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 Business & Finance

Naira Drops Significantly as Dollar, Euro, and Pound Soar to New Highs

Eriki Joan UgunushebyEriki Joan Ugunushe
June 8, 2025
in Business & Finance
0
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Share on FacebookShare on TwitterShare on Whatsapp

As of today, June 8 in Lagos, Abuja and Kano, here are the exchange rates for the Nigerian Naira (NGN) to the respective currencies: It includes the Naira Black Market exchange rates, Aboki/Bureau De Change (BDC).

Naira to Dollar Exchange Rate (USD to NGN):
Buying Rate 1585
Selling Rate: 1610

Euro to Naira Black Market Exchange Rate (EUR to NGN):
Buying Rate: 1740
Selling Rate: 1780

Pounds to Naira Black Market Exchange Rate (GBP to NGN)
Buying Rate: 2100
Selling Rate: 2140

Naira Drops Significantly as Dollar, Euro, and Pound Soar to New Highs
Factors That Determines Exchange Rates:

  • Interest rates: Higher interest rates can attract foreign investors seeking better returns, leading to increased demand for the local currency and strengthening its exchange rate. Conversely, lower interest rates may discourage foreign investment and result in currency depreciation.
  • Balance of trade: A trade surplus, where exports exceed imports, creates demand for the local currency as foreign countries purchase goods and services. This increased demand strengthens the exchange rate. Conversely, a trade deficit can put downward pressure on the currency.
  • Foreign direct investment (FDI): Higher levels of foreign direct investment indicate confidence in a country’s economic prospects and can lead to increased demand for the local currency, strengthening its exchange rate.
  • Government policies and interventions: Government decisions, such as monetary policies and foreign exchange controls, can directly impact exchange rates.
  • Global economic factors: Global economic conditions, including economic growth, interest rate differentials, and geopolitical events, can affect exchange rates. Changes in the global economic environment can result in capital flows into or out of a country, influencing its exchange rate.

It’s important to recognize that these factors are interconnected, and changes in one factor can have cascading effects on others. This interdependence makes exchange rates a complex and dynamic system.

Tags: cbnDollarEurofederal characterFinanceNairaNewsPound
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

Related Posts

What Does China's Rare Earth Export Controls Mean for the US and Europe?
Business & Finance

What Does China’s Rare Earth Export Controls Mean for the US and Europe?

October 9, 2025
₦450 Million Mystery: Polaris Bank Officer Testifies in Yahaya Bello Case
Business & Finance

₦450 Million Mystery: Polaris Bank Officer Testifies in Yahaya Bello Case

October 9, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 9, 2025
Next Post
NDLEA Intercepts Illegal Psychoactive Substances Hidden In Green Tea Packaging

NDLEA Intercepts Illegal Psychoactive Substances Hidden In Green Tea Packaging

Mbappe Shines as France won the 2-0 against Germans to secured the third place in Nations League

Mbappe Shines as France won the 2-0 against Germans to secured the third place in Nations League

Paul Adefarasin Vs Content Creator: The Full Story Behind the Viral Video

Paul Adefarasin Vs Content Creator: The Full Story Behind the Viral Video

Leave a Reply Cancel reply

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

Recommended

FG Rejects Claims of Foreign Airlines Rejecting the Naira Note

FG Rejects Claims of Foreign Airlines Rejecting the Naira Note

3 years ago
I’ll  Like To Work With Ronaldo, No Negotiations Yet- Spalletti Commented on Ronaldo And Osimhen Swap.

I’ll  Like To Work With Ronaldo, No Negotiations Yet- Spalletti Commented on Ronaldo And Osimhen Swap.

3 years ago
Umo Eno Denies Family Rift Over Wife’s Death

Umo Eno Denies Family Rift Over Wife’s Death

4 months ago
The Supreme Court upholds Lawal Dare’s candidacy for governor of Zamfara.

The Supreme Court upholds Lawal Dare’s candidacy for governor of Zamfara.

3 years 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

Tinubu Picks “Apolitical” Kogi Professor as INEC Boss

₦450 Million Mystery: Polaris Bank Officer Testifies in Yahaya Bello Case

‘Blessed Are the Peacemakers’: Trump Takes Credit for Gaza Deal

New Details from Armed Robbery Incident That Killed Arise TV Anchor

Movie Review: “THINLINE” Falls Short of Its Suspenseful Start

Comedian Julius Agwu Announces Passing of Mother

Trending

What Does China's Rare Earth Export Controls Mean for the US and Europe?
Business & Finance

What Does China’s Rare Earth Export Controls Mean for the US and Europe?

bySomto Nwanolue
October 9, 2025
0

The new, stringent Chinese export controls on rare earths, graphite, and lithium battery materials are a direct,...

Has the Sudan Conflict Reached a New Low with the El Fasher Hospital Attack?

Has the Sudan Conflict Reached a New Low with the El Fasher Hospital Attack?

October 9, 2025
Is Madagascar’s Crises Worsening? Clashes Erupt as Public Rejects President's Pledges

Is Madagascar’s Crises Worsening? Clashes Erupt as Public Rejects President’s Pledges

October 9, 2025
Tinubu Picks “Apolitical” Kogi Professor as INEC Boss

Tinubu Picks “Apolitical” Kogi Professor as INEC Boss

October 9, 2025
₦450 Million Mystery: Polaris Bank Officer Testifies in Yahaya Bello Case

₦450 Million Mystery: Polaris Bank Officer Testifies in Yahaya Bello Case

October 9, 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

  • What Does China’s Rare Earth Export Controls Mean for the US and Europe?
  • Has the Sudan Conflict Reached a New Low with the El Fasher Hospital Attack?
  • Is Madagascar’s Crises Worsening? Clashes Erupt as Public Rejects President’s Pledges

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