Business

Naira Tumbles, Depreciates By 40% Against Dollar In First Half Of 2024

Published

1 year ago

June 30, 2024

The Naira depreciated by over 40 percent in the half quarter of 2024 at the foreign exchange market.

The FMDQ data showed that the Naira weakened to N1505.30 per dollar on Friday from between N896.6 and N907.11 it closed on 29th December 2023.

The figure showed that the Naira had continued its instability against other currencies in the last months despite a streak of months of appreciation before depreciation set in mid-April 2024.

The Naira reached its highest peak of N1,665.50 in February 2024 and lowest point in April when it stood at 1,140 and N1,230.61 at the official and parallel foreign exchange markets, respectively.

The development comes on the back of Central Bank or Nigeria policies, including the unification of the FX market, circular on the operation of International Money Transfer Operators, Intervention to Bureau De Change operators, regulation on excess FX to banks, and recently the withdrawal of Price Verification System Portal for importers.

Despite, the policy reforms by the apex bank, the Naira has continued fluctuations against the Dollar and other currencies in the foreign exchange market.

In April 2024, the Naira was adjudged as the best-performing currency, but slipped to worst-performing in May, according to Bloomberg.

This is as Naira closed at N1505.30 and 1515 at the official and parallel foreign exchange market, respectively on Friday.

The development comes despite the increase in Nigeria’s external reserve which stood at $34.07 billion on June 26, 2024.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

21 hours ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

21 hours ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.