Nigerian money news

Here are some recent news updates about the Nigerian currency, Naira:

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 Forex Policy

The Central Bank of Nigeria (CBN) has introduced a new foreign exchange policy aimed at stabilizing the Naira and improving the country's foreign exchange reserves. The policy includes the introduction of a new foreign exchange window, which will allow for the sale of foreign exchange to customers at a fixed 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 11.37% in June, up from 11.23% in May. This is due to a rise in food prices, which has been exacerbated by a shortage of foreign exchange in the country.

Naira Devaluation

The CBN has devalued the Naira by 5% against the dollar, trading at around N390 to the dollar on the official market. This is the third devaluation of the Naira in 2022, and is aimed at improving the country's foreign exchange reserves.

Nigeria's Economy Grows

Nigeria's economy has grown by 2.3% in the first quarter of 2022, driven by a rise in the non-oil sector. This is the first time the country's economy has grown in three years, and is a sign of improvement in the country's economic fortunes.

Naira's Performance Against Other Currencies

Here is a summary of the Naira's performance against other major currencies:

Please note that these rates are subject to change and may not reflect the current market rate.