Market Watch
Nigeria’s Exchange Rate Drops by 6.43% in July Despite CBN’s FX Interventions
In July 2024, Nigeria's exchange rate dropped to N1608.73 per $1. This means the naira lost 6.43% of its value in the official market.According to FMDQ data, the naira was at its lowest in four months in July. It...
Market Watch
Central Bank to Reimplement Auctions (rDAs) to Tackle Forex Shortage
The Central Bank of Nigeria (CBN) is planning a new way to help people who need foreign money (like dollars). This new plan is called the Retail Dutch Auction System (DAS).This...
Market Watch
Customs Duties Collection Exchange Rate Increased to N1,618 per Dollar
The cost to pay Nigeria Customs Service (NCS) has gone up. Now, it is N1618.73 for 1 dollar. Before, it was N1600.32 for 1 dollar.This new price is the highest since March 2nd, 2024. Back then, it was N1630...
Market Watch
Food Accounts for 17% of Nigeria’s Import Expenditures in Q1 2024
Key Points
Nigeria spent $689.88 million on food imports in Q1 2024, making up 17% of total foreign exchange (FX) spending on imports. This is a 40% increase from the previous quarter.
...
Market Watch
The value of the Nigerian Naira dropped, which helped the Nigeria Identification for Development (ID4D) project gain N8.6 billion. This project, backed by big international groups like the World Bank, wants all Nigerians to get their National Identification Number...
Market Watch
Forex Turnover Reaches Lowest Level Since January with Naira Stabilizing Above N1,600/$1
The amount of money exchanged in foreign currency (known as forex) on the FMDQ official market was just $61.9 million. This is the lowest amount since January 2024.
This is also the second smallest...
Market Watch
FG Aims to Raise $500 Million Through Dollar-Denominated Bonds, Eyes 200% Subscription Rate
The Nigerian government has started a new plan to make money by creating Series I Domestic USD Bonds. They want to get at least $500 million from people both inside and outside the country.From the information available, the government...
Market Watch
CBN Allocates $876.26 Million at N1,495/$1 to 26 Banks in Recent Retail Dutch Auction
The Central Bank of Nigeria (CBN) has sold $876.26 million at N1,495 for one dollar to 26 banks through a special auction.Dr. Omolara Omotunde Duke, Director of the Financial Markets Department, signed a statement about this.The statement said the...
Market Watch
Nigerian Naira Strengthens for Third Straight Day, Closes at N1,596.52 per Dollar on Wednesday
The naira, Nigeria's currency, has gained value and is now worth less than 1,600 naira for 1 US dollar on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.
According to data from the Financial Market Quotation...
Market Watch
Nigeria Sees 55% Surge in Net FX Flows, Reaching $25.4 Billion in First Half of 2024
The Central Bank of Nigeria (CBN) announced that its new policies are working. Between January and June, the forex flows increased to $25.4 billion, which is a 55% rise compared to last year.CBN explained that this growth was because...
Latest News
Coalition Criticizes Kano Local Government Elections as ‘Comedy Gone Too Far’ Despite Court Order
The National Patriotic Coalition (NPC) is very unhappy about the recent local government elections in Kano State. They said...