No More N1,539: CBN Releases New Exchange Rates for Dollar, Pound, Euro After US Govt's Decision
- The CBN has adjusted the exchange rates for the Nigerian currency against the US dollar, pound and the euro
- The latest update comes as the US Federal Reserve weakened the United States dollar with new interest rates
- Expert believes that the US Federal Reserve will help naira improve against the dollar in the coming weeks
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 naira has depreciated slightly against the US dollar in the official foreign exchange market.
New data showed that the naira closed against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) at N1,544.02/$1 on Thursday, September 19
Source: Getty Images
The latest exchange rate is N4.37 or 0.3% depreciation compared with Wednesday’s closing rate of N1,539.65/$1.
Naira rate against the pound, euro
It was, however, a different scenario for the naira against the British pound and the euro in the official market.
Data from the CBN showed that the Nigerian currency strengthened its value against the pound sterling in the official market by N71.98 on Thursday to sell at N2,108.64/£1 versus the preceding session’s N2,180.62/£1.
It followed the same route against the euro at the spot market yesterday as it appreciated N4.79 to quote at N1,772.61/€1 versus Wednesday's rate of N1,838.17/€1.
Snapshot of exchange rates on Thursday are:
- CFA: N2.80
- Yuan/Renminbi: N225.49
- Danish Krona: N237.59
- Euro: N1,772.61
- Yen: N11.13
- Riyal: N424.79
- South African Rand: N90.99
- Swiss Franc: N1,876.92
- Pounds Sterling: N2,108.64
Naira to dollar rate at the black market
Meanwhile, traders told Legit.ng that the naira also depreciated slightly against the dollar in the black market.
Abdulhaii, a BDC trader, said:
"We sold the dollar at N1,645/$1, which is better than the N1,665/$1 from the previous day."
There is hope for naira
Legit.ng earlier reported that the US Federal Reserve has decided to lower interest rates, and this will weaken the United States dollar.
The decision has provided an opportunity for the Nigerian currency to strengthen in the foreign exchange market.
Economist says that the US Federal Reserve's decision will also help attract more investment into Nigeria and help naira perform better only if...
The Central Bank of Nigeria Monetary Policy Meeting(MPC) will sit on Monday, September 23, and Tuesday, September 24.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
