Naira Continues Slide As Dollar Hits N535 

On Wednesday, the Nigerian currency continued to fall against the dollar, hitting a fresh all-time low on the parallel market in Lagos. Despite rising forex reserves, the naira has been steadily declining since the beginning of this month, owing to the country’s ongoing foreign exchange scarcity. On Wednesday, the naira lost value versus the US dollar in both the parallel market and the Investors’ and Exporters’ FX window. The local currency, which was 526/$1 at the end of last month, dropped to 535/$1 on Wednesday in the parallel market, down from 532/$1 on Tuesday. Since August 4, when it ended […]



Nigeria’s Annual Dollar Remittances Increase To $34billion

The total value of dollar remittances from Nigerians working abroad has risen to $34 billion, comfortably surpassing the previous high of $25 billion. Despite the spike, a major chunk of the funds does not appear to be entering the already constricted domestic FX markets. The surge, credited to the Central Bank of Nigeria’s (CBN) “naira for dollar” incentive plan, underscores the growing importance of diaspora remittances to Africa’s most populous country. Mr. Biodun Adedipe, an economist at Adedipe Associates Limited, is quoted as saying that the CBN’s incentive plan could be the reason why the $34 billion in annual diaspora[…]



External Reserves Increased By $500 Million In A Week

According to the latest figures from the Central Bank of Nigeria, Nigeria’s external reserves increased by $500 million in one week, reaching their highest level in more than two months. The reserves, which had been fluctuating in recent weeks, increased to $33.93 billion on Monday, the highest level since June 11. According to CBN data, reserves dipped to a record low of $33.09 billion on July 12 from $34 billion on June 10. In a similar event, the naira strengthened against the dollar on Tuesday in both the parallel market and the foreign currency window for Investors and Exporters. The[…]