GistReel The Nigerian naira traded at ₦1,372.96 per United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, July 8, 2026, according to official market data. At the parallel market, commonly referred to as the black market, the dollar exchanged at approximately ₦1,400 per dollar for buying and…
…last weekend. Likewise, the naira depreciated to N1,371 per dollar in the Nigerian Foreign Exchange Market, NFEM. Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the market rose slightly to N1,371 per dollar from N1,370 per dollar last weekend, indicating N1 depreciation for the…
…on Monday, appreciating by N1.92 against the United States dollar at the official foreign exchange market. Data published on the Central Bank of Nigeria's official website showed the currency closed at N1,368.26 per dollar on Monday. The latest performance represented a 0.14 per cent appreciation compared with Friday's…
…reforms, including the removal of the petrol subsidy and the liberalisation of the foreign exchange market, both of which contributed to sharp increases in inflation and the cost of living. The World Bank has consistently maintained that the reforms are necessary to restore macroeconomic stability and place public fina…
…against the United States dollar on Thursday, July 2, 2026, across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as the gap between both segments remained narrow. According to live foreign exchange data, the official NFEM exchange rate stood at approximately ₦1,374.18 per US dollar on Th…
…dollar on Tuesday. Similarly, the naira appreciated to N1,369 per dollar in the Nigerian Foreign Exchange Market, NFEM. 6. The Federal Government's reduction in vehicle import levies has officially taken effect, offering hope of lower vehicle prices while prompting auto dealers to seek clarity on the newly introduced G…
…dollar on Tuesday. Similarly, the naira appreciated to N1,369 per dollar in the Nigerian Foreign Exchange Market, NFEM . Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the market fell to N1,369 per dollar from N1,376 per dollar on Tuesday, indicating N7 appreciation for the nai…
…to play. While commercial banks are expected to finance large corporates, participate in foreign exchange markets and offer a broad range of banking services, MFBs are specialised lenders focused on mobilising deposits and extending credit to households and small businesses. The licence limits how fintechs can use cust…
…amid the apex bank's longstanding restrictions on BDC operators' access to the official foreign exchange market, reflecting concerns over compliance standards and previous abuses within the segment. Market analysts say the development further underscores the CBN's preference for a bank-led foreign exchange distribution…
…after four days of decline The Naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a good note. The Central Bank of Nigeria’s data showed that the Naira strengthened on Monday to N1,369.11 against the dollar, compared to N1,370.46 traded on Friday last week. This…
…administration points to the removal of the fuel subsidy, the unification of the foreign exchange market, the Supreme Court ruling on LG autonomy, the new minimum wage, and a series of infrastructure projects as evidence of delivery. Critics note that fuel prices have risen by 463 per cent and food prices more than dou…
…The Naira recorded the highest depreciation against the dollar on Friday at the official foreign exchange market to end the week bearish. The Central Bank of Nigeria’s data showed that the Naira further declined on Friday to N1,370.46 against the dollar, down from N1,363.30 exchanged on Thursday. This means that the Ni…
…during the month of May 2026. The strengthening reserve position comes amid ongoing foreign exchange market reforms and improved external inflows into the economy. The CBN Governor Olayemi Cardoso, had, in May, said: "This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exch…