Dollar to Naira News

Despite growing foreign reserves, naira depreciates to N1,512 – Blueprint

By Blessing Anaro

The naira has maintained steady decline for two weeks while the nation’s external reserves continue to climb. Exchange rates at informal currency market and official rates plunged into deadly spiral after the apex bank’s FX intervention sales.

Having depreciated by more than 40 per cent year to date, the naira extended losses against the US dollar as forex liquidity challenge persists. According to FMDQ forex spot rate data, the naira depreciated by 21bps or 0.21per cent to N1,512.61 in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Meanwhile, data from the Central Bank of Nigeria (CBN) showed that foreign reserves climbed further to $34.432 billion on Tuesday.

The CBN has said the authority will not defend the naira in the official window since it floated the local currency, in a nation that depends on imports to survive. The apex bank has limit FX liquidity levels in the official window, causing the exchange rate to run amok.

According to Marketforces,, the foreign exchange market saw pressure on the naira from speculative activities and rising demand, causing the naira to weaken against the US dollar across market segments. In the parallel market, the naira depreciated by 0.60 per cent, ending the day at an average of N1,514 per US dollar, according to channel check.

See Dollar to Naira black market today, Pound to Naira, Euro to Naira, Dollar to Naira CBN rate and Dollar to Naira Bank rate today.

Related Posts

Standard Bank Securities: Banks under our coverage could pay N217bn as proposed windfall tax – The Cable News

By Bunmi Aduloju The Standard Bank Group (SBG) Securities says banks under its coverage could pay N217 billion in the proposed windfall tax. In a report on Thursday,…

Central Bank’s Misguided Policies Under Cardoso Have Worsened Naira, Strangled Nigerian Economy – Civic Organisation – Sahara Reporters

By Sahara Reporters The Nigeria Must Win Network (NMWN), a civil society, has stated that interventions under the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso’s leadership…

Alleged N17.8bn Debt: Court Orders CBN, EFCC to Investigate Afex Accounts in 28 Banks – This Day News

By Wale Igbintade A Federal High Court in Lagos has ordered the Central Bank of Nigeria (CBN) and the Economic and Financial Crime Commission (EFCC) to carry out…

CBN resumes dollar sales to BDCs, halts Naira depreciation – Vanguard News

By Babajide Komolafe Directs BDCs to sell at N1,471/$ The Central Bank of Nigeria, CBN yesterday, announced the resumption of dollar sales to bureaux de change, BDCs, a development that…

CBN projects external reserves to dip in 2024 – Punch News

By Oluwakemi Abimbola The Central Bank of Nigeria has projected that the external reserves could reduce slightly in 2024 on the back of debt service and other obligations. This…

BoI to invest in green financing, modular refineries – Daily Trust

By Philip Shimnom Clement As part of initiatives designed to maximise growth and boost local investments, the Bank of Industry (BoI) has announced that it will explore new…