Storytimes Newspapers

 The Nigerian Naira continued its recent positive trend against the US Dollar in mid-week trading, with the official Nigerian Foreign Exchange Market (NFEM) rate averaging around ₦1,355.46 per dollar after opening at approximately ₦1,353.25. This reflects a modest strengthening of the local currency, supported by improved forex inflows and market interventions. According to data from the FMDQ Securities Exchange and other platforms, the Naira fluctuated mildly during the session, reaching a high near ₦1,360 before settling in the current range. The Central Bank of Nigeria's (CBN) indicative rates from prior days (e.g., ₦1,351–1,354 on February 10) align with this stability, pointing to ongoing consolidation between ₦1,350 and ₦1,365. In the parallel market, Bureau De Change operators in key cities quoted the dollar between ₦1,425 and ₦1,440 for buy/sell transactions. This premium has narrowed compared to earlier weeks, signaling reduced speculative pressure and greater alignment be...

 The Nigerian Naira maintained its upward momentum against the US Dollar today, trading at approximately ₦1,371.40 in the official Nigerian Foreign Exchange Market (NFEM) by mid-morning, up from an opening of ₦1,368.56. This marks a continuation of the Naira's recent strengthening, supported by robust external reserves (nearing $46.6 billion) and the Central Bank of Nigeria's (CBN) market-driven strategies without heavy direct interventions in recent sessions. Analysts credit improved forex inflows, better supply conditions, and policy consistency for the gains, which have helped narrow the gap between official and parallel markets. In the parallel (black) market, the Dollar is buying at around ₦1,430–₦1,440 and selling at ₦1,450–₦1,465, reflecting a modest premium but one of the tightest spreads in months. This convergence signals growing confidence in the official window. Mid-market rates from international platforms like Xe and Wise hovered around ₦1,370–₦1,431, providing a ...