Nigeria News
Naira depreciates by N3.5 against dollar amid CBN’s new forex system
The naira settled at N1,538.50 per dollar in the foreign exchange market on Monday, marking its first depreciation after a streak of appreciation.
According to the Central Bank of Nigeria’s forex data, the naira stood at N1,538.50 per dollar, a slight drop from N1,535 recorded on Friday, reflecting a N3.5 depreciation.
In the parallel market, the naira also closed at N1,630 per dollar on Monday, down from N1,600 last week.
This marks the first time the naira has depreciated after the Central Bank of Nigeria introduced the Electronic Foreign Exchange Matching System (EFEMS) to ensure transparent FX transactions.
The Centre for Promotion of Private Enterprise credited the recent gain in the naira’s value to the EFEMS initiative and a boost in the country’s external reserves.
Again, Naira crashes against Dollar for second time this week
‘Tinubu may consider reducing fuel price to N300 per litre before Christmas’
Court orders police, DSS to seize copies of Farotimi’s book, halts sales
BREAKIN: FIFA announces Saudi Arabia as host for 2034 World Cup
Transfer: PSG eye January move for Victor Osimhen
Tottenham’s Richarlison announces he’s expecting first child with girlfriend
NPFL: Sunshine Stars appoint Abubakar Bala as new head coach
Guardiola confirms he won’t manage another club after Man City
Nigeria to host Ladies’ Golf Championship in 2026
BREAKING: Gov Alia presents N550bn 2025 budget to Benue Assembly
Troops nab two suspected kidnappers, recover ammo in Plateau
