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The Nigerian Naira held its steady momentum against the United States Dollar during early trading on Friday. The local currency demonstrated continued stability across both the official window and the informal parallel market segments. In the Nigerian Foreign Exchange Market, which handles formal trade, the Naira opened the morning session at 1,370.05 per Dollar. This…
The Naira fell to 1,395 against the American dollar in the parallel market yesterday as foreign exchange supply pressures returned. The local currency slid from the 1,390 rate recorded last weekend. This drop matches a similar decline in the official Nigerian Foreign Exchange Market, where the currency closed at 1,373.5 per dollar. Central Bank of…
The Central Bank of Nigeria has launched a revised foreign exchange manual to boost dollar inflows and stabilise the volatile currency market. Deputy Governor Muhammad Abdullahi announced the new framework at a World Bank event in Abuja, stating that the guidelines will open all doors for foreign capital. The document updates market rules, cuts regulatory…
The naira maintains its fragile grip on the 1,370 mark against the American dollar as trading opens this Thursday. Market data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) shows the local currency starting the day at 1370.05. This slight shift follows a week of incremental movements that suggest a cooling of the recent frantic…
The Central Bank of Nigeria has ordered state governments to end their addiction to overdrafts and short-term loans. This fiscal recklessness now threatens the bank’s planned shift to a rule-based inflation-targeting framework. Deputy Governor Muhammad Abdullahi warned state officials on Sunday that expansionary spending at the sub-national level blunts the edge of monetary policy. States…
The Nigerian naira maintained a cautious equilibrium against the United States dollar on Tuesday, trading at ₦1,374 in the official market. This relative stability reflects a central bank determined to pin the currency within a narrow band, even as the broader economy chafes under dollar scarcity. While the official window saw trades fluctuate between ₦1,362…
The Nigerian naira is showing resilience at the official window this Wednesday, April 29, 2026, trading around the ₦1,360 mark. Market data confirms a period of relative stability, with the currency hovering near ₦1,360.19 per dollar. While official channels maintain this tight band, the parallel market remains under persistent pressure, with rates reported between ₦1,480…
The Nigerian Naira began the final week of April with muted optimism, trading at 1,352.25 per US Dollar in the official market. This marginal gain signals a brief reprieve from last week’s volatility, where rates swung between 1,350 and 1,356. Institutional investors remain cautious, balancing macroeconomic signals against persistent liquidity constraints. The Central Bank continues…
The Nigerian naira holds steady in both official and parallel foreign exchange markets this week. Official rates at the Nigerian Foreign Exchange Market (NFEM) hover between ₦1,350 and ₦1,355 per dollar. This performance reflects the Central Bank of Nigeria’s managed float system. The regulator attempts to curb sharp volatility through intermittent interventions. Market sentiment remains…
The Central Bank of Nigeria has launched the Nigerian Overnight Financing Rate (NOFR) to serve as the primary benchmark for the domestic money market. Developed alongside the Financial Markets Dealers Association, the rate replaces older, fragmented methods of measuring short-term liquidity. It aims to improve transparency and sharpen the transmission of monetary policy. The bank…
