Currency in circulation increases to N2.7 trillion

In Nigeria, the amount of money in circulation increased from N1.7 trillion to N2.7 trillion as a result of the surge in cash transactions. The amount of money in circulation reached N2.7 trillion as of August 31, 2023, according to statistics received from the Central Bank of Nigeria’s CIC on Thursday. After the crisis... Read More

Naira appreciates against dollar

At the Investors and Exporters window, the Naira strengthened against the dollar on Tuesday, trading for N766.61. In comparison to the N770.38 it was worth on Monday, the Naira increased by 1.79 percent. On Tuesday, N701.75 to the dollar was the open indicative rate’s closing price. Before it settled at N756.61 at the end... Read More

Naira drops against the dollar after CBN grants banks the freedom to trade forex

At the Investors and Exporters window on Wednesday, the Naira lost value as compared to the dollar, trading for $664.04 in USD. As opposed to the N471.67 it swapped for the dollar on Tuesday, the local currency has decreased by 40.78%, according to NAN. After giving banks the go-ahead to lift the rate cap... Read More

Naira drops against dollar after remaining stable

At the Investors and Exporters window on Thursday, the Naira lost value in relation to the dollar, trading for N469.50. When compared to the N464.67 it exchanged for the dollar on Wednesday, the local currency experienced a 1.04 percent decline. Thursday’s closing open indicative rate was N468.94 to the dollar. Before it closed at... Read More

We didn’t devalue Naira – CBN

Accusations that the Central Bank of Nigeria, or CBN, depreciated the Naira have been denied. The CBN depreciated the Naira, which it had previously sold at the Importers and Exporters (I&E) window for N461.60 to the dollar, according to reports that first surfaced. On Thursday morning, CBN tweeted: “CBN did not devalue the Naira!”... Read More

Naira appreciates marginally against the dollar as Tinubu assumes office

The Naira strengthened against the dollar on Tuesday, exchanging for N464.50 at the Investors’ and Exporters’ window, vs N464.51 to the dollar at the end of business on May 26. This happened only a few hours after President Bola Ahmed Tinubu took office. On Tuesday, the open indicative exchange rate reached a high of... Read More

Naira depreciates to N464.42 against Dollar at official exchange market

The Naira declined on Tuesday at the Investors and Exporters window, trading at N464.42 to the dollar, only five days before the inauguration of the next administration. Compared to N463.50 traded on the day before (Monday), the amount reflects a 0.20 percent decline. In light of this, an open indicative rate on Tuesday closed... Read More

Ahead of May 29 inauguration, Naira falls to 760/$1

The Naira has dropped to N765/$1 with just ten days till the next administration’s May 29th inauguration. On Friday, this information was revealed by Danzali Abdulrahman, a Bureau De Change operator in Zone 4 of Abuja. In the parallel market, often known as the black market, the dollar is purchased for N765 to one... Read More

CBN’s Net Domestic Credit rose to N70.6trn in March

The Central Bank of Nigeria’s Net Domestic Credit increased from N70.2 trillion in February to N70.6 trillion in March as a result of the rising debt load. On a monthly comparison, the figure represented 0.56%. A net domestic credit of N70.6 trillion was generated as a result of lending to the public and private... Read More

Naira appreciates against US dollar

The Nigerian naira saw profitable trading in relation to the US dollar as it increased on the Investors and Exporters (I&E) and black-market forex markets. According to data, the Nigerian currency appreciated N1.75 or 0.38 percent versus the US dollar on Monday at the spot market, closing at N462.25 to $1 as opposed to... Read More