According to Goldman Sachs, the Naira is now the best-performing currency this month (April) due to its ongoing rise versus the US dollar. According to a Goldman Sachs analyst assessment, the Naira’s foreign exchange rate may drop below N1,000 per US dollar in the upcoming months due to the currency’s strengthening rate. This was revealed…
The presidency has warned forex speculators that the naira would shortly appreciate. Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy, advised speculators to unload their dollars as soon as possible to prevent “tears”. Onanuga was reacting to the Central Bank of Nigeria’s (CBN) announcement that it has cleared the $7 billion foreign…
With an eye toward international investors, the Central Bank of Nigeria has auctioned a record N1.3 trillion in Treasury Bills. The goal of this is to boost the amount of foreign exchange (forex) coming into Nigeria and improve the value of the Naira. Attractive interest rates are available on current Treasury Bills, providing investors with…
The Nigerian government has blocked Binance and other crypto businesses’ internet platforms in order to prevent what it views to be ongoing forex market manipulation and illicit financial movement. Aside from Binance, other services, including Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, were also restricted. According to presidential and regulatory officials, the government decided to…
At the conclusion of business on Friday, the Naira rose marginally versus the US dollar and other currencies in the foreign currency market. According to FMDQ data, the Naira gained ground on Wednesday, trading at N1,469.97 per US dollar, up from N1,479.47 on Friday. This is a 0.6 percent or N9.5 increase over Tuesday’s closing…