Nigeria has received a potential boost to investor confidence after S&P Dow Jones Indices placed the country on its 2027 Country Classification Watchlist for a possible upgrade to Frontier Market status, even as the naira continued to weaken in the parallel foreign exchange market. The watchlist designation signals that international index providers are closely monitoring…
Nigeria’s economy received a modest boost on Monday as the naira remained relatively stable in the official foreign exchange market while major fuel suppliers announced fresh reductions in petrol depot prices following Federal Government intervention. The naira continued to trade within a stable range at the Nigerian Foreign Exchange Market (NFEM), reflecting sustained liquidity and…
Nigeria recorded fresh economic milestones this week as the naira remained relatively stable against the U.S. dollar while the Dangote Petroleum Refinery continued to strengthen the country’s position in the global energy market through record aviation fuel exports to Europe. The naira traded at around ₦1,370 to the U.S. dollar in the official foreign exchange…
Global markets opened the week with mixed sentiment as investors balanced encouraging signs in Nigeria’s foreign exchange market against renewed political uncertainty in Europe and a modest rebound in U.S. technology stocks. In Nigeria, the naira remained largely stable in early parallel market trading, exchanging between ₦1,395 and ₦1,415 per U.S. dollar across Lagos and…
The Nigerian naira started the new trading week on a stable note, maintaining its recent gains against the U.S. dollar as confidence in the foreign exchange market continued to improve. According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded at ₦1,379.22/$1 at the official window, reflecting continued stability after weeks of…
The Nigerian naira has come under renewed pressure after the United States dollar strengthened sharply following a more hawkish policy signal from the US Federal Reserve, pushing the local currency into one of its weakest 12-month periods. The dollar rally was triggered by growing expectations that the Federal Reserve could maintain higher interest rates for…
The International Monetary Fund (IMF) has said the Nigerian naira remains significantly undervalued despite recent improvements in the country’s foreign exchange market, highlighting both progress and continued challenges in Nigeria’s economic recovery. In its latest Article IV consultation report on Nigeria, the IMF estimate that the naira was undervalued by 25.6 percent based on its…
