EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Forex News

FOREX: Naira (NGN) Rebounds to 720/USD

Admin by Admin
November 11, 2022
in Forex News
0
Naira (NGN) Rebounds
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
Event Event

The naira has rebounded by 20.8 percent to 720/dollar at the parallel market. The naira/USD rate has been high in the past weeks before this rebound.

The development came two weeks after the local currency came under severe pressure at the black market, following the announcement by the Federal Government to redesign the naira.

The naira which fell consistently throughout last week against the United States dollar tumbled to an all-time low of 910/dollar last weekend.

However, the currency began a rebound against the greenback on Monday, after a week-long clampdown on foreign exchange dealers in Abuja, Lagos, Kano, and other major cities by the personnel of the Economic and Financial Crimes Commission.

EFCC officials had arrested over 90 Bureau De Change operators across major cities in the country over allegations of currency hoarding and aiding politically exposed Nigerians and other criminal elements in money laundering.

The naira which was bought and sold on the streets of Lagos and Abuja between 735/dollar and 745/dollar about two weeks ago began a free fall shortly after the decision of the Federal Government to redesign the local currency.

On Monday, however, the naira rebounded and was bought and sold between 850/dollars and 860/dollars. The national currency gained significantly and steadily on Tuesday and Wednesday and closed at 720/dollar on Thursday.

Source- PunchNG

 

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: Bureau de changeNairaUSD
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

FTX Foundation’s Future Fund Team Resigns

Next Post

Qatar 2022: FIFA licenses multiple Web3, NFT games

Admin

Admin

Next Post
FIFA license web3

Qatar 2022: FIFA licenses multiple Web3, NFT games

Leave a Reply Cancel reply

Your email address will not be published.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

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
Mayowa Owolabi on battles traders need to fight

Battle Every Trader Must Fight (Part 1)- Mayowa Owolabi

August 31, 2022
Axie Infinity price

Axie Infinity Price Eyes 25% Gains Ahead of the Token Unlock

April 21, 2023
XAGUSD pair

XAG/USD Climbs to Mid-$19.00s

4
Premier League Considering Partnership With NFT Crypto Platform

Premier League considering partnership with NFT crypto platform

2
EUR/USD pair

EUR/USD Recovers from 20-year Lows

2
Binance Refocuses Efforts For Belgian Clients

Binance Proof-Of-Reserve Pledge Earns Support Following FTX Crisis

2
Chainalysis Lays Off 15% Of Staff To Curb Expenses

Chainalysis Lays Off 15% Of Staff To Curb Expenses

October 4, 2023
CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

October 3, 2023
Bitcoin Fails To Hold $28,000 Amid Bond Yields Surge, Fed Hike Coming?

Bitcoin Fails To Hold $28,000 Amid Bond Yields Surge, Fed Hike Coming?

October 3, 2023
FOREX: EUR/USD Holds Steady Below 1.0500

FOREX: EUR/USD Holds Steady Below 1.0500

October 3, 2023

Recent News

Chainalysis Lays Off 15% Of Staff To Curb Expenses

Chainalysis Lays Off 15% Of Staff To Curb Expenses

October 4, 2023
CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

October 3, 2023
Bitcoin Fails To Hold $28,000 Amid Bond Yields Surge, Fed Hike Coming?

Bitcoin Fails To Hold $28,000 Amid Bond Yields Surge, Fed Hike Coming?

October 3, 2023
FOREX: EUR/USD Holds Steady Below 1.0500

FOREX: EUR/USD Holds Steady Below 1.0500

October 3, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Entertainment
  • Forex News
  • Gaming
  • Review
  • Reviews
  • Stocks
  • Uncategorized

Recent News

Chainalysis Lays Off 15% Of Staff To Curb Expenses

Chainalysis Lays Off 15% Of Staff To Curb Expenses

October 4, 2023
CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

CFTC Chair Pushes For DeFi Regulation Amid Industry Tensions

October 3, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>