Naira slips to N1,329.15 per dollar as official FX market turnover surges 174%, while reserves hit $54.607bn and the parallel-market rate strengthens to N1,370.
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Economy Latest News
CBN crashes naira further, mops up dollars amid reserves increase
The naira strengthens against the US dollar as CBN intervenes, boosting market confidence with rising external reserves amid fluctuating global oil and gold prices.
Naira starts new week on a high as reserves surge, confidence returns to FX market
The naira strengthens 1.5%, buoyed by rising external reserves to $46.91 billion, as confidence in Nigeria's forex markets surges, easing speculative pressures.
Rice price hike looms as Tinubu administration faces tough choice on imports and rising costs
Nigeria's rice prices may rise as the FG considers closing import windows, risking local farmers and creating a new food inflation challenge amid rising costs.
SMEDAN lists how Nigerian entrepreneurs spend business loans “they take it and disappear”
SMEDAN says many Nigerian entrepreneurs divert MSME loans to personal use and fail to repay, weakening revolving funding schemes and limiting access to finance.
Nigerian salary earners see higher take-home pay as Tinubu’s Tax Reforms Kick In
Nigeria's tax reforms are enhancing net pay for workers, with reduced PAYE deductions reshaping financial relief for low- and middle-income earners.
Naira suffers decline in forex market as exchange gap widens
The naira fell 0.57% amid surging dollar demand, while Nigeria's reserves rose to $46.81 billion. Oil prices dropped, impacting export earnings and currency.
Epstein files drag Nigeria’s oil sector into global spotlight as NNPC risks scuttle deals
Court documents reveal Jeffrey Epstein's withdrawal from trading Nigerian crude due to fraud fears linked to NNPCL, exposing Nigeria's oil sector governance issues.
Exchange rate gap between official and parallel markets grows as naira falls
Nigeria's exchange-rate gap has exceeded 6%, raising FX arbitrage concerns. While the naira strengthens officially, parallel market pressures persist.
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Dollar is crashing: Naira maintains gain, hits intraday high of N1,358 in official window
The naira strengthens to ₦1,358 per dollar, the best in 24 months, driven by improved dollar liquidity and investor sentiment, easing pressure on importers.
Economy
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