See how as dollar rises to new high against pound, euro after Trump's victory, naira falls

• The United States dollar surged to new highs following Donald Trump’s election as US 47th president
• The report shows the pound, euro, and also the naira all fell against the US dollar on Wednesday
• The Nigerian naira has been struggling in the official and unofficial foreign exchange markets in recent months

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 US dollar rose to the strongest level against several other major currencies as Donald Trump won the race for the US presidency.

According to Bloomberg, the dollar claimed as much as 1.7%, the most in four years, hitting the highest since November 2023.

Dollar value rises against naira, other currencies Photo credit: Benson Ibeabuchi
Source: Getty Images

The rise is due to sentiments that Trump will introduce various policies to see investors get better returns on savings and investments they hold in dollars.

BBC reports that on Wednesday, November 6, the British pound sank 1.41% against the US dollar to its lowest level since August

Similarly, the euro dived 2.24% against the US dollar to its lowest level since June.

Naira against US dollar

Earlier, Legit. ng reported that the US dollar suffered a mild setback in the Nigerian Autonomous Foreign Exchange Market.

The development led to the appreciation of the Nigerian naira, gaining N6 in the official market.

The naira appreciated 0.33% in the official FX market to close at N1,671.32 per dollar from the N1,676 it traded the previous day.

The naira’s N6 gain comes amid an increase in FX turnover in NAFEM, hitting $218.77 million.

Data from the FMDQ Exchange shows that willing buyers and willing sellers quoted the dollar a high of N1,687 and a low of N1,591.55, leaving a margin of N95.45.

The development comes as the volume of dollar supplies, also known as turnover, in the Nigerian Autonomous Foreign Exchange Market (NAFEM) increased monthly by 74% to $5.4 billion in October from $3.31 billion traded in September.

Dollar inflows hit $57 billion monthly amid reserve increase

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) disclosed that foreign exchange inflows into Nigeria hit $57 billion in August 2024.

Muhammad Abdullahi, CBN’s Deputy Director of Economic Policy, updated the audience on Nigeria’s forex situation in Washington, DC.

The Central Bank of Nigeria (CBN) has disclosed that foreign exchange inflows into Nigeria hit $57 billion in August 2024. Muhammad Abdullahi, CBN’s Deputy Director of Economic Policy, updated the audience on Nigeria’s forex situation in Washington, DC.

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Source: Legit.ng