Naira Reverses Gain, Falls by N71.91 in 24 Hours Against US Dollar, Traders Give New Exchange Rate
- The Nigerian currency has reversed its gains and will start the week weaker against the US dollar in the official market
- The latest data indicates that the naira has depreciated against the dollar in both official and unofficial foreign exchange markets
- The Central Bank of Nigeria (CBN) intervention could not stop the fall of the naira and will now have to seek another solution
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 recorded on the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
New data from FMDQ securities showed that the naira crashed to N1,563.80/$1 on Friday, July 12, 2024.
Source: Getty Images
Friday’s exchange rate represented a depreciation of 0.59% or N71.91 compared to the previous exchange rate of N1,491.89/$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 in the official market, the domestic currency, declined against the Pound Sterling yesterday by N65.96 to finish at N2,017.79/£1 versus the preceding day’s N1,951.83/£1 and shed N43.75 against the euro to sell for N1,689.14/€1 versus N1,645.39/€1.
Naira against dollar in black market
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.
CBN forex trading
The central bank announced the sale of about $125.2 million to 46 authorised foreign exchange (FX) dealers to boost stability and reduce the volatility in the forex market.
A breakdown showed that $67.5 million was allotted to 27 dealers, and $55.171 million was sold to 19 authorised dealers at N1,540.00/$1.
The bid range for the sales was N1,480.00 per dollar and N1,550.00 per dollar.
Peter Obi on new Customs exchange rate
Earlier, Legit.ng reported that the CBN adjusted the foreign exchange rate used by the Nigeria Customs Service 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.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
