Nigeria’s exchange rate closed July 2024 at N1608.73/$1, marking a 6.43% depreciation on the official market for the month. According to data from FMDQ, the naira performed at a four-month low in July, fluctuating between a low of N1,500.32 and a high of N1,621.12, breaching the N1,600 ceiling. The depreciation occurred …
Read More »CBN Begins Dollars Sale to BDCs at N1,101/$1
The Central Bank of Nigeria (CBN) has taken a significant step towards stabilizing the foreign exchange (FX) market by announcing the sale of dollars to bureau de change (BDC) operators at the rate of N1,101 for every $1. This move, revealed in a recent circular titled ‘Sales of FX to …
Read More »External Reserves Dip by $915 Million
Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of June 14, 2023, when the naira was floated, fell to $33.74bn as of …
Read More »Naira Drops Against Dollar After CBN Grants Banks Freedom to Trade Forex
Naira on Wednesday depreciated against the dollar at the Investors and Exporters window, exchanging N664.04 to the dollar. NAN reports that the local currency dropped by 40.78 per cent when compared with N471.67 it exchanged for the dollar on Tuesday. The depreciation followed the directive by the Central Bank of …
Read More »CBN Gives Assurance on Forex as International Flights Resume
Central Bank of Nigeria (CBN) has said it would restart the auctioning of foreign exchange to bureau de change (BDC) operators once international flights resume. In a conversation with THISDAY, CBN Director, Corporate Communications, Mr. Isaac Okorafor said this was because BDCs’ customers are mainly international travellers. Minister of Aviation, …
Read More »Naira Gains, Exchanges 430/$ as Forex Sale Resumes
The naira sold for N430 to a dollar on Monday, gaining some strength over previous week’s sales figures, following the resumption of forex sales by the Central Bank of Nigeria on April 29, 2020. After four weeks of forex sales suspension, the CBN resumed the provision of foreign exchange to …
Read More »Naira takes a further nosedive, dollar sells for N412
The dollar exchanged for N412 on Monday at the Bureau De Change segment of the market. This followed a temporary suspension of sale of forex to the Bureau De Change operators in the industry by the Central Bank of Nigeria. The Association of Bureau De Change Operators of Nigeria had …
Read More »