6 results for “exchange rate”
Latest fundamental analysis projects the naira will remain around N1,290 to N1,370 per US dollar through October, with the CBN's reduced policy rate and seasonal import demand capping both appreciation and sharp depreciation.
Nigeria's imported food price growth slowed to 9.19 per cent year on year, the weakest pace in six months, as exchange rate stability and softer international food costs reduced pressure on imported staples.
Nigeria's naira opened the week around N1,331 per dollar, supported by foreign reserves that have climbed to about $58.81 billion — their highest level since November 2008.
The IMF's October Sub-Saharan Africa update says subsidy and exchange rate reforms in Nigeria and Ethiopia helped the region absorb the oil shock, but reserves, aid and fiscal space leave little room for another hit.
Finance Minister Taiwo Oyedele says there will be no return to fuel subsidies or multiple exchange rates, as Nigeria targets 7% growth above the IMF's 4.3% projection for 2027.
The official NFEM rate firmed to N1,331.61 to the dollar while street quotes sat around N1,375 to N1,390, leaving a spread that has compressed sharply as reserves climb and central bank FX sales stay low.