Tag: Naira Depreciates

Naira Deoreciates Against Dollar Ahead Of Nigeria’s 64th Independence Day Holiday

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Naira Deoreciates Against Dollar Ahead Of Nigeria’s 64th Independence Day Holiday

The naira depreciated slightly against the dollar at the foreign exchange market ahead of Nigeria’s 64th Independence Day holiday on today. FMDQ data showed that the naira closed at N1541.94 per dollar on Monday from N1540.78 exchanged on Friday last week, losing N1.16. Meanwhile, the naira remained flat and unchanged at N1700 per dollar exchange…

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Exchange and Forex

Naira Depreciates As Dollar Quantity Declines On Thursday

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Naira Depreciates As Dollar Quantity Declines On Thursday

The supply of Dollar and other currencies dropped at the foreign exchange market as the Naira exchange rate depreciated on Thursday. FMDQ data showed that the foreign exchange transactions turnover declined to $87.51 million on Thursday from $139.48 million recorded the previous day. This represents a $57.97 million decrease in FX transactions turnover on a…

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Exchange and Forex

Naira Depreciates Against Dollar Continuing Previous Week’s Negative Trend

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Naira Depreciates Against Dollar Continuing Previous Week’s Negative Trend

The naira fell against the dollar at the foreign exchange market to start the week on a negative note. FMDQ data showed that the currency depreciated to N1579.22 per dollar on Monday from N1,564.48 last Friday. This represents N14.74 loss against the dollar. Similarly, at the black market, the naira weakened to N1610 per dollar…

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Exchange and Forex

Naira Depreciates As Dollar Supply Drops By 18.26% To $201m

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Naira Depreciates As Dollar Supply Drops By 18.26% To $201m

The Naira depreciated on Tuesday as Dollar supply at the official foreign exchange market dropped by 18.26 percent to $201 million. FMDQ data showed that the turnover of willing buyers and sellers at the official FX market declined to $201 million from $246.44 million on Monday. This comes as the country’s external reserves also dropped…

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Exchange and Forex

Naira Depreciates At Official Window, Appreciates On Black Market,

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Naira Depreciates At Official Window, Appreciates On Black Market,

The Naira against dollar appreciated on the black market but depreciated at the official foreign exchange window. Bureau De Change operators in Wuse Zone 4, Abuja, said the dollar is exchanged at N1,550 at the black market as against N1,565 on Thursday, recording an N15 gain. “We buy at N1,530 and sell at N1,530 on…

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Exchange and Forex

Naira Depreciates, Losing N13.49 At Forex Market

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Naira Depreciates, Losing N13.49 At Forex Market

The FMDQ data today has shown that the naira depreciated to N1,577.29 against the dollar on Monday from N1,563.80 last Friday. This represents N13.49 depreciation against the dollar compared to the N1,563.80 traded on Friday. Meanwhile, at the parallel foreign exchange market, the naira maintained the same N1,560 per dollar rate traded on Friday. The…

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Exchange and Forex, Finance and Economy

Naira Depreciates Again Despite Nigeria’s External Reserves Increase

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Naira Depreciates Again Despite Nigeria’s External Reserves Increase

The naira has again depreciated against the dollar in the foreign exchange market despite the increase in Nigeria’s external reserves. FMDQ data showed that the naira depreciated to N1523.85 against the dollar on Monday from N1509.67 traded last Friday. This represents N14.18 loss against the dollar compared to the N1509.67 traded on Friday. Similarly, the…

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Exchange and Forex

FX: Naira Falls To N1,395/$ In Parallel Market

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FX: Naira Falls To N1,395/$ In Parallel Market

The naira depreciated yesterday to N1,395 per dollar in the parallel market from N1,365 per dollar on Thursday. However, the naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,400.4 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,400.4 per dollar from N1,402.67 per dollar on Thursday,…

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Exchange and Forex

Naira Depreciates To N1300 To Dollar, As CBN Moves To Inject $10,000 Into Market

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Naira Depreciates To N1300 To Dollar, As CBN Moves To Inject $10,000 Into Market

The naira has depreciated further against the United States dollar at the official market on Tuesday, closing at 1,300/$. This came as the Central Bank of Nigeria stepped up efforts to stem the tide, selling more dollars to Bureau De Change operators. The apex bank disclosed the dollar sale in a new circular referenced TEM/FEM/PUB/001/013…

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Exchange and Forex, Finance and Economy

Naira Depreciates Against Dollar As FX Reserves Decline

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Naira Depreciates Against Dollar As FX Reserves Decline

The Naira has depreciated against the Dollar in the foreign exchange market for the first time since March 2024 amid the decline of FX reserves. FMDQ data showed that the Naira dropped after months of stability to N1,148.14 per Dollar on Tuesday from N1,136.04 on Monday. This represents N12 or 1 per cent depreciation compared…

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Exchange and Forex