N1,500/$: CBN Releases Latest Naira to Dollar, Pound, Euro, Other Currencies Exchange Rates

• The naira closed the week calmly against the dollar in the official foreign exchange market after a mixed trading week
• Latest data from the official market shows that there were no major exchange rate movements in the official window
• The introduction of the CBN FX code and efforts to clear forex backlogs have supported the naira's performance

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 Nigerian currency closed at N1,500.65 against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, February 7, 2024

Friday's exchange rate is the same rate the naira closed on Thursday, February 6, 2024.

Naira against other currencies

The Central Bank of Nigeria also revealed that the naira improved its value against the pound sterling in the official market on Friday by N8.19 to sell for N1,859.98/£1 compared with Wednesday’s closing price of N1,868.17/£1.

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While against the euro, the local currency depreciated by N1.77 to settle at N1,555.18/€1, in contrast to midweek’s value of N1,553.41/€1.

Naira improves in the black market

It was a different story for the naira in the black market as it improved against the dollar.

Traders who spoke to Legit.ng quoted a new exchange rate, selling the dollar at N1,555 while the buying rate is put at N1,538.

For other currencies, Abudulahhi a trader said:

"The dollar is not the only currency depreciating; the British pound has dropped to a selling rate of N1,960/£1, while the buying rate is N1,925.

"For the euro, the selling rate is N1,580, while the buying rate is N1,605."

Here is the CBN exchange rates snapshot

• CFA – N2.37,
• Yuan/Renminbi – N205.84,
• Danish Krona – N208.71,
• Euro – N1,557.13,
• Yen – N9.88,
• Riyal – N400.03,
• South African Rand – N81.38,
• Swiss Franc – N1,652.07,
• Pounds Sterling – N1,868.76

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Dollar bounces back, appreciates against naira in official market

Expectations over naira improvement

Bismarck Rewane, managing director of Financial Derivatives Company has projected that the recent stability of the naira along with slight drop of fuel prices will help inflation to 33.1 percent in the first quarter,

Rewane stated this in a presentation at Lagos Business School (LBS) Breakfast Session titled “Nigeria in 2025: Breakthrough or Fall through,” said inflation is expected to drop in the months to March 2025 although modestly.

Expeect predicts N1,300 exchange rate

In a related development the Nigerian Economic Summit Group (NESG) has forecasted a massive naira appreciation to an average exchange rate of N1,300 to the US dollar in 2025.

The optimistic projection was stated in its 2025 economic outlook, released on Thursday, January 23, 2025.

According to NESG, the exchange rate forecast was based on higher foreign exchange earnings, driven by increased crude oil sales, revitalised manufacturing output from the oil refining sub-sector, and improved agricultural productivity.

Source: Legit.ng