Nigerian currency news

Here are some recent news updates on the Nigerian currency:

Naira Weakens Against Dollar

The Nigerian naira has continued to weaken against the US dollar, trading at around N415 to the dollar on the parallel market, also known as the black market. This is due to a shortage of foreign exchange in the country, which has led to a surge in demand for dollars.

CBN Introduces New Foreign Exchange Policy

The Central Bank of Nigeria (CBN) has introduced a new foreign exchange policy aimed at increasing the availability of foreign exchange in the country. The policy allows for the sale of foreign exchange to Bureau de Change (BDC) operators, who can then sell it to customers at a higher rate.

Naira Appreciates Against Pound

The naira has appreciated against the British pound, trading at around N540 to the pound on the official market. This is due to a surge in demand for pounds in the country, which has led to a shortage of the currency.

Nigeria's Inflation Rate Rises

Nigeria's inflation rate has risen to 12.4% in June, up from 11.8% in May. This is due to a rise in food prices, which has been exacerbated by a shortage of foreign exchange in the country.

CBN Introduces New Guidelines for Foreign Exchange Transactions

The CBN has introduced new guidelines for foreign exchange transactions, aimed at reducing the risk of currency speculation and improving the transparency of foreign exchange transactions.

Naira Weakens Against Euro

The naira has weakened against the euro, trading at around N470 to the euro on the parallel market. This is due to a rise in demand for euros in the country, which has led to a shortage of the currency.

Nigeria's Foreign Exchange Reserves Fall

Nigeria's foreign exchange reserves have fallen to $43.4 billion, down from $45.4 billion in May. This is due to a rise in demand for foreign exchange in the country, which has led to a decline in the country's foreign exchange reserves.

CBN Introduces New Measures to Boost Foreign Exchange Supply

The CBN has introduced new measures aimed at boosting the supply of foreign exchange in the country. The measures include the sale of foreign exchange to BDC operators and the introduction of a new foreign exchange window for small and medium-sized enterprises (SMEs).

Naira Appreciates Against Chinese Yuan

The naira has appreciated against the Chinese yuan, trading at around N340 to the yuan on the official market. This is due to a rise in demand for yuan in the country, which has led to a shortage of the currency.

Nigeria's Inflation Rate Expected to Rise

Nigeria's inflation rate is expected to rise to 13.5% in the second half of the year, up from 12.4% in the first half of the year. This is due to a rise in food prices, which has been exacerbated by a shortage of foreign exchange in the country.

I hope this information is helpful.