By Elizabeth Adegbesan The Naira today appreciated to N1,660 per dollar in the parallel market from N1,665 per dollar on Thursday. Similarly, the Naira appreciated to N1,531 per dollar in the official foreign exchange market. Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM)…
By Elizabeth Adegbesan The Naira yesterday depreciated to N1,668 per dollar in the parallel market from N1,600 per dollar on Wednesday. However, the Naira appreciated to N1,534.6 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the…
By Elizabeth Adegbesan The volume of dollar traded (turnover) in the Nigerian Foreign Exchange Market, NAFEM, rose Year-on-Year (YoY) by 61.9 percent to $43.09 billion in the first eleven months of 2024 (11M’24) from $26.6 billion in the corresponding period of 2023. Details of the quarterly transactions in the market as published by FMDQ showed…
There are indications that the newly introduced foreign exchange market system by the Central Bank of Nigeria, CBN, is the driving force behind the recent massive appreciation of Nigeria’s local currency, the Naira, against the world’s major currencies. Bankers who spoke to Vanguard attributed the appreciation of the Naira to the Electronic Foreign Exchange Matching…
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,695 per dollar on Wednesday. Similarly, the Naira appreciated to N1,567 per dollar in the official foreign exchange market. Data from the Central Bank of Nigeria, CBN on Daily Nigerian Foreign Exchange Market (NFEM) showed Naira appreciated for four consecutive days to…
