Nigeria attracted $4.2 billion in foreign remittances in the first quarter of 2021 as the country continues to grapple with foreign currency challenges. The data is obtained from the central bank’s balance of payment data published on its website. Workers remittances, as the central bank’s data captures it, depicts the amount of dollar inflows sent […]
Nigeria’s external reserves rose to the highest level since July 2020. On January 12, 2021, the exchange rate between the naira and the dollar closed at N394/$1 at the NAFEX (I&E Window) where forex is traded officially, a depreciation from the N393.33 recorded on the previous trading day, January 11, 2021. However, the exchange rate at
The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N410.25/$1. Forex turnover rose by 43%, as the Naira’s exchange rate at the NAFEX window hit a record low, depreciating significantly against the dollar to close at N410.25/$1 during intra-day trading on Wednesday, December 30. Also, the Naira remained stable against
Naira falls to record low at NAFEX window as CBN adjusts exchange rate againRead More »
Crude oil plunged, largely due to growing concerns amongst oil traders on what the outcome of the OPEC+ meeting will be. Crude oil traders became jittery at the first trading session of the week, pushing oil prices to fall more than 1.5%. The plunge is largely attributed to growing concerns amongst oil traders on what
Oil prices tumble, oil traders jittery on OPEC+ meetingRead More »
Nigeria’s exchange rate at the NAFEX window remained stable to close at N385.99 during intraday trading on Tuesday, August 25, 2020. In the same vein, the exchange rate at the parallel market also remained stable on Tuesday as it closed at N477/$1. Forex Turnover: Forex turnover at the Investor and Exporters (I&E) window increased substantially by 442% on
