Traders Quote New Rates For British Pound, Euro as CBN Sells FX to Dealers
- The Nigerian currency, the naira, continues to crash against major currencies, especially the dollar
- Data shows that the naira dipped slightly against the British pound on Monday, July 29, 2024, to trade at N2,100 per pound
- Similarly, the naira’s value against the euro dropped, trading at N1,754.48 per euro in the last 24 hours
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
The Nigerian currency, the naira, performed mixed against the British pound over the 30 days ending July 30, 2024.
Data shows that the naira's performance against the pound over the last 30 days saw a 30-day high of 0.0005 and a 30-day low of 0.0005.
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Naira’s 30-day performance against euro, pound
The development means that the 30-day average was 0.0005. The change for naira to pound was -6.99.
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Also, the naira to pound's performance in the last 90 days saw a 90-day high of 0.0006 and a 90-day low of 0.0005.
Conversely, the performance of the naira to euro in the last 30 days saw a 30-day high of 0.0006 and a 30-day low of 0.0006, meaning the 30-day average was 0.0006. The change for the naira to euro was -6.03.
The naira's performance against the euro in the last 90 days saw a 90-day high of 0.0007 and a 90-day low of 0.0006.
The development follows the naira’s continuous crash against the US dollar and other major currencies.
CBN sells dollars to dealers
The Central Bank of Nigeria (CBN) recently sold foreign exchange to 29 authorized dealers to stabilise the foreign exchange market.
The naira's mixed movement against the euro and British pound began when the Nigerian government embarked on foreign exchange reforms, which the government said were intended to unify the FX market.
According to data obtained by Legit.ng, as of Monday, July 29, 2024, the British pound exchanged for N2,100 as against the N1,980 it traded the previous day and N1,754.48 per euro as against the N1,650 it traded the previous day.
Naira posts massive loss in official, parallel markets
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) intervened again in the foreign exchange markets by selling foreign exchange to 29 authorized dealers, mainly banks.
The apex bank disbursed $148 million to authorized dealers to stabilize the forex market amid the naira crash.
The bank stated on Friday, July 26, 2024, that it sold the FX to dealers on Monday, July 22, and Tuesday, 23, 2024, between an exchange rate of N1,470 and N1,510 per dollar.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
