Naira Gains N49.39 Against US Dollar in Official Market

Naira Gains N49.39 Against US Dollar in Official Market

  • Naira increased in value against the US dollar at both the official and unofficial foreign exchange markets
  • At the official market, the Naira improved by N49, while in the unofficial market, it is getting closer to below N1,000/$
  • The Central Bank of Nigeria has increased dollar supply, and it is expected to continue in the coming weeks

Dave Ibemere has over a decade of experience covering Business and the Economy.

The value of the Nigerian Naira improved against the United States Dollar across the foreign exchange markets.

According to data from the FMDQ Securities Exchange, in the official FX segment called Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira's value closed at N791.75/$1 on Friday, November 17, 2023.

naira to dollar exchange rate
Naira recovered at official and black market Photo credit: Tom Saater
Source: Facebook

This represents a 5.9% or N49.39 appreciation compared to the previous day's (Thursday) rate of N841.14/$1.

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Naira falls to N841.14/$ in official market, exchange rate improves at black market

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Naira's value improved amid a 23.6% or $30.13 million forex supply increase into the official market as turnover closed at $157.78 million compared with the $127.65 million achieved a day earlier.

Naira's value at the unofficial market

It was the same positive news for the Naira in the parallel market, also known as the black market section.

Naira rates report that the Nigerian currency exchanged against the dollar on Sunday, November 19, at N1,127 a dollar.

This is an improvement from the N1,135/$1 on Friday and Thursday's closing price of N1,130/$1.

However, in the Peer-to-Peer (P2P) window, the Naira depreciated against the Dollar on Friday by N1 to quote at N1,115/$1, in contrast to the preceding session's value of N1,114/$1.

Read also

No more N1k/$: Naira sets new exchange rate record after falling by N286 in hours against US dollar

It was not different with the Naira in the official market as CBN data shows against the Pound Sterling as it lost N16.15 to trade at N1,045.89/£1 versus N1,029.74/£1 and against the Euro, it depleted by N16.64 to settle at N915.09/€1 compared with the previous day's N898.45/€1.

Nigeria Customs sets new exchange rate to clear imported goods

Earlier, Legit.ng reported that Nigeria customs have adjusted the foreign exchange rate for clearing imported goods at Nigerian ports

The new rates are intended to reflect the depreciation of the Naira against the dollar across the foreign exchange markets.

With the new rate, the cost of imported goods will increase nationwide.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.