• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Naira official rate falls 26% as dollar supply drops two-thirds

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
78
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Naira official rate falls 26% as dollar supply drops two-thirds

The naira weakened 26% against the dollar on the official market, touching its lowest closing price on record amid an acute local shortage of the greenback in Africa’s most populous nation.

The naira closed at 993.82 to the dollar on Monday, compared with 789.94 in the previous trading day, according to FMDQ Group, a Lagos-based exchange operator that tracks the data.

Dollar liquidity at the market dropped by two-thirds from a day earlier to $88.3 million, investment bank Chapel Hill Denham said in a note on Tuesday.

“This decrease was primarily driven by the 66.8% decline in spot transactions to $77.41 million as well as a 58.9% decrease in forward transactions totaling $10.89 million,” it said.

Nigerian authorities have attributed volatility in the naira exchange rate, as well as a prolonged weakening of the unit since currency reforms in June, to inadequate dollar supply. Finance Minister Wale Edun said last week the government expects to attract $10 billion of inflows in the coming weeks to help ease liquidity constraints and clear a backlog of arrears of matured forward contracts weighing on the currency.

The lingering dollar shortage is bolstering an active parallel market, where the naira is trading at a premium, and exchanged at 1,165 per dollar as of Monday.

RelatedPosts

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

Domestic Debt Surpasses External Debt for the First Time in Years

Although the mid-year forex reforms resulted in a devaluation of about 40%, and were expected to attract more inflows to boost companies’ access to dollars, that isn’t happening yet, according to Modupe Kadri, chief financial officer of MTN Nigeria Communications. If the government keeps its promise to attract $10 billion inflows, “that should go a long way in increasing liquidity,” he said on an investor conference call in Lagos.

Source: bloomberg
Via: norvanreports
Tags: dollarnairaNaira official rate falls 26% as dollar supply drops two-thirds
No Result
View All Result

Highlights

Aliko Dangote Becomes the First African to hit the $30 Billion Mark

GoldBold Opens Licensing for Jewellery, Fabrication and Refinery

IMF Managing Director Appoints Christian Mumssen as Director of the Strategy, Policy, and Review Department

Ethiopia’s Gold Rally Fuels Confidence in Stronger Currency

Senegal’s 2026 Debt Bill Jumps 11% After Hidden Loans Scandal

PIAC yet to see Restoration of Funding Under ABFA Despite Assurance from President Mahama

Trending

Business

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

October 23, 2025

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat The African Continental Free Trade Area (AfCFTA)...

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

October 23, 2025

Domestic Debt Surpasses External Debt for the First Time in Years

October 23, 2025

Aliko Dangote Becomes the First African to hit the $30 Billion Mark

October 23, 2025

GoldBold Opens Licensing for Jewellery, Fabrication and Refinery

October 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.