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

2 months ago 40

The value of the Nigerian currency has bounced back against the US dollar in the official foreign exchange markets
The naira recorded a strong performance following the decision of the CBN to intervene in the forex market
The CBN will be hoping that the naira recovery continues both at the official and unofficial market

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.

Nigerian currency has appreciated significantly against the United States dollar in the official foreign exchange market.

According to data from FMDQ securities, the naira closed at N1,500.00/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 22, 2024.

This represents a N125 or 6.1% or N96 appreciation when compared to the N1,596.92/$1 exchange rate to a dollar it traded at the close of trading activity on Friday, July 19, 2024.

The strong performance of the naira is thanks to the Central Bank of Nigeria (CBN) injecting FX into the market.

Legit.ng reported that the CBN announced that it sold $106.5 million to authorised dealers over two days to stabilise the naira.

The transactions occurred on Thursday, July 18, and Friday, July 19, 2024.

The decision by the CBN helped ease pressure in the FX market, as the value of FX transactions slightly increased by 7.7%, or $19.21 million, to $269.88 million from $250.67 million.

Naira to pound, euro

It was also the same good news for the naira against the British pound and the euro.

The CBN data showed that Nigerian currency improved its value against the Pound Sterling in the official market by N66.43 on Monday to sell at N1,982.34/£1 compared with Friday's rate of N2.048.77/£1.

Also, the naira gained against the euro, as it scaled up N56 to quote at N1,669.91/€1 versus last Friday’s rate of N1,725.91/€1.

Naira to dollar at black market

The good news continued for the naira against US dollar in the parallel market also known as black market.

Street currency traders told Legit.ng that the naira appreciated by N10 against the dollar on Monday, reaching N1,570/$1 compared to the previous trading day's rate of N1,580/$1

CBN sells dollars to BDC operators

Legit.ng reported that the Central Bank of Nigeria has part of its efforts to fight naira depreciation, conducted another round of dollar sales to licensed Bureau De Change Operators.

The sale is part of the apex bank's plan to ensure enough liquidity in the market and stabilise the currency.

The CBN has also fixed an exchange rate limit for the BDCs when selling to Nigerians seeking dollars.

Source: Legit.ng

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