Naira Archives - Wontumi Online

16 Oct

Nigeria’s Naira Most Competitive In Decades – World Bank Economist

Wontumi1BusinessNaira

Nigeria’s currency is the cheapest that it has been in decades, thanks to painful but necessary economic reforms to put the nation on a long-term path to recovery. “The naira’s real exchange rate is at its most competitive in at least 20 years,” said Chief Economist Indermit Gill. “This is a great opportunity for the private sector,” he told the Nigerian Economic Summit Group on Monday in the capital, Abuja. Currency and fuel subsidy reforms by President Bola Tinubu last year have pulled Africa’s largest oil producer back from the brink of fiscal collapse, Gill said, after years of misrule…

Nigeria To Set Naira For Dangote Crude Sales Using Market Rate

Wontumi1BusinessDangote crude sales, Naira

Nigeria will settle crude sales to Africa’s newest and biggest oil refinery using the local currency’s rate in its foreign-exchange market, dousing concerns that it would fix below-market naira levels for the transactions. The mega oil refinery owned by Nigerian billionaire Aliko Dangote will pay the local-currency equivalent of the prevailing international benchmark price of oil using the closing rate in the central bank’s Nafem window, a foreign-exchange trading portal for investors, exporters and end-users, three people familiar with the negotiations said. This is part of an agreement that started on Oct. 1 to supply the 650,000 barrels-a-day refinery with…

Nigeria’s Naira Rated Worst-Performing Currency Globally For First-Half Of 2024

Wontumi1BusinessNaira, worst currency globally

Nigeria’s Naira has been identified as the worst-performing currency globally in the first half of 2024, according to a Bloomberg report on Friday, June 28. The Naira’s decline has been attributed to devaluation, insufficient dollar liquidity, and market volatility, which Bloomberg’s report says have thwarted the Central Bank of Nigeria’s efforts to strengthen the currency. Egypt’s pound and Ghana’s Cedi have also ranked among the worst-performing currencies. Data from FMDQ, as reported by Bloomberg, indicated that the Naira weakened for the ninth consecutive day, reaching ₦1,510 per dollar by Thursday, June 27. This continuous decline is the longest since July…