The naira, Nigeria's currency, became a bit more stable in the official market, even with some pressure from the U.S. dollar. In simple terms, the naira’s value was better this time when compared with previous trades.According to FMDQ, the...
The world money market felt better after years of ups and downs when Keir Starmer’s Labour Party won big in the UK elections.The British pound kept most of its value against the Nigerian naira this year and stayed strong...
On Wednesday, the naira, which is Nigeria's money, got weaker against the dollar. It ended the day at N1,507.83 for $1. This information comes from the FMDQ, a place where currencies are officially traded. In June, the exchange rate...
Nigeria's external reserve reached a new milestone in June, climbing to $34.07 billion. This is the highest amount since March 2024.
This data is from the Central Bank's reserve position as of June 26, 2024.
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In June 2024, the Nigerian Autonomous Foreign Exchange Market (NAFEM) had one of its lowest foreign exchange (FX) turnovers in five months. This means there was less trading of dollars, and it made things tough for Nigeria's currency, the...
Key Points
Over 90% of new Forex traders lose most of their money because they aren't ready or have unrealistic hopes.
Success means managing risk well. This includes using...
The Central Bank of Nigeria (CBN) has rolled out new rules. These rules make it easier for Deposit Money Banks (DMBs) to deposit extra foreign cash at its branches in Lagos and Abuja. This way,...
Story Highlights
Nigeria’s exchange rate closed June 2024 at N1,503.3/$1, marking a 1.3% depreciation for the month.
Despite breaking the N1,500/$1 barrier, the exchange rate stayed pretty steady, moving between N1,470 and N1,503.
This is the...
