Dollar Sells at N1,622/$, CBN Updates British Pound, Euro New Exchange Rates

• The value of Nigerian currency has appreciated against the United States dollar in the foreign exchange markets
• New data shows that the naira improved by 0.6% in the official market but depreciated in the black market
• Naira also weakened in value against the pound sterling and the euro in the official foreign exchange market

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 currency has recorded a slight appreciation against the US dollar in the official foreign exchange market.

According to data from FMDQ securities, naira closed against the US dollar at N1,622.57 on Wednesday, October 10, 2024.

The exchange rate on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) showed a 0.16% or N2.56 improvement compared to the previous day's rate of N1,625.13/$1.

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Naira reverses gain as Access, Zenith, others sell dollar at new rates in official markets

The new rate was achieved despite forex supply dropping by $25.04 million or 14.7% to $145.56 million from the $170.60 million recorded on Tuesday.

Naira against pound, euro

It was a different story for the naira against the pound sterling and the euro in the official market.

Data from the CBN showed that the Nigerian currency weakened against the British pound by N41.18 to finish at N2,126.26/£1 from the preceding rate of N2,085.08/£1.

While against the euro, it suffered a loss of N26.11 to settle at N1,772.69/€1 compared with midweek’s N1,746.58/€1.

Similarly, the naira recorded another loss against the dollar in the parallel market, also known as the black market.

Traders told Legit.ng that one dollar is exchanged at N1,695/$1 compared to the previous rate of N1,690/$1.

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New customs exchange rate for importers to clear goods at ports, airports

Muda Yusuf wants N1,000/$ exchange rate

Earlier, Legit.ng reported that the Centre for the Promotion of Private Enterprise (CPPE) called on the CBN to peg the Customs duty rate to N1000/$ to ease the current hardships in the country.

Chief executive officer of CPPE, Dr Muda Yusuf, who made the call, said a significant policy adjustment was necessary to complement current measures to address the country's ongoing cost-of-living crisis.

The renowned economist emphasised that adopting a lower exchange rate would help stabilise the price of goods in the market.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng