CBN Updates Pound, Euro Exchange Rates As Dollar Crashes by Over N100

• The CBN has updated the exchange rate for the naira against various foreign currencies in the official exchange market
• Nigerian currency closed last week with a good performance against the dollar but fell to euro and pound sterling
• The Central Bank of Nigeria has decided to intervene in the market and also sold forex to Bureau de Change operators

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) has revealed that the naira fell against the British pound, euro, and other foreign currencies.

In an updated exchange rate on its website, the CBN said the naira exchange rate against the pound closed at N2,144.61 on Friday, September 6, 2024.

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

The new exchange rate indicates a 0.43% loss for the naira compared to the previous day's rate of N2,135.37/£1.

It was the same for naira against the euro as CBN revealed that Nigerians paid more for the currency at N1,804.99/€1 on Friday in contrast to the previous day's rate of N1,799.82/€1.

Naira against the dollar

However, there was good news for the naira against the dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM) forex window.

According to data from the FMDQ securities exchange, Nigerian currency gained N100.09 or 2.8% on the dollar in the official market on Friday to close the final session of the week at N1,593.32/$1 compared with the N1,693.41/$1 it was transacted on Thursday.

Snapshot of most recent exchange rates

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

• Pounds sterling: N2,144.6128
• Euro: N1,804.9948
• Swiss franc: N1,923.1119
• Yen: N11.3319
• CFA: N2.7415
• Riyal: N434.1205
• Danish krone: N241.8696

CBN sells dollars cheaply to BDC operators

Earlier, Legit.ng reported that the Central Bank of Nigeria again conducted another round of dollar sales to licensed Bureau De Change Operators.

The latest sale is part of the apex bank's plan to ensure enough liquidity in the market and halt the naira's fall.

The CBN has also fixed an exchange rate limit for the BDCs when selling to Nigerians seeking dollars.

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng