In what appears to be an attempt to incentivize dollar remittances by all means possible, the Central Bank of Nigeria (CBN) released a circular to Deposit Money Banks (DMBs), International Money Transfer Operators (IMTO), and the General Public, advising that remittances paid into a bank account will attract an additional credit alert for every USD$1 […]
The exchange rate between the naira and the US Dollar closed at N411.63/$1, a 3 months record low, at the Investors and Exporters window on Tuesday. Naira depreciated against the US Dollar on Tuesday as it closed at N411.63 to a dollar at the NAFEX window, representing a 0.59% drop when compared to N409.2 recorded
Naira crashes to its peak at NAFEX as dollar scarcity continuesRead More »
The exchange rate between the naira and the US Dollar depreciated to close at N410.25/$1 at the Investors and Exporters (NAFEX) window, where forex is traded officially. This is as the CBN Governor has suggested that the official exchange rate has been devalued. Similarly, at the parallel market where forex is traded unofficially, the naira
Naira devalues across forex markets as CBN confirms adjustment of official rateRead More »
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has confirmed that the naira has depreciated at the official market to N410 against the dollar. This, the Federal Government hopes to take a more dramatic step to increase exports in order to earn foreign exchange to boost dollar supply. According to a report
CBN Governor confirms adjustment of naira to N410/$1 at official marketRead More »
Thursday 25th February 2021, The exchange rate between the naira and the US Dollar closed at N408.67 to a dollar at the Investors and Exporters window. Naira appreciated marginally against the US Dollar on Thursday as it closed at N408.67/$1 at the NAFEX window. This represents a 0.03% gain compared to N408.8 recorded on the
Naira strengthens at NAFEX window despite 79.3% drop in dollar supplyRead More »
Wednesday 24th February 2021: The exchange rate between the Naira and the US Dollar closed at N408.8 to a dollar at the Investors and Exporters window where forex is traded officially. Naira lost 20 kobo against the US Dollar to close at N408.8/$1 at the NAFEX window, which represents a 0.05% decline compared to N408.6/$1
Naira declines to N408.8/$ at NAFEX window as oil price hit $67Read More »
Friday 19th February 2021: The exchange rate between the Naira and the US Dollar closed at N410/$1 at the NAFEX window, where forex is traded officially. Naira closed against the US Dollar at N410/$1, representing a 0.54% drop compared to N407.8/$1 recorded on Thursday 18th February 2021. This is the second time in the week that
Exchange rate declines at the NAFEX window as Naira maintains N410/$1Read More »
On February 5, 2021, the exchange rate between the naira and the dollar appreciated closing at N396.17/$1 at the NAFEX (I&E Window) where forex is traded officially. On the parallel market where forex is traded unofficially, the naira exchanged for the dollar at N480/$1 unchanged from the previous days trading. Trading turnover at the I&E window rose
Naira gains value at NAFEX window as Oil prices approach $60 markRead More »
Did the CBN just signal another devaluation is looming? The Central Bank of Nigeria has revised its one-year Non-Deliverable Forwards (NDF) for which it intends to settle foreign exchange futures contracts for the period ending February 2021 to N452.82 up from N440.86. The NDF is a closely watched indicator of the direction of the exchange
Exchange Rate: CBN agrees to settle February Non-Deliverable Forwards (NDF) at N412/$1Read More »
The exchange rate at the black market where forex is traded unofficially depreciated at N480/$1 and during the intraday trading at NAFEX. On January 29, 2021, the exchange rate at the black market where forex is traded unofficially depreciated at N480/$1. The exchange rate at the parallel market closed at N478/$1 on the previous trading day of
