Access, Zenith, UBA, GTB, Others Sell Dollar at New Rate As Naira Appreciates

• The Nigerian currency, the naira, recorded a strong performance in the foreign exchange market
• Checks show that the naira rose by 0.6% against the dollar in the official market and by N8 in the black markets
• There are optimistic expectations that the recent efforts by the CBN will help the naira recover its value in the official market

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.

Naira's exchange rate improved against the US dollar in official and unofficial foreign exchange markets.

Data from FMDQ securities shows that in the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed at N1,617.96/$1 on Monday, March 11, 2024.

Monday's rate represents a 0.6% or N9.44 appreciation compared to last Friday's exchange rate of N1,627.40/$1.

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This happened despite FX trades dropping to $96.13 million on Monday, compared to $269.35 million achieved on the last trading day.

Naira value rises

Based on data from the Central Bank of Nigeria (CBN) released on Monday, March 11, the naira depreciated against the pound by N54.89, reaching a trading rate of N2,091.02 per £1 compared to the previous Friday's rate of N2,036.13 per £1.

Similarly, against the euro, it declined by N39.09, ending at N1,779.47 per €1, as opposed to the previous trading session's rate of N1,740.38 per €1.

In the black market, the Naira recorded a strong performance on Monday, improving by N8 to exchange at N1,615/$1 compared with the previous trading session's N1,623/$1.

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Nigeria’s external reserves rise by 2.83% as CBN says Nigeria witness upsurge in forex inflows

US bank predicts naira will bounce back

Legit.ng earlier reported that US-based investment bank Goldman Sachs has predicted a new exchange rate for the naira against the dollar.

Goldman Sachs said the naira is expected to rebound and close the year at N1,200 per dollar at the official market.

The Nigerian currency currently exchanges in the official and black markets above N1,600 against the US dollar.

Source: Legit.ng