CBN Announces New Exchange Rates As Naira Depreciates Against US Dollar
- New data from the CBN shows that the naira has depreciated against the United States dollar in the foreign exchange markets
- The naira fell slightly from the previous day's exchange rate, as the CBN promises more support to bolster the currency
- It's a similar story for the naira in the unofficial markets against the dollar, as well as against the euro and pound
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 depreciated further against the United States dollar in the official foreign exchange markets.
Data from the CBN showed that the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,604 per dollar at the end of trading on Tuesday, April 15.
Source: Getty Images
Tuesday's exchange rate is a 0.31% change when compared to the previous day's closing rate of N1,599 recorded in the official market.
The naira also depreciated against the pound sterling and the euro in the official market.
Naira against the pound sterling closed at N2,115.25/£1 on Tuesday, a N59.22 difference from the previous session exchange rate of N2,056.03/£1.
While against the euro, it lost N38.79 to sell for N1,808.89€1, in contrast to the preceding session’s N1,770.14/€1 it was exchanged in the previous trading session.
Naira improves against dollar at black market
In the parallel market, also known as the black market, it was the same story for the naira against the US dollar.
Traders who spoke to Legit.ng confirmed that the dollar depreciated against the Nigerian currency.
"We sold the dollar at N1,616/$1 on Tuesday compared with the N1,610/$1 it was exchanged on Monday. While the euro is N1,800 and the pound sterling is N2,090."
Source: UGC
Exchange rates on Monday
- Pounds Sterling (GBP) – N2,115.26
- Euro (EUR) – N1,808.90
- Chinese Yuan (CNY) – N218.57
- CFA Franc (XOF) – N2.78
- Danish Krona (DKK) – N242.30
- Japanese Yen (JPY) – N11.18
- Saudi Riyal (SAR) – N426.10
- South African Rand (ZAR) – N84.65
- Swiss Franc (CHF) – N1,954.23
CBN attracts remittance
The Central Bank of Nigeria has said that personal remittance inflows rose to $20.93bn in 2024, reflecting an 8.9% increase year-on-year.
This was issued on Wednesday by the apex bank while announcing a balance of payments surplus of $6.83bn for the 2024 financial year.
Forex reserves reserves
CBN FX reserves fall
Ealier, Legit.ng reported that the CBN recently intervened in the forex market, helping to slow the naira’s depreciation despite rising demand for dollars.
This translated into a dip in Nigeria’s FX reserves, which only increased slightly the previous week, after weeks of declining.
The Treasury bills market saw stable yields, with investors focusing on new auctions, while investor caution in the bond market led to a slight rise in average yields to 18.5%.
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Source: Legit.ng
