Again, Dollar Crashes Against Naira, CBN Updates 9 Currencies' Exchange Rates
- Naira has recorded a strong performance against the US dollar in the foreign exchange markets
- The new exchange rate is coming ahead of the Monetary Policy Committee of the Central Bank of Nigeria
- There is also a new exchange rate for the naira against the British pound, the euro, rand and other foreign currencies
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 value of the naira has appreciated again against the United States dollar in the official foreign exchange market.
According to data from FMDQ securities, the naira exchange rate against the dollar closed at N1,541.52/$.
Source: Getty Images
The latest exchange rate is N2.70 or 0.16% depreciation compared with Wednesday’s closing rate of N1,544.02/$1.
The good performance of the naira for the second straight trading day happened as forex supply increased on Friday by 117.8% or $103.06 million to $190.57 million from the $87.51 million recorded a day earlier.
Naira rate against pound, euro
It was, however, a calmer scenario for the naira against the British pound and the euro in the official market.
Data from the CBN showed that the naira traded flat against the pound sterling and the euro in the official market yesterday at N2,108.64/£1 and N1,772.61/€1, respectively.
CBN exchange rates
- CFA: N2.8019
- 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
- Pound : N2,108.64
Naira to dollar at black market
The naira also saw positive movement in the black market, according to Abudulahhi, a BDC trader.
He said:
"On Friday, appreciated by N5 against the dollar to trade at N1,660/$1, compared to the previous day's rate of N1,665/$1."
CBN to announce new interest rate
Earlier, Legit.ng reported that the Central Bank of Nigeria announced the date for its next monetary policy committee meeting in September.
At the meeting, the CBN would evaluate the country's financial and economic situation, with a focus on the depreciation of the naira and inflation.
The naira has been experiencing its worst performance since February 2024, and the CBN will be hoping to find a solution.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
