US dollar supply surged by 50 per cent to $248.75 million as Nigeria's currency, the Naira, continued its appreciation on Thursday at the foreign exchange market. FMDQ data showed that USD transactions increased to $248.75 million on Thursday compared to $122.18 million recorded on Tuesday.
US dollar supply surged by 50 per cent to $248.75 million as Nigeria's currency, the Naira, continued its appreciation on Thursday at the foreign exchange market.
data showed that USD transactions increased to $248.75 million on Thursday compared to $122.18 million recorded on Tuesday. The development led to the continued appreciation of Naira, which stood at N1608.98 per US dollar compared to N1,615.94 on Wednesday. At the parallel market, the country's currency traded for an average of N1,610 per USD. This showed that the gap between the official and parallel foreign exchange markets had closed significantly.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Naira will appreciate to N1200 against USDGoldman Sachs Analysts have forecasted that the Naira will appreciate N1200 per US dollar in twelve months. Goldman Sachs analysts, Andrew Matheny and Bojosi Morule disclosed this in their recent analysis of Nigeria's current economic realities.
Read more »
Naira depreciation continues against USD at Forex Market days after Binance exitThe Naira continued its depreciation against the US dollar at the close of the official foreign exchange market on Friday, days after Binance's discontinued Naira-denominated transactions. FMDQ data showed that it dropped to N1627.40 per USD on Friday from N1,602.17 on Monday. This represents a N25.23 or 1.
Read more »
Consider Foreign Loan to rescue Naira against USD – EIU tells CBN, TinubuEconomist Intelligence Unit, a global research firm, says President Bola Ahmed Tinubu's administration should consider foreign borrowing to rescue the Naira against the USD in the foreign exchange market. EIU made this known in its latest Country Report on Nigeria, which was released over the weekend.
Read more »
USD dollar supply surges by 21% as Naira appreciates at FOREX marketThe US dollar turnover transactions surged by 21 per cent to $122.18 million as the Naira appreciated against the US dollar on Tuesday at the foreign exchange market. FMDQ data showed that USD transactions increased to $122.18 million compared to the $96.13 million recorded on Monday. The development comes as the Naira records N14.
Read more »
Binance to Discontinue Services for Nigeria's Naira Amid Regulatory ConflictBinance will no longer offer services for Nigeria's fiat currency, the naira, due to regulatory issues. Naira balances will be automatically converted to USDT, and support for NGN deposits and withdrawals will be discontinued. Spot trading pairs against the naira will be delisted, and other Binance services will also stop supporting the naira.
Read more »
Nigerian govt demands information from Binance on top users in stand-off over Naira crisisThe Nigerian government is demanding information from Binance on its top users in Nigeria and all transaction history for the past six months amid a stand-off over the Naira fluctuation. This is according to a recent report by The Financial Times.
Read more »