Exchange rate shows record gain at black market as pressure mounts on currency speculators

The Naira appreciated against the dollar to close at N465/$1 on Monday at the black market. Nigeria’s exchange rate at the NAFEX window appreciated remained stable at N385.67 during intraday trading on Monday, August 31, 2020. In sharp contrast, the exchange rate at the parallel market recorded a record gain on Monday as it closed […]

Daily Parallel Market exchange rate – ₦465/$1; ₦605/₤1; ₦545/€1

The exchange rate between the naira and the US dollar for today (Monday, August 31st 2020), stands at ₦465/US$1 in the parallel market. The rate had closed at ₦477/US$1 last week Friday, 28th August 2020. Naira: ₦465 Dollar: $1 Date: August 31st, 2020 The exchange rate between the naira and the British pound sterling stands

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In panic, forex speculators prepare to dump dollars

For most speculators who bought forex at less than N400/$1, they are pondering whether to sell. Forex speculators are apprehensive that a slew of circulars issued by the central bank during the week could lead to a strengthening of the naira against the dollar. The CBN said it will sell $10,000 per Bureau De Change

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U.S dollar drops lower, as U.S Federal Reserve plans on boosting inflation

The U.S dollar plunged on Friday at London’s trading session, giving up most of its earlier gains after U.S. Federal Reserve’s new strategy is boosting inflation. The U.S. Dollar Index that monitors the greenback against a basket of other currencies drifted lower by 0.66% to trade at 92.373 (11:38GMT). Quick fact: The U.S. Dollar Index

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Exchange rate gains at the NAFEX window as CBN moves to boost dollar liquidity

The Naira remained stable against the dollar to close at N477/$1 on Thursday at the black market. Nigeria’s exchange rate at the NAFEX window appreciated closing at N385.75 during intraday trading on Thursday, August 27, 2020. In another development, the exchange rate at the parallel market still remained stable on Thursday as it closed at

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Nigeria’s forex devaluation timeline – 2020

Speculations started March 12 that the naira might be devalued. This is a timeline of every decision taken since the first devaluation. Since the first quarter of the year, Nigeria has faced an exchange rate crisis triggered by a drop in oil prices. It started after two of the world’s largest oil producers, Saudi Arabia

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CBN: BDCs to Get Dollars on Resumption of International Flights

Central Bank of Nigeria (CBN) has said it would restart the auctioning of foreign exchange to bureau de change (BDC) operators once international flights resume. CBN Director, Corporate Communications, Mr. Isaac Okorafor, told THISDAY yesterday that this was because BDCs’ customers are mainly international travellers. Minister of Aviation, Senator Hadi Sirika, in a tweet on

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Daily Parallel Market exchange rate – ₦477/$1; ₦615/₤1; ₦555/€1

The exchange rate between the naira and the US dollar for today (Thursday, August 27th 2020), stands at ₦477/US$1 in the parallel market. The rate has been stable at ₦477/US$1 since last week Thursday, 20th August 2020. Naira: ₦477 Dollar: $1 Date: August 27th, 2020 The exchange rate between the naira and the British pound

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GDP: Experts speculate when the economy will recover

GDP contraction to continue in second half of 2020 (2H20); FX shortages will continue to weigh on economic activity. Following the plunge of Nigeria’s real Gross Domestic Product (GDP) by 6.1%, the chances of an economic recovery have been crippled by some factors. According to some economic experts, Forex shortages, limited fiscal space and absence

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