Currencies

Abuja, Feb. 1, 2024 – There were fears among foreign exchange traders in Abuja on Thursday over the new steps of the Central Bank of Nigeria which have brought the official and black markets rates near convergence. The new initiatives of the CBN saw the official exchange rate of the naira closing at N1455 to the dollar on Wednesday. Many of the traders in Abuja closed their shops on Thursday morning on anxiety over the likely implications of the foreign exchange rates convergence on their business. Major foreign exchange outlets …

Lagos, Nov. 27, 2023 – The naira appreciated against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official segment, on Friday. It closed at N794.89 to the dollar at NAFEM on Friday from N956.33 on Thursday. The currency, however, maintained its slide against the dollar at the black market, trading between N1,155 and N1,160 on Friday. It was between N1,125 and N1, 140 to the dollar at the black market on Thursday. (GBN)

Lagos, Nov. 11, 2023 – The Nigerian currency, naira, rebounded significantly against the dollar at the official NAFEM segment of the foreign exchange market on Friday, closing at N780.14 to the dollar. It was N996.76 to the dollar at NAFEM on Thursday The naira, however, continued its depreciation at the black on Friday, falling to between N1,130 and N1125 to the dollar from the band of N1,110 and N1,095 to the dollar on Thursday. (GBN)

Lagos, Nov. 10, 2023 – The Nigerian currency, the naira, depreciated at the two main segments of the local foreign exchange market on Thursday. It fell to N996.75 to the dollar at the official Nafem segment of the market on Thursday from the N836.61 it closed on Wednesday. The currency also depreciated to between N1,110 and N1,095 at the black market on Thursday from the band of N1,060 and N1,050 on Wednesday. The naira has maintained steady depreciation since the beginning of the week in spite of the injection of …

London, Aug. 28, 2023 – The dollar slid from a 12-week peak on Monday as traders weighed U.S. and European central bankers’ monetary options after last week’s Jackson Hole meeting, while Beijing’s decision to halve stamp duty on stock trading helped to lift the euro. The dollar index, which measures the U.S. currency against six peers, edged 0.08 lower to 104.08 after hitting its highest since early June on Friday. The index is up more than 2% in August and set to snap a two-month losing streak. Fed Chair Jerome …

London, Aug 23, 2023 – The euro fell to a more than two-month low against the dollar and a 12-month low against the pound on Wednesday after survey data showed German and euro area business activity slumped by more than expected in August. HCOB’s flash Composite Purchasing Managers’ Index (PMI) for the euro area, compiled by S&P Global and seen as a good barometer of overall economic health, dropped to 47.0 in August from July’s 48.6, its lowest since November 2020. The services PMI sank to 48.3 from 50.9, its …