See latest naira to dollar, pound and euro exchange rates in official, unofficial markets

• The Nigerian currency has recovered its lost value against the US dollar in the official foreign exchange markets
• The Naira kicks off the new week with a strong performance after consecutive poor exchange rates
• However, the new exchange rate remains above N1,600, which is not in line with the Central Bank of Nigeria's expectations

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, the naira, has started the new week on a positive note against the US dollar at the official foreign exchange market.

According to data from FMDQ Securities, the naira closed at N1,607.15/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 6, 2024.

The value of the naira improves against US dollar Photo credit: Bloomberg/contributor
Source: Getty Images

Monday's exchange rate represents a 0.61% or N9.93 appreciation compared to the N1,617.08/$1 recorded on Friday, August

The strong performance of the naira comes despite low forex supply in the market.

The data showed that a forex turnover of $77.09 million was recorded during the trading session, 41.4% or $54.46 million lower than the $131.55 million recorded in the preceding trading day.

Naira to pound, euro exchange rate

It was a different story for the naira against the British pound and the euro as it depreciated further.

The CBN data showed that the Nigerian currency value declined against the Pound Sterling yesterday by N24.84 to sell for N2,076.34/£1, in contrast to last Friday’s closing value of N2,051.50/£1.

The naira also weakened against the euro by N34.26 to quote at N1,764.15/€1 compared with the preceding session’s N1,729.89/€1.

The naira was unchanged against the US dollar in the parallel market, also known as the black market.

Traders sold the dollar at N1,605/$1 exchange rate to Nigerians looking to buy forex.

CBN hopes for new naira-to-dollar exchange rate

Earlier, Legit.ng reported that the CBN asked Nigerians if they were optimistic that the value of the Nigerian currency would improve in the coming months.

The apex bank said increasing domestic crude oil production and exports would enhance naira'sra's value.

The CBN recently conducted another round of forex sales and reiterated its determination to tackle depreciation of the naira.

Source: Legit.ng