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Key Contenders Emerge After Pope Francis’ Death At 88Protests Break Out In Jos Over Plateau Killings16 Things To Know About Late Pope FrancisNRC Extends Suspension Of Warri-Itakpe Train ServicesAPC Suspends State Secretary, Avajah, Over Alleged Constitution ViolationsAPC Considers Automatic Ticket For Tinubu In 2027 Presidential ElectionYou Saw Evil In Gaza, Condemned It – Fani-Kayode Mourns Pope FrancisSynthetix Founder Warns SNX Stakers to Embrace New Mechanism or Face ‘The Stick’Bitcoin’s Holiday Price Rebound Signals Return of Institutional Confidence, Says QCP CapitalIndependence Day Bomber In Critical Condition After Maiduguri Explosion‘My Friend’ – Tinubu Hails Abia Ex-Gov, Orji Kalu On 65th BirthdayNigeria’s Kanyinsola Ajayi Becomes Second Fastest Sprinter Globally In 2025Just In: Onanuga Confirms When President Tinubu Will Return To NigeriaBreaking: Pope Francis Is Dead“National Assembly To Push For State Police As Part Of Efforts Against Terror Attacks” – BamideleCoalition: You Are An Incurable Virus, We Are Not Considering You For The Merger – Babachir Lawal Slams PDP GovsTinubu, Tchiani To Meet After 20 Months Face-offFG Declares New Target For National GridAbia Teachers Threaten To Strike Over Unpaid Minimum Wage, OthersTake A Back Seat And Enjoy Your Retirement – Babachir Lawal Fires Back At Bode GeorgeAustin Okocha Speaks On Failure To Win African Player Of The Year AwardTraditional Ruler Speaks On Emergence Of New Terrorist Group, Mahmuda In Parts Of Kwara, Niger“We Must Change Our Strategy” – David Mark Urges Tinubu Gov’t To Consider Border Fencing Like U.S, Israel To Tackle InsecurityEkiti APC Caucus Endorses Tinubu, Gov Oyebanji For Second Tenure10th Senate Reschedules Resumption Date To May 6, 2025NEC To Meet On Thursday, State Police Off AgendaBoko Haram Currently Uses Unmanned Drones To Monitor Military – BukartiIf Current Leaders Can Imitate Jonathan, Nigeria Will Be Better – Peter ObiS’Court To Hear PDP Govs Suit Challenging Rivers State Emergency Declaration After Easter BreakGov Lawal Speaks On Defecting From PDP To APCFubara: Is Sole Administrator, Ibas On Tinubu’s Side Or Setting Rivers On Keg Of Gunpowder?Bitcoin Breakout Alert—Are Bulls Targeting $90K?Vitalik Buterin Proposes RISC-V Upgrade to Boost Ethereum’s Execution SpeedMore Details Emerge On Clash Between Tinubu’s Minister And Bauchi Deputy GovernorPlateau, Benue Violence: APC Chieftain Accuses ‘Forces’ Of Plotting Against TinubuRivers: Stop Parading Yourself As Defender Of Nigeria’s Judiciary – Falana Fires WikePortable Opens Up On Using ‘Juju’ To Defeat Speed Darlington In Celebrity Boxing MatchBlack Market Dollar (USD) To Naira (NGN) Exchange Rate Today 21st April 2025Tinubu Directs VP Shettima To Visit Plateau TodayInsecurity: ‘Steer Clear, Don’t Be Part Of Those Attacking Us’ – Gov Alia Warns PoliticiansPDP Chieftain Discloses Regions That Peter Obi Would Win In 2027 If He Returns To The PartyBomb Explosion Reportedly Rocks Maiduguri Prison‘Instead Of Preaching Peace, You’re Sowing Seeds Of Discord’ – Ibas Knocks Tunde BakareTop Nigerian Newspaper Headlines For Today, Monday, 21st April, 2025Naira Rises against EUR, USD as GBP Rally—CBN FX DataSEC Warns Influencers, Bloggers against Promoting Ponzi SchemesBanks Levy: Shareholders Want Authority to Wind up AMCONFemi Otedola Increases Direct Interest in First Holdco by 4,121%Gumi Warns President Tinubu Over Rising InsecurityWilfred Ndidi’s Leicester City Relegated Again After Losing To LiverpoolNnamdi Kanu’s Family Accuses FG Of Media Manipulation, False NarrativesTunde Onakoya Sets New Guinness World Record Wth 64-Hour Chess MarathonJigawa Police Under Fire For Dispersing APC Supporters With Teargas At Government EventNigeria Police Force Intensifies Operations, Arrests Terrorists, Rescues Kidnapped VictimsWhy I Resigned As Tinubu’s Political Adviser – Baba-Ahmed Reveals, Says North Will Decide On 2027 CandidateState Of The Nation: Presidency Reacts To Pastor Bakare’s Message To Tinubu
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Trending News: Vatican Releases Pope Francis’ Final Wishes (Full Text)Step-By-Step – How New Pope Will Be Selected To Replace Pope FrancisPope Francis’s Death Linked To Stroke, Coma, And Cardiovascular CollapseNiDCOM Chair Hails Onakoya For Breaking World Chess RecordInsecurity: ‘This Is Major Reason You Can Never Rule Nigeria’ – Onoh Blasts AtikuPSG Coach, Luis Enrique Points Out Arsenal’s Strength Ahead Of UCL ClashBayer Leverkusen Permit Xabi Alonso To Join Real MadridYour Statement Portrays Your Mischievous Personality – Ganduje Fires Back At Galadima‘Anyone That Attempt To Sell This Party Will Suffer’ – PDP“El-Rufai Deserved To Be Adequately Compensated” – APC Chieftain, ShittuEFCC Clarifies It’s Position On CBEX, Reaffirms Commitment to Tackling Financial Fraud“PDP Will Rise Again” — Abia PDP Plots 2027 Comeback, Declares Readiness To Reclaim PowerAPC Is Peaceful, Unlike Other Parties Battling Internal Crises – Ganduje BoastsNPFL Updates: Finidi Happy With Rivers Win, Kwara, Nasarawa Coaches Celebrate DrawRivers Emergency Rule: Lawyers Petition ECOWAS Court To Impose Sanction On Tinubu, NASSApart From Going On TV To Make Noise What Have You Contributed To The Legal Profession? – Wike’s Aide Blasts Femi FalanaWhy Iyabo Ojo Decided To Accept Relationship Between Priscilla And Juma Jux – Chioma GoodhairPolice React To Death Of Delta State Governor’s Aide, ShimiteGospel Artists Are In Business To Make Money – SpyroPep Guardiola Says Manchester City Vs Aston Villa EPL Clash Is “Final”‘My Task Was To Clean Up Faeces’ – Quadri Shares Ordeal In Detention After Viral Photo With Peter ObiPope Francis’ Romance With FootballGov Adeleke Condemns, Orders Investigation Into Burning Of Ilesa High Court‘I No Send Una’ – Peter Okoye Reveals Those Responsible For PSquare SplitPope Francis Demise: Four La Liga Games Scheduled For Today Get New DateJonathan Pledges Continued Commitment To Peace After Receiving Sunhak Global Peace PrizeYour Response Is Lazy – Baba-Ahmed Slams Onanuga‘Kenneth Okonkwo Works For Tinubu’ – Sowore AllegesOver ₦10 Million Raised For 17-Year-Old Quadri Alabi Following Alleged Wrongful ArrestBoko Haram Terrorists Kill Three Soldiers In Fresh Attack On Yobe CommunityAide To Governor Of Delta State Allegedly Murdered By HusbandAtiku Mourns Pope FrancisFrom Pope Leo XIII To Pope Francis: Meet The Ten Oldest Popes In HistoryWhy My Father Opposed Marriage To Olu Jacobs – Joke Silva Opens UpFlying Eagles Arrive In Cairo For Under-20 AFCON, To Face Egypt In FriendlyLedger and Pudgy Penguins Tease CollaborationMikel Arteta Gives Update On Bukayo Saka’s Fitness StatusWhy I’m Against Any Coalition With APC – Rhodes-VivourPope Francis’ Death Marks Loss Of A ‘Trenchant Voice For Justice,’ – Tinubu MournsPope Francis Was A Moral Compass In A Troubled World – Peter ObiWorld Leaders Mourn Pope Francis‘APC Is Funding Wike To Bring Down The PDP’ – Rivers PDP Chairman AllegesWike Is Unlike You, Whose Only Achievement Is Deceiving Obasanjo To Remove Elected Governor – Olayinka Blasts OjoduAllowing Citizens To Defend Themselves Against Bandits Will Cause Anarchy – Gov Namadi Replies DanjumaWho Will Be the Next Pope? Key Contenders Emerge After Pope Francis’ Death At 88Protests Break Out In Jos Over Plateau Killings16 Things To Know About Late Pope FrancisNRC Extends Suspension Of Warri-Itakpe Train ServicesAPC Suspends State Secretary, Avajah, Over Alleged Constitution ViolationsAPC Considers Automatic Ticket For Tinubu In 2027 Presidential ElectionYou Saw Evil In Gaza, Condemned It – Fani-Kayode Mourns Pope FrancisSynthetix Founder Warns SNX Stakers to Embrace New Mechanism or Face ‘The Stick’Bitcoin’s Holiday Price Rebound Signals Return of Institutional Confidence, Says QCP CapitalIndependence Day Bomber In Critical Condition After Maiduguri Explosion‘My Friend’ – Tinubu Hails Abia Ex-Gov, Orji Kalu On 65th BirthdayNigeria’s Kanyinsola Ajayi Becomes Second Fastest Sprinter Globally In 2025Just In: Onanuga Confirms When President Tinubu Will Return To NigeriaBreaking: Pope Francis Is Dead“National Assembly To Push For State Police As Part Of Efforts Against Terror Attacks” – BamideleCoalition: You Are An Incurable Virus, We Are Not Considering You For The Merger – Babachir Lawal Slams PDP GovsTinubu, Tchiani To Meet After 20 Months Face-offFG Declares New Target For National GridAbia Teachers Threaten To Strike Over Unpaid Minimum Wage, OthersTake A Back Seat And Enjoy Your Retirement – Babachir Lawal Fires Back At Bode GeorgeAustin Okocha Speaks On Failure To Win African Player Of The Year AwardTraditional Ruler Speaks On Emergence Of New Terrorist Group, Mahmuda In Parts Of Kwara, Niger“We Must Change Our Strategy” – David Mark Urges Tinubu Gov’t To Consider Border Fencing Like U.S, Israel To Tackle InsecurityEkiti APC Caucus Endorses Tinubu, Gov Oyebanji For Second Tenure10th Senate Reschedules Resumption Date To May 6, 2025NEC To Meet On Thursday, State Police Off AgendaBoko Haram Currently Uses Unmanned Drones To Monitor Military – BukartiIf Current Leaders Can Imitate Jonathan, Nigeria Will Be Better – Peter ObiS’Court To Hear PDP Govs Suit Challenging Rivers State Emergency Declaration After Easter BreakGov Lawal Speaks On Defecting From PDP To APCFubara: Is Sole Administrator, Ibas On Tinubu’s Side Or Setting Rivers On Keg Of Gunpowder?Bitcoin Breakout Alert—Are Bulls Targeting $90K?Vitalik Buterin Proposes RISC-V Upgrade to Boost Ethereum’s Execution SpeedMore Details Emerge On Clash Between Tinubu’s Minister And Bauchi Deputy GovernorPlateau, Benue Violence: APC Chieftain Accuses ‘Forces’ Of Plotting Against TinubuRivers: Stop Parading Yourself As Defender Of Nigeria’s Judiciary – Falana Fires WikePortable Opens Up On Using ‘Juju’ To Defeat Speed Darlington In Celebrity Boxing MatchBlack Market Dollar (USD) To Naira (NGN) Exchange Rate Today 21st April 2025Tinubu Directs VP Shettima To Visit Plateau TodayInsecurity: ‘Steer Clear, Don’t Be Part Of Those Attacking Us’ – Gov Alia Warns PoliticiansPDP Chieftain Discloses Regions That Peter Obi Would Win In 2027 If He Returns To The PartyBomb Explosion Reportedly Rocks Maiduguri Prison‘Instead Of Preaching Peace, You’re Sowing Seeds Of Discord’ – Ibas Knocks Tunde BakareTop Nigerian Newspaper Headlines For Today, Monday, 21st April, 2025Naira Rises against EUR, USD as GBP Rally—CBN FX DataSEC Warns Influencers, Bloggers against Promoting Ponzi SchemesBanks Levy: Shareholders Want Authority to Wind up AMCONFemi Otedola Increases Direct Interest in First Holdco by 4,121%Gumi Warns President Tinubu Over Rising InsecurityWilfred Ndidi’s Leicester City Relegated Again After Losing To LiverpoolNnamdi Kanu’s Family Accuses FG Of Media Manipulation, False NarrativesTunde Onakoya Sets New Guinness World Record Wth 64-Hour Chess MarathonJigawa Police Under Fire For Dispersing APC Supporters With Teargas At Government EventNigeria Police Force Intensifies Operations, Arrests Terrorists, Rescues Kidnapped VictimsWhy I Resigned As Tinubu’s Political Adviser – Baba-Ahmed Reveals, Says North Will Decide On 2027 CandidateState Of The Nation: Presidency Reacts To Pastor Bakare’s Message To Tinubu
Mon. Apr 21st, 2025

Naira Crashes, Nigeria’s External Reserves Cross $34bn

Naira Crashes, Nigeria’s External Reserves Cross $34bn

The Nigerian naira struggled unsuccessfully across the foreign exchange markets on Thursday as spot FX rates worsened further despite growing external reserves.

Exacerbated demand for US dollar, and other foreign currency continued to weaken the naira purchasing power in the absence of Central Bank of Nigeria (CBN) FX intervention.

According to analysts, the future of the local currency remains bleak under the adoption of willing buyer, willing seller, and no support stance of the CBN.

Weak FX liquidity in the market has affected the naira ability to fight off foreign currency dominance at the official and informal FX window.

Data from the FMDQ platform for daily exchange rate quotation showed that the Naira depreciated against the US dollar by 0.15%, closing at ₦1,510.10.

Eligible demand for FX outpaced the supply side in the official window amidst divergent expectation on future exchange rates projections.

In the parallel market, the Naira depreciated slightly to N1,505 per US dollar as invisible FX demand climbed further. The nation’s external reserves crossed $34 billion yesterday due to additional inflows from various sources.

In the global commodity market. Brent crude advanced by 1.05% to $86.14 per barrel, and WTI crude rose by 0.95% to reach $81.67 per barrel. Nigerian Exchange Grows by N6bn as Stocks Rally
The post Naira Crashes, Nigeria’s External Reserves Cross $34bn appeared first on MarketForces Africa.

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Published on: June 28, 2024

Last updated on: July 2, 2024

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