Tag: foreign exchange market
Central Bank of Nigeria’s Monetary Policies Attract $1.5 Billion Inflows Into Economy
The Central Bank of Nigeria (CBN) recently revealed that its monetary policies resulted in an influx of over $1.5 billion into the Nigerian economy in[more...]
Rescuing the Naira from the Grip of the Parallel Market Monster
Sam Olofin, a former member of the Monetary Policy Committee of the Central Bank of Nigeria, has spoken out about the state of the naira,[more...]
Naira Hits All-Time Low Against US Dollar
The Nigerian naira plummeted to an all-time low of N1,534.39 against the US dollar at the foreign exchange market, indicating a 4.2% depreciation from the[more...]
Naira Falls Against Dollar: Central Bank’s FX Policies Lower Dollar Sales by Banks
The Central Bank of Nigeria (CBN) recently adjusted some foreign exchange (FX) policies in a bid to boost supply, but the Naira, Nigeria's currency, fell[more...]
Nigeria’s Foreign Exchange Market Hits $844 Million Turnover in a Single Day
The foreign exchange market in Nigeria recently witnessed a stunning surge in turnover, reaching $844 million on February 3rd, the highest volume of dollar trade[more...]
The Painful Plunge of Nigeria’s Naira: Struggle and Despair
The Nigerian Naira is grappling with a tumultuous journey in the foreign exchange market. Despite a slight appreciation against the US dollar, the currency's ongoing[more...]
Nigeria’s Naira Surges Against US Dollar: A Closer Look at Recent Currency Appreciation
In a notable turn of events, Nigeria's currency, the Naira, experienced a significant surge against the US Dollar in recent days. Official data from the[more...]
KPMG Predicts 30% Inflation Rate in Nigeria by December 2023: Implications and Solutions
In a recent macroeconomic review for the first half of 2023 and an outlook for the second half (H2), global financial advisory service firm KPMG[more...]
The Central Bank of Nigeria’s Bold Move: Unwinding the 8-Year-Old Forex Policy
In a significant shift towards economic reform, the Central Bank of Nigeria (CBN) made a momentous decision to unwind an 8-year-old policy that had imposed[more...]
