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Naira Reverses Gains, Crashes Against US Dollar in Official Market Again
Money

Naira Reverses Gains, Crashes Against US Dollar in Official Market Again

by  Dave Ibemere 2 min read
  • Nigerian currency has reversed its gains recorded at the start of the new week against the US dollar in the official market
  • New data shows that the naira fell against the dollar in both the official and unofficial foreign exchange markets
  • The CBN has been working hard in the last few months to find a solution to the current performance of the naira

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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.

The Nigerian currency, the naira, has reversed its gain, as recorded on the official Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, May 6, 2024.

New data from FMDQ securities shows that the naira crashed to N1,416/$1 on Tuesday, May 7, 2024.

Read also

Naira weakens further as banks, currency dealers quote dollar at higher rates

Naira to dollar exchange rate
Nigerian currency falls in the official market Photo credit: Bloomberg contributor
Source: Getty Images

Tuesday's exchange rate represents a depreciation of N62.36 compared to the previous exchange rate of N1,354.21/$1.

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It was a similar story for the Nigerian currency at the official window against the pound and the euro.

CBN data showed that the naira depreciated against the pound sterling by N4.61 to exchange at N1,740.22/£1, compared with Monday's closing rate of N1,735.61/£1.

The naira also weakened against the euro by N2.33 to trade at N1,491.48/€1 versus N1,489.15/€1.

However, against the Canadian dollar, the naira closed flat at N1,000/ CA$1 on Tuesday, the same as the previous trading day's rate.

Naira against the dollar

Similarly, the naira fell against the dollar at the parallel section of the forex market to trade at N1,445/$1, representing a loss of N10 when compared to the N1,435/$1 it traded the previous trading day.

Read also

New exchange rate as Naira bounces back, rises by over N46 against US dollar

Peter Obi on new Customs exchange rate

Earlier, Legit.ng reported that the Central Bank of Nigeria adjusted the Nigeria Customs Service foreign exchange rate for clearing imported goods at Nigerian ports.

Peter Obi reacted to the latest changes and expressed concerns that they could lead to the death of many businesses.

He further advised the government on actions to help the naira recover against the US dollar.

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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.

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