After Falling to Record Low, Naira Bounces Back, Appreciates by 2.6% against Dollar
- The value of the naira has appreciated against the US dollar in the official foreign exchange markets
- The appreciation of the naira follows the improvement of foreign exchange supply in the official window
- BMI, a US-based research firm, has predicted that Nigeria's naira will fall to N1,993 per US dollar by 2028
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
After three consecutive days of losses, the value of the naira has appreciated against the United States dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ Securities, the naira closed at N1,645.40 against the dollar on Wednesday, November 13, 2024.
Source: Getty Images
Wednesday's exchange rate represents N44.48 or 2.63% gain compared to Tuesday’s previous trading date when it exchanged at N1,689.88 to a dollar.
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Naira to pound, euro
However, the naira had a different outcome from the pound sterling and the euro in the official market.
Data from the CBN showed that the naira improved against the pound sterling in the official market on Wednesday to N2,108.2/£1 from Tuesday's rate of N2,164.74/£1.
Similarly, the naira appreciated against the euro to N1,757.2//€1, up from N1,793.43/€1 the previous day.
Naira to dollar black market
On the black market. Traders who spoke to Legit.ng said the dollar depreciated also against the naira during the midweek session.
A BDC trader Abudulahhi said:
"On Wednesday we sold the dollar at N1,738/$1, in contrast to the N1,725/$1 it was exchanged on Tuesday. A difference of N13.
Top US firm predicts naira to dollar exchange rate
Earlier, Legit.ng reported that US-based research firm BMI predicted a new exchange rate for the naira against the dollar in the years ahead
BMI said it expected the naira to further depreciate in the foreign exchange market to nearly N2,000 a dollar
The Nigerian currency currently exchanges in the official and black markets above N1,681 against the US dollar
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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