11 articles tagged with “Naira”
Nigeria's central bank deployed $190 million in foreign exchange intervention to manage rapid naira gains, with reserves now exceeding $50 billion threshold amid growing retail forex market participation across Africa.
Vice President Kashim Shettima predicts Nigeria's economy will shift from stabilization to acceleration in 2026, with the naira reaching N1,000 per dollar within weeks, as the Central Bank of Nigeria delivers a cautious rate cut amid inflation falling to an 11-year low.
Nigeria's currency shows signs of stabilization despite short-term volatility, while the entry of new mobile service provider Lebara signals growing investor confidence in Africa's largest economy.
Nigeria's central bank intervened in foreign exchange markets last week, absorbing $190 million to moderate naira appreciation, while economists anticipate the largest monetary policy rate reduction in over five years.
Monetary authorities have refuted viral claims suggesting Nigeria will abandon the naira for the proposed West African Eco currency by 2027, emphasizing that the country's national currency remains secure pending regional economic convergence.
Nigeria's external reserves and currency prospects strengthen as Brent crude trades $4.15 above the 2026 budget benchmark of $64.85 per barrel, while the Canadian dollar weakens to N994 in the official market.
Nigeria's All-Share Index posted its strongest weekly performance in months, gaining 12,676.69 points to close at 194,989.77, even as the exchange-traded fund market experienced a sharp correction with leading ETFs declining 50% amid retail investor losses.
Nigeria's currency has gained ground as Brent crude trades above the federal government's $64.8 per barrel budget assumption, positioning the country for improved foreign exchange reserves and fiscal stability.
Nigeria's currency recorded gains against the euro while facing renewed depreciation pressures in the official market, as Bureau de Change operators report difficulties accessing the Central Bank's official foreign exchange window despite external reserves reaching $48.5 billion.
Nigeria's currency weakened N3.25 at the official foreign exchange window while strengthening N25 in the parallel market to N1,340/$, as crude oil prices extended gains amid escalating US-Iran tensions.
Bureau De Change operators report inability to purchase dollars from commercial banks one week after Central Bank of Nigeria announced new foreign exchange guidelines, despite parallel market naira appreciation to N1,385 per dollar.