See latest naira exchange rate for dollar, pound, euro

• The CBN has revealed that the value of the naira has appreciated against major currencies in the foreign exchange market
• In recent days, the Nigerian currency has shown improvement, gaining value both at the official and black markets
• There are expectations that the CBN's new approach to tackling forex issues will further benefit the naira in the coming days

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 Central Bank of Nigeria (CBN) has disclosed that the Nigerian currency, the naira, appreciated against major currencies in the official foreign exchange market.

Naira value improves against major currencies Photo credit: Bloomberg/contributor
Source: Getty Images

In an updated exchange rate on its website, the CBN said the naira exchange rate was stronger against the dollar, pound and euro.

The strong performance of the naira is due to the apex bank selling Foreign Exchange (FX) to end users through a Retail Dutch Auction System (rDAS) on August 06, 2024, to reduce the demand pressure market and promote price discovery.

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The CBN disclosed that a total bid valued at $1.18 billion was received from 32 Authorised Dealers Banks (ADBs), of which $876.26 million from 26 banks qualified at a cut-off rate of N1495/$.

New exchange rate

According to the CBN, the British pound was exchanged at N2,009.49/£1 after trading on August 8, 2024, indicating an improvement from the previous rate of N2,024.80/£1.

Additionally, against the euro, the Nigerian currency’s value increased, exchanging at N1,725.18/€1 compared to the previous rate of N1,737.77.

For the dollar, data from FMDQ Securities showed that it closed at an exchange rate of N1,574.20 on August 9.

Here are other currencies exchange rates

• CFA: N2.6518
• China- Yuan/Renminbi: N220.7549
• Denmark- Danish krone: N231.2685
• Japan- Yen: N10.7537
• Saudi Arabia- Riyal: N421.9908
• Switzerland- Swiss franc: N1832.0923

Naira falls to dollar on black market

The situation is similar for the naira against the United States dollar in the black markets.

Legit.ng spoke to black market traders on Monday, and they confirmed that the dollar is now being sold below N1,600 to Nigerians.

One trader, Abdullahi, said:

Banks write customers on NIN, BVN update

In a related development, Nigerian banks earlier notified their customers of the need to update their bank account information with their Bank Verification Number (BVN) and National Identification Number (NIN).

The banks said the move was in response to the CBN's circular. In the circular, the CBN stated clearly that customers must link their bank accounts with their NIN and BVN.

Source: Legit.ng