CBN Updates Naira Exchange Rate Against US Dollar, Pound, Euro

• The CBN has adjusted the exchange rate for the official rate of Nigerian currency in official markets
• The latest update showed that the naira value gained against the pound and the euro as the market struggled with forex demand
• Naira's value also appreciated in the unofficial markets against the US dollar, British pound and the euro

The Nigerian naira has kicked off the new month of September with a strong performance in the official and unofficial forex markets.

New data showed that the naira appreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEX) to N1,585.77/$1.

The exchange rate represents a 0.8% or N12.79 appreciation when compared to the N1,598.56/$1 value it ended the month of August 2024.

Naira rate against pound, euro

It was the same scenario for the naira against the British pound and the euro.

Read also

Naira trades at new rates against pound after massive gains against USD as CBN sells dollars to BDCs

Data from the CBN showed that the Nigerian currency improved its value against the pound sterling at NAFEM on Monday by N5.60 to settle at N2,100.45/£1 versus last Friday’s N2.106.05/£1.

While against the euro, it gained N2.81 to quote N1,769.28/€1 versus N1,772.09/€1.

Other exchange rates are:

• Swiss franc: N1,874
• Yen: N10.86
• CFA: N2.69
• Riyal: N425.63
• Danish krone: N237.04

Naira to dollar rate at black market

Meanwhile, traders told Legit.ng that the naira also appreciated slightly against the dollar in the black market.

According to the traders, the naira closed at N1,630/$1 compared to the previous rate of N1,635/$1.

Abdulhaii, a BDC trader said:

"Yes the naira appreciated that is because of reduced forex demands in the market"

CBN interventions

The Naira has experienced significant volatility in 2024 despite efforts by the Central Bank of Nigeria (CBN) to strengthen the foreign exchange market.

Read also

Naira records massive gain against US dollar exchange rate falls below N1,600

Over the past two weeks, the apex bank has paused its forex sales, which were previously conducted to stabilise the market.

CBN hopes for new naira-to-dollar exchange rate

Earlier, Legit.ng reported that the CBN asked Nigerians if they were optimistic that the value of the Nigerian currency would improve in the coming months.

The apex bank said increasing domestic crude oil production and exports would enhance naira's value.

The CBN recently conducted another round of forex sales and reiterated its determination to tackle depreciation of the naira.

Source: Legit.ng