The value of Nigerian currency, the naira has depreciated against the dollar in the foreign exchange market
The new exchange rate data released by the CBN shows that the naira recorded a slight depreciation
Expert has predicted a positive performance for the naira in June and July in all foreign exchange markets. …CONTINUE READING
The Nigerian currency, the naira, depreciated slightly against the United States dollar in the official market.
Data from the Central Bank of Nigeria has shown that the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,550 per dollar at the end of trading on Tuesday, June 24
Tuesday’s exchange rate is a 0.19% or N3 depreciation for the naira when compared to the previous day’s closing rate of N1,547 recorded in the official market.
The naira also depreciated against the pound sterling in the official market, closing at N2,082.76/£1 on Monday, a N1.40 increase from Friday’s rate of N2,081.36/£1.
Against the euro, it similarly weakened, settling at N1,782.51/€1 compared to N1,781.94/€1 in the previous session, a decline of 57 Kobo.
In the parallel market, also known as the black market, it was a different story for the naira against the US dollar.
Traders who spoke to Legit.ng confirmed that the US dollar appreciated against the naira.
Abudulahi told Legit: “The naira gained slightly against the US dollar in the unofficial market, selling between N1,585 and N1,595 on Monday, compared to N1,590 to N1,600 on Friday.
“It also strengthened against the euro, trading at N1,785 to N1,800 on Monday, down from N1,787 to N1,803 on Friday.
“The rate against the pound sterling, however, remained unchanged at N2,130 to N2,150 on both days.”
Snapshot of naira rates in official market
Based on rates published by the CBN, here is a breakdown of the naira’s performance against other foreign currencies in the NAFEM market.
CFA: N2.71
Yuan/Renminbi: N215.51
Danish Krona: N238.92
Euro: N1,782.51
Yen: N10.53
Riyal: N412.69
South African Rand: N85.72
Swiss Franc: N1,896.31
Pounds Sterling: N2,082.76
