Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

Naira Appreciates Across all Markets as August Kickstarts.

Somto NwanoluebySomto Nwanolue
August 2, 2022
in News
0
Naira Appreciates Across all Markets as August Kickstarts.
Share on FacebookShare on TwitterShare on Whatsapp

The foreign exchange market kick-started the month of August on a positive note after the Central Bank of Nigeria – CBN assured of its commitment to resolving FX issues.

According to data from FMDQ securities, the Nigerian naira closed at N428.88 per dollar as against the previous close of N426.20 on Friday at the official market also known as the Investors and Exporters (I&E) forex windows.

Major currency dealers who participated in the FX auction, maintained bids between N406.00 and N444.00 per dollar as the market turnover declined by 53.33 percent on Monday to $60.27 million, as compared to $129.13 million recorded on Friday.

At the parallel market, also called the black market, naira also appreciated by N20 to N690 per dollar on Monday compared to the N710 it closed on Friday.

Meanwhile, given the rising demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria has advised its citizens to resist the urge to succumb to the speculative activities of some players in the foreign exchange market.

Mr. Osita Nwanisobi, the director of corporate communications at the CBN, added that the apex bank remained committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply challenges.

While admitting that there was great demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees, and other Invisibles, Nwanisobi reported that the Bank was concerned about the international value of the naira, adding that the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

Additionally, he noted that recent initiatives undertaken by the bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to boost foreign exchange inflow to the country.

Tags: AppreciatesaugustBlack marketcbnMarketsNairatrade
Somto Nwanolue

Somto Nwanolue

Somto Nwanolue is a news writer with a keen eye for spotting trending news and crafting engaging stories. Her interests includes beauty, lifestyle and fashion. Her life’s passion is to bring information to the right audience in written medium

Related Posts

Ready to Pay with Your Face? India's UPI Gets Biometric Authentication
News

Ready to Pay with Your Face? India’s UPI Gets Biometric Authentication

October 7, 2025
He Threatened Her Over Charlie Kirk, Then Killed Them
News

He Threatened Her Over Charlie Kirk, Then Killed Them

October 7, 2025
After Bologna Ban, What’s Really Happening Across Italy’s Streets?
News

After Bologna Ban, What’s Really Happening Across Italy’s Streets?

October 6, 2025
Next Post
Nigerians Spend 479 billion Naira on MTN Airtime, Data, and Others in Under Three Months

Nigerians Spend 479 billion Naira on MTN Airtime, Data, and Others in Under Three Months

Over 5 million Nigerians Abandon Bank Accounts as the Economy Declines.

Over 5 million Nigerians Abandon Bank Accounts as the Economy Declines.

ITF Announces Latest Policy Framework to Tackle Unemployment.

ITF Announces Latest Policy Framework to Tackle Unemployment.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

2023 Elections: 2 Politicians that could help PDP upset the apple-cart

2023 Elections: 2 Politicians that could help PDP upset the apple-cart

4 years ago
Asake’s Family Breaks Silence On Father’s Health

“We Have Settled, No More Problems” – Asake’s Father

7 months ago
Germany To Hasten Soldier’s Withdrawal From Mali

Germany To Hasten Soldier’s Withdrawal From Mali

2 years ago
Kano Government Aims to Generate N80 Billion in IGR for 2025

Kano Government Aims to Generate N80 Billion in IGR for 2025

10 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Could 50% EU Tariffs Create the “Biggest Ever Crisis” for UK Steel?

Arsenal Draw Up £500m Emirates Expansion, May Temporarily Relocate to Wembley

Movie Review: “In the Name of Love” – Charming but Slightly Predictable

Did Taylor Swift Feel Jealous of Selena Gomez wedding? Here’s What She Says

He Threatened Her Over Charlie Kirk, Then Killed Them

Trump’s 100% Tariffs On Drugs is Killing Americans

Trending

BBNaija S10: Imisi Receives ₦80m Cash Prize, Brand-New SUV
Entertainment

BBNaija S10: Imisi Receives ₦80m Cash Prize, Brand-New SUV

byAyobami Owolabi
October 7, 2025
0

BBNaija Season 10 winner, Imisi Ayanwale, has officially claimed her grand prize, which includes ₦80 million in...

A Mayor, a Stabbing, and a Country on Edge: What’s Going On in Germany?

A Mayor, a Stabbing, and a Country on Edge: What’s Going On in Germany?

October 7, 2025
Ready to Pay with Your Face? India's UPI Gets Biometric Authentication

Ready to Pay with Your Face? India’s UPI Gets Biometric Authentication

October 7, 2025
Could 50% EU Tariffs Create the "Biggest Ever Crisis" for UK Steel?

Could 50% EU Tariffs Create the “Biggest Ever Crisis” for UK Steel?

October 7, 2025
Arsenal Draw Up £500m Emirates Expansion, May Temporarily Relocate to Wembley

Arsenal Draw Up £500m Emirates Expansion, May Temporarily Relocate to Wembley

October 7, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • BBNaija S10: Imisi Receives ₦80m Cash Prize, Brand-New SUV
  • A Mayor, a Stabbing, and a Country on Edge: What’s Going On in Germany?
  • Ready to Pay with Your Face? India’s UPI Gets Biometric Authentication

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com