Storytimes Newspapers

  British Pound Sterling (GBP) to Nigerian Naira (NGN) exchange rate remained relatively stable in the official and mid-market segments, trading at approximately ₦1,806 per Pound according to mid-market data from XE.com (updated early UTC on March 23). Detailed daily metrics from currency trackers show the rate opening around ₦1,805, with a high of ₦1,808 and a low of ₦1,803 during the session, settling near ₦1,806. This comes after a downward trend in March, where the GBP/NGN pair hit yearly lows near ₦1,797 mid-month, reflecting broader pressures on the Naira from economic factors including oil prices, inflation, and foreign reserve dynamics. In the official Nigerian Foreign Exchange Market (NFEM), rates align closely with these mid-market figures, while the parallel (black market) segment continues to command a premium. Street traders in key hubs like Lagos were quoting the Pound in the ₦1,875–1,900 range for buy/sell transactions as of late March 22 into 23, highlighting the pe...

  The Nigerian Naira continued its recent trend of relative stability against the US Dollar in early Friday trading, with the official Nigerian Foreign Exchange Market (NFEM) quoting the greenback at approximately ₦1,383 to ₦1,386 per dollar. Data from major financial platforms, including Investing.com and Trading Economics, showed the USD/NGN pair closing the previous session near ₦1,386.16 before carrying forward into March 6 with minimal movement. The mid-market rate hovered at ₦1,385–₦1,386, reflecting a marginal 0.1–0.2% daily change amid subdued volatility. In contrast, the parallel market — often referred to as the black market — saw dollars exchanging at a premium, ranging from ₦1,390 to ₦1,410 per dollar, according to dealer quotes and aggregator sites like NgnRates and AbokiFX. The narrow spread of roughly 1–2% between official and informal rates underscores improved market alignment, attributed to sustained Central Bank of Nigeria (CBN) supply interventions and the ongoi...

 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 recent stability against the US Dollar as trading resumed on Monday, with the official Nigerian Foreign Exchange Market (NFEM) quoting around ₦1,363.84 per dollar in early sessions. This marks a slight improvement from the previous Friday's close of approximately ₦1,366.96, signaling continued appreciation pressure on the greenback. According to data from the Central Bank of Nigeria (CBN) and market trackers, the official window has hovered in the ₦1,360–1,370 range in recent days, supported by interventions that direct corporate and institutional demand away from informal channels. Mid-market rates from global converters like Xe and Wise aligned closely, showing $1 USD exchanging for about ₦1,363–1,367. In the parallel market, Bureau De Change (BDC) operators in major cities including Lagos, Abuja, and Kano quoted the dollar in a narrow band of ₦1,440 to ₦1,455. Buy rates were often around ₦1,445, while sell rates reached up to ₦1,455, reflectin...