The Naira Strengthens As Bank CEOs Pledge Support For The CBN’s New Foreign Exchange Policy

On the parallel market on Thursday, the naira strengthened to N520 per dollar, higher than the previous day’s close of N525 per dollar. Chief Executive Officers (CEOs) of banks pledged to support the Central Bank of Nigeria’s (CBN) new foreign exchange (FX) measures and the regulator’s efforts to achieve FX stability. The naira closed at N411.67 to the dollar on the Investors and Exporters (I & E) FX window yesterday. The CBN also announced that it will begin refunding capital deposits and licensing costs to Bureau De Change (BDC) promoters who had outstanding license applications prior to Tuesday’s announcement of […]



Naira Falls Despite Increase In Liquidity

At the official Investors and Exporters window, the naira and the US dollar exchange rate closed at N411.07/$1. On Monday, the naira lost 0.08 percent versus the US dollar, closing at N411.07 per dollar, down from N410.75 per dollar on Friday, June 4th, 2021. The naira, on the other hand, stayed unchanged against the US dollar on Monday, closing at N502 per dollar on the parallel market. On Friday, June 4, 2021, the rate was the same as it was on Friday, June 4, 2021. The supply of dollars fell by 34.5 percent after the Nigerian Central Bank announced an[…]



The Naira Depreciates In The Black Market As The Central Bank Of Nigeria Modifies The Official Rate

Tuesday, 25th May 2021: The naira-dollar exchange rate finished at N411.56/$1 in the Importers and Exporters window, where forex is formally transacted. On Tuesday, the naira declined against the US dollar at the official NAFEX window, closing at N411.56 to the dollar. This is a 0.08 percent decrease from the N411.25/$1 rate on Monday, 24th May 2021. Additionally, the Naira fell on the parallel market, ending Tuesday, May 25, 2021, at N487/$1. This represents a N1 decline from the previous day’s N486/$1 level. The Central Bank of Nigeria made further adjustments to the exchange rate and formally recognized the NAFEX[…]