ADVERTISEMENT
TechEconomy
Friday, May 30, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Naira: Despite CBN intervention, FX Rate still Around N1,479.47/$1

Naira: Despite CBN intervention, FX Rate still Around N1,479.47/$1

Reporter: Tobi Adetunji

Techeconomy by Techeconomy
February 9, 2024
in Finance
1
EIU, PwC Seven Trends to Change Nigeria economy, Naira, Dollar, Yan, Euro, Paounds - adobestock
Design Credit: adobestock

Design Credit: adobestock

RelatedPosts

Naira vs Dollar | Asset management

Naira Appreciates in the Official Market, Closes at N1,586/$1

May 30, 2025

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025

The Naira experienced depreciation against the US Dollar across both the official and black markets as demand pressure continued to weaken Nigeria’s currency.

This is despite the implementation of various policies by the Central Bank of Nigeria (CBN) aimed at bolstering foreign exchange (forex) supply.

According to data from the NAFEM, the official forex trading platform, the domestic currency depreciated by 4.1%, closing at N1,479.47 to a dollar after trading hours.

This marks a notable N60.69 drop or a 4.1% decrease in the local currency compared to the previous closing rate of N1,418.78 on Wednesday.

The intraday high recorded was N1504/$1, while the intraday low was N946.82/$1, representing a wide spread of N557.18/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $321.23 million, representing a 57.52% increase compared to the previous day.

External reserves also remained at just about $33 billion from $32.9 billion at the start of the year.

While the closing exchange rate on the official market crossed N1400/$1 on the 30th of January 2024 and has remained above this then. The intra-day high rate at above N1,500 for the 8th straight day.

In the parallel market where the exchange rate is sold unofficially, the dollar sold for as high as N1,500/$1 with the £1/N1,890 and the EUR1/N1,600.

The parallel market has also remained at about N1400/$1 since January 25, 2024, and hit N1,500 on February 2nd, 2024.

In the cryptocurrency market where forex is sold using stablecoins, N1,489/$1 as of when we checked late on Thursday.

The cryptocurrency market crossed N1,400 on the 25th of January and has remained closer to N1500/$1 since then.

Black market operators informed said demand pressures continued to increase as Nigerians are increasingly moving towards dollarization.

Most Nigerians have resorted to holding a significant portion of their assets in dollars which requires that they sell their naira assets in exchange for purchasing dollars.

Nigerians also see this as a hedge against galloping inflation which currently stands at 28.9% as of December 2023.

The central bank recently pointed to its monetary policy direction by accepting treasury bill bids of 19% per annum.

By accepting higher treasury bill rates, the CBN is signaling a move towards attracting forex inflows. The impact has already been felt with an increase in daily forex turnover.

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: naira
Previous Post

NCS Forum: Nigeria Needs AI Policy to Promote Innovation in Education

Next Post

Inflation: Cardoso Hints CBN Lacks Capacity to Continue N10 trillion Intervention Programmes

Techeconomy

Techeconomy

Related Posts

Naira vs Dollar | Asset management
Finance

Naira Appreciates in the Official Market, Closes at N1,586/$1

by Latifat Fashina
May 30, 2025
0

The naira appreciated in the official market on Thursday, strengthening to N1,586/$1 from its previous close of N1,591/$1. According to...

Read more
Arik Air in 2024

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025
SANEF CEO Uche Uzoebo receives RedTech Award

RegTech Conference: SANEF’s CEO Uche Uzoebo Makes Case for More Financial Inclusion Strategies Targeting Women

May 29, 2025
SEC cancels Silverkuun

SEC Warns Public against Investing in Silverkuun Limited

May 29, 2025
Abbey Mortgage Bank Building

Abbey Mortgage Bank to Raise N100bn for Commercial Banking Licence

May 29, 2025
Naira vs Dollar | Asset management

Naira Falls across Markets, Hits N1,591/$1 in Official Trading

May 29, 2025
Next Post
deficit spending report by cbn, Cardoso and IOCs and MPC

Inflation: Cardoso Hints CBN Lacks Capacity to Continue N10 trillion Intervention Programmes

Comments 1

  1. Pingback: Inflation: Cardoso Hints CBN Lacks Capacity to Continue N10 trillion Intervention Programmes - Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.