At the black market where forex is traded unofficially, the Naira appreciated against the dollar to close at N462/$1 on Friday. Forex turnover rose significantly by 194.2% as Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N386/$1 during intra-day trading on Friday, October 30. Also, the naira appreciated against the dollar, […]
Despite the intervention measures by the CBN, why does the disparity between the official and black-market rates remain high? The Nigerian economy has been faced with serious foreign exchange crisis since the first quarter of the year, with severe pressure on the nation’s foreign exchange market and external reserve. The local currency is under the
Why exchange rate disparity remains high despite CBN’s interventionRead More »
The U.S oil-based contract, the major indicator used for U.S. crude prices, sold at 35.79 per barrel. Crude oil traders are presently under immense pressure, as they log in their worst monthly loss since March. The plunge in oil prices is coming on fresh restrictions placed on human mobility around Western Europe, in order to
Oil prices suffer worst monthly decline since MarchRead More »
Crude oil prices dropped more than 5% and falling below the key $40 per barrel support, at the American trading session mid-week. The slide is attributed to unexpectedly large U.S. crude oil inventories for last week reported by the government, which reinforced concerns about depleting demand for fuel amidst the worsening global outbreak of Covid-19.
At the black market, the Naira depreciated against the dollar to close at N465/$1 on Wednesday. Forex turnover drops by 47.5% as Nigeria’s exchange rate at the NAFEX window appreciated against the dollar to close at N385.67/$1 during intra-day trading on Wednesday, October 28. Also, the naira depreciated against the dollar, closing at N465/$1 at the
Naira falls at black market as dollar supply dropsRead More »
Growing concern that oil supply could fall by 3% continues as a result of increasing cases of COVID-19 in the US and Europe. There is a growing concern that oil supply will fall by 3%, escalating last week’s losses as a result of growing cases of COVID-19 in the United States and Europe. This has
Oil supply feared to drop by 3%, as new cases of COVID-19 infections increaseRead More »
At the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N463/$1 on Monday. Nigeria’s exchange rate at the NAFEX window continued to remain stable against the dollar to close at N386/$1 during intraday trading on Monday, October 26. Also, the naira maintained its stability against the dollar, closing
Exchange rate remains flat, currency traders resume operations after curfew is relaxedRead More »
At the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N463/$1. Forex turnover improved significantly by 1183% as Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N386/$1 during intraday trading on Thursday, October 22. Also, the naira remained stable against the dollar,
Naira remains stable at black market, dollar supply up by 1183% despite curfewRead More »
The naira remained stable against the dollar at the I&E window, closing at N385.75/$1. Forex turnover hit record low dropping by 81.5% as Nigeria’s exchange rate at the NAFEX window remained stable against the dollar to close at N385.75/$1 during intraday trading on Wednesday, October 21. Also, the naira remained stable against the dollar, closing at N463/$1 at
Naira stabilizes in forex markets as dollar supply hits record low during curfewRead More »
Nigeria’s exchange rate at the NAFEX window appreciated against the dollar to close at N385.75/$1 during intraday trading on Tuesday, October 20. Also, the naira depreciated against the dollar, closing at N463/$1 at the parallel market on Tuesday, October 20, 2020, despite another round of forex allocation to BDCs by the CBN. This is also
Naira falls at black market, violence erupts across the country from #EndSARS protestsRead More »
