CBN Releases New Exchange Rates for Pound, Euro, 7 Other Currencies as Naira Falls to US Dollar
- The CBN has revealed that the naira recorded mixed performance against various foreign currencies in the official exchange market
- New exchange rate data showed that the naira depreciated against the pound and the dollar but improved against the euro
- The Central Bank of Nigeria will now have to re-strategise for the new week to ensure the naira rate improves
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 Central Bank of Nigeria (CBN) revealed that the naira depreciated against the British pound but improved against the dollar and the euro in the official foreign exchange market.
In an updated exchange rate on its website, the CBN said the naira exchange rate against the pound fell marginally to N2,035/£1 after trading on Friday, August 16, 2024.
Source: Getty Images
The new exchange rate indicates a N1.82 loss for the naira compared to the previous day's rate of N2,033/£1.
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Naira also fell against the dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM) forex window.
According to data from the FMDQ Securities Exchange, the naira marginally depreciated to N1579.89/$1 on Friday from the previous rate of N1,575.82/$1.
However, against the euro, the naira value appreciated, trading at N1,735.8/€1, in contrast to the previous day's rate of N1,737.69/€1.
Snapshot of current exchange rates
- Pounds sterling: N2,035.19
- Euro: N1,735.85
- Swiss franc: N1,816.76
- Yen: N10.66
- CFA: N2.65
- Riyal: N420.69
- Danish krone: N232.65
- Yuan/Renminbi: N220.36
- South African rand: N88.17
Naira value in the black market
The naira also is starting the new week against the United States dollar in the black markets closer to N1,600.
Legit.ng spoke to black market traders on Monday, August 19, confirming that the dollar is now sold at N1,595 to Nigerians.
One trader, Abdullahi, said:
"We sell one dollar at N1,595, but we buy dollar at an exchange rate of N1,580 to N1,585.
“It is a new week, and the exchange rate will depend on the availability of forex. We, the BDC traders, simply monitor the market and set our rates.”
CBN introduces rDAS system to crash dollar
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) announced plans to begin the Retail Dutch Auction System (rDAS).
The bank asked all dealer banks to provide it with legitimate forex demands with which to conduct the transactions.
The apex bank disclosed that the reintroduction of the system was due to banks' growing demand for Forex.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
