,490 per US dollar. Pressure on the Nigerian naira deepened across forex market on Monday as exchange rates hit new red lines it has crossed in the past. FX supply in the market was below the […]
Naira Steadies as Volume of US Dollar Traded Dips The naira rate was little changed on Friday in the official market as demand for US dollar was met with adequate FX supply. According to data from the FMDQ Securities Exchange platform where official daily spot rate are quoted, exchange rate closed lower at N1485.53 per […]
Sell Pressure Pushed Nigerian Bonds Yield to 18.83% Benchmark yield on Nigerian government bonds climbed to 18.83% as fixed interest securities investors offloaded naira assets in the secondary market. Buying sentiment paused as Debt Management Office (DMO) released notice of its reopened bonds worth N450 billion. Compared with spot rates on Treasury bills, the Nigerian […]
Nigerian Treasury Bills Yield Dips to 21.8% The average yield on Nigerian Treasury bills dipped by seven basis points on Wednesday in the secondary market to 21.8%, traders said in their separate update on fixed interest securities market. Yield on Nigerian bills contrast as investors continue to park cash in naira assets to reduce inflation […]
Naira Depreciates to N1483 after FX Turnover Plunged by 29% The Nigerian local currency, the naira, extended losses on Wednesday as demand for US dollar eclipsed the supply side following sharp decline in FX market turnover last week. According to data from FMDQ Securities Exchange platform where official daily exchange rate are quoted, the naira […]
Naira Dips by 221.34% in 12-Month, Fluctuation Fuels inflation The depreciation of the Nigerian naira fueled inflation surge in the country, though analysts are expecting moderation in consumer price index in the coming month. In the last 12 months, the naira has lost more than 221% of its purchasing power following a decision to devalue […]
Naira Trades in Red Ahead of World Bank Disbursement The naira ended the week in red against the dominant US dollar in the foreign exchange market as demand and supply continues to test effectiveness of Nigeria’s willing buyer, willing seller FX policy. In the foreign exchange market, the Naira depreciated against the US dollar by […]