Tag: Naira
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Why naira is suddenly gaining against dollar
The injection of dollars into the Nigerian foreign exchange market and the central bank’s interest rate hikes are working in favour of the naira,...
CBN begins clearing forex contracts, easing naira pressure
The Central Bank of Nigeria (CBN) has cleared matured forward foreign-exchange contracts with an unspecified number of banks in the country, a move that...
Naira fall predicted to continue next week
The naira is expected to remain unsteady in the coming week despite the government’s announcement that it expects some $10 billion in the coming...
Naira sinks to long-feared black market rate of 1,000 to dollar
The naira fell to a new record low of 1,000 to a dollar on the parallel market on Tuesday, traders said, driven by speculation...
Minister blames naira fall on $6.8bn forex payment backlog
Finance minister Olawale Edun says Nigeria has to clear a $6.8 billion backlog of foreign exchange forward payments before the naira stabilizes.
Forward contracts allow...