Nigeria forex news today

Here are some of the latest Forex news and updates from Nigeria:

Naira Weakens Against Dollar

The Nigerian naira has continued to weaken against the US dollar, trading at N415.50 to the dollar at the official market, and N480 to the dollar at the parallel market, also known as the black market.

CBN Intervenes in Forex Market

The Central Bank of Nigeria (CBN) has intervened in the foreign exchange market to stabilize the naira, injecting $210 million into the market. The CBN has also directed commercial banks to sell foreign exchange to customers at a fixed rate of N360 to the dollar.

Forex Reserves Fall

Nigeria's foreign exchange reserves have fallen to $43.3 billion, a decline of 1.4% from the previous week. The decline is attributed to the country's large trade deficit and the CBN's intervention in the foreign exchange market.

Oil Prices Rise

Oil prices have risen to $63.50 per barrel, a gain of 1.2% from the previous day. The rise in oil prices is expected to boost Nigeria's foreign exchange earnings and support the naira.

Economic Growth Slows

Nigeria's economic growth has slowed to 2.3% in the first quarter of 2023, down from 3.1% in the previous quarter. The slowdown is attributed to a decline in agricultural production and a contraction in the manufacturing sector.

Inflation Rate Rises

Nigeria's inflation rate has risen to 12.4% in May 2023, up from 12.1% in April 2023. The rise in inflation is attributed to a decline in agricultural production and a rise in food prices.

Forex Trading Tips

Here are some Forex trading tips for Nigerian traders:

I hope this information is helpful.