BREAKING: Time running out for naira as U.S dollar index hits two-month low

The Nigerian local currency is running out of time, and the U.S. dollar index is hovering around two-month lows as markets await significant additional indicators of when the Federal Reserve will lower interest rates and consult inflation data<<<READ FULL ARTICLE>>>

Despite a significant influx of foreign portfolio investors, the value of the naira fell by almost 500 basis points last week, ending at N1,627.40 to the dollar.

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As of Friday’s business close, the naira was trading at N1,600 to the dollar on the streets. Trades were completed at the Nigerian Autonomous Foreign Exchange Market (NAFEM) between N1,400 and N1,652 per dollar.

The difference between the value of the naira at the NAFEM and the value at the parallel market has grown due to the naira’s continued decline.

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The naira was trading on the unofficial market at about N1,600 to the greenback at the start of the week. According to the Economist Intelligence Unit, the Central Bank of Nigeria currently lacks the liquidity necessary to sustain the value of the naira<<<READ FULL ARTICLE>>>