• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Naira Now N1,725, N1, 653/$1 On Parallel Markets

by BUKOLA ARO-LAMBO
8 months ago
in Business
Naira is Nigeria's currency, Dollar is recognised world currency

Naira is Nigeria's currency, Dollar is recognised world currency

Share on WhatsAppShare on FacebookShare on XTelegram

The domestic currency traded at N1,653 per US dollar at the close of trading on Tuesday on the official NAFEM market and N1,725 per dollar in the parallel market as of October 23, 2024. This marks a drop of N5 in the parallel market compared to previous rates.

Advertisement

However, the International Monetary Fund (IMF) said the clearing of the foreign exchange backlog by the Central Bank of Nigeria (CBN) alongside the benchmark interest rate hikes has helped the naira to stabilise.

Also, the 30-days moving average of the external reserves of the country rose to $39.156 billion as at Monday, October 21, 2024.

The value of the naira had continued to depreciate with the gap between the official rate and the black market further widening.

At the close of business on Tuesday, the naira was selling at N1,653.02 to the dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) a 3.1 per cent or N49.86 depreciation compared to Monday’s closing exchange rate of N1,603.16 to the greenback.

RELATED

Dangote Refinery’s Completion To Make Naira Stronger

US Provides Third Of Dangote’s Crude Requirement In 2025 Supplies

2 hours ago
Equities To Sustain Positive Sentiment Amidst Audited Earnings Expectations

Consumer Goods Sector Drives NGX Growth With 40.65% Increase

2 hours ago

This brings the gap between the official and black market rates to nearly N100 as the black market closed at N1,725 to the dollar. This is however still stronger than the lowest level the naira had fallen to. In February this year, the value of the naira had plunged to N1,900 to the dollar, sparking fears and speculations that the currency could hit N2000 to the dollar before the end of this year.

According to the Fiscal Monitor report of the IMF just released, the policy actions of the apex bank had resulted in positive developments. “In Nigeria, rate hikes and the clearing of overdue domestic central bank foreign exchange obligations have helped the naira show more signs of stability,” the report stated.

The CBN governor, Olayemi Cardoso, had earlier this year cleared up to $7 billion of backlog of amidst other policies put in place to manage the foreign exchange quagmire of the country. The Monetary Policy Committee (MPC) of the apex bank had also continued to raise benchmark interest rates to manage the rising inflation in the country.

At the last meeting held in September, the committee had raised the Monetary Policy Rate (MPR) by 50 basis points (bps) to 27.25 per cent from 26.75 per cent. The hike brings the total rate increase so far in 2024 to 850 bps.

The CBN had also, as part of efforts to curb speculation as well as eliminate price distortions in the foreign exchange market, introduced the Electronic Foreign Exchange Matching System (EFEMS), for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM).

The EFEMS which will be implemented in the first week of December this year, is already being test-run and dealers are expected to start compiling reports from this month.

According to the circular issued by the Director, Financial Markets of the CBN, Dr Omolaral Duke to all authorised dealers, all foreign exchange transactions in the interbank foreign exchange market are to be conducted on the Electronic Foreign Exchange Matching System approved by the CBN where transactions will be reflected immediately .

“The new system is expected to enhance governance, transparency and facilitate a market- driven exchange rate that will be accessible to the public. This development is expected to reduce speculative activities, eliminate market distortions and give the CBN improved oversight capabilities to effectively regulate the market.

“The CBN will publish real time prices and buy/sell orders data from the system, and in collaboration with the Financial Markets Dealers Association (FMDA), publish the rules for the EFEMS. The Nigerian FX Code and revised Market Operating Guidelines for the Nigeria Foreign Exchange Market will also provide guidance to market participants.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


Tags: Naira Crisis
SendShareTweetShare
Previous Post

FG Approves N740bn For Major Road Projects

Next Post

Firms Partner To Transform Africa’s Travel Payment Ecosystem

BUKOLA ARO-LAMBO

BUKOLA ARO-LAMBO

You May Like

Dangote Refinery’s Completion To Make Naira Stronger
Business

US Provides Third Of Dangote’s Crude Requirement In 2025 Supplies

2025/06/08
Equities To Sustain Positive Sentiment Amidst Audited Earnings Expectations
Business

Consumer Goods Sector Drives NGX Growth With 40.65% Increase

2025/06/08
JUST IN: Nigerian Stocks End 8-Day Gains As Banks Slide
Business

‘Dangote Petrochemicals Listing To Boost Nigeria’s Stock Market’

2025/06/08
NLNG Ties 2023 Science Quiz Competition To Net Zero Emission
Business

NLNG Launches Human Capital Devt Programme Under Train 7 Project

2025/06/08
SEC Warns Nigerians Against Unregistered Investment Schemes
Business

New Meme Coin, PUNISHER COIN, Not Registered – SEC

2025/06/08
AMMC Begins Intensive Traffic Control On Airport Road
Business

Lagos, Abuja Top Nigeria’s 2025 Global Startup Index

2025/06/08
Leadership Conference advertisement

LATEST

Khadeejah Wins Big At Campus Invasion

Lassa Fever: Vaccine Produced By Nigerian Shows High Potency –Virologist

Make Music Lagos Marks 10 Years With MI, Drille

Group Advocates Stronger Policies To Mitigate Climate Change

Harnessing Visual Communications To Strengthen Electoral Process

The Ministry Of Personal Deliverance (PART 11)

Tinubu And Arewa

Of Eid, Sacrifice, And The Politics Of Hope

Understanding Lumbar Spondylosis: What Your Lower Back Is Telling You

US Provides Third Of Dangote’s Crude Requirement In 2025 Supplies

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.