Foreign Exchange

Nigeria foreign exchange market is a decentralized or over-the-counter market for the trading of currencies. This includes the value of Nigeria naira to US dollars, Pounds Sterling and other foreign currencies across the World.

25 Weakest Currencies in Africa, Naira Is On The List Despite Nigeria’s Rich Economy

All over the world, a currency can either be strong or weak, depending on many factors and economic policies of such country, financial experts say.

Most of the currencies in Africa are weak even before the World was hit by the coronavirus pandemic. But the pandemic has even made more currencies to lose their value against the US dollar, Euro, British Pound which are mostly used for international trade exchange. read more

Naira Depreciates To N478 Against USD At Parallel Market, Worst Exchange Rate In 7 Months

The pressure on the Nigerian currency persists as Naira depreciated further Wednesday, hitting N478 against 1US Dollar.

It closed at N470/$1 at the parallel market on Friday, November 13 while it started the week on a more disappointing way, it sold for N475 against the US dollar which it maintained till the close trading on Tuesday, November 17. read more

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