Tag: Exchange Rate

3May

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Economy, Finance, News, Nigeria

Naira Declines in May Trading Session

In the opening trading session of May at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the Nigerian Naira experienced a slight decline, settling at N1,402.67 to the US dollar. This marks a decrease of 0.83% from the previous close of N1,390.96 in April, according to market data from the Financial Markets Dealers Quotations (FMDQ). Throughout the trading day, the Naira witnessed fluctuations, reaching a peak of N1,445 and a low of N1,299.42 against the dollar. This significant spread of N145.58 reflects the volatility observed in the forex market. Meanwhile, the volume of dollar transactions saw a modest rise of 3.32%, totaling $232.84 million, up from $225.36 million on the preceding Tuesday. In contrast, the parallel market saw the Naira weakening further, drop...

Potential Implications of Seizing Domiciliary Accounts in Nigeria: Insights from a Financial Expert

As rumors swirl regarding the Nigerian government's purported intentions to seize funds held in domiciliary accounts across the nation, financial expert Kalu Ajah has stepped forward, via a post on X, to offer a comprehensive analysis of the potential ramifications. Drawing parallels with historical events and providing detailed insights into the operational dynamics of domiciliary accounts, Ajah's assessment sheds light on the risks and consequences associated with such actions. The Pakistani Example Ajah begins by invoking a significant episode from Pakistan's economic history, where the government initiated an emergency freeze on all foreign currency accounts (FCA) in May 1998. This drastic measure, aimed at safeguarding the economy, had far-reaching repercussions. "The primary i...

Slip of the Naira at the I&E Window Continues on Wednesday

In a recent development, the Nigerian Naira has witnessed a significant weakening against the United States dollar, as indicated by data released on the FMDQ securities exchange window. The Investors and Exporters (I&E) window, which serves as the official platform for forex trading, recorded a notable decline in the value of the Naira due to a substantial decrease in foreign exchange supply within the market segment. According to the data published by FMDQ, the Naira concluded Wednesday's trading at N763.17 per $1. This represents a 0.87 percent or N6.56 fall from the previous session's rate of N756.61 on Tuesday. The day started with the Naira being traded at N741.21, but it experienced a sharp decline throughout the trading session, reaching an intraday low of N815.00. This m...