- 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.
In an updated exchange rate on its website, the CBN said the naira is improving.
Legit.ng reported the apex bank sold $876.26 million 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 move by CBN has helped the naira's value in recent days.
Here are the currencies' exchange rates to naira on Monday.
According to the CBN, the British pound was exchanged at N2004.29/£1 after trading on Monday, August 12, 2024.
While the euro, the Nigerian currency's value closed at N1714.49/€1.
Snapshot of exchange rates
- CFA: N2.63
- (China) Yuan/Renminbi: N218.54
- (Denmark) Danish krone: N229.71
- Euro: N1714.49
- (Japan) Yen: N10.59
- (Saudi Arabia) Riyal: N417.98
- South African rand: N86.21
- (Switzerland) Swiss franc: N1,801.22
- (United Kingdom) Pounds sterling: N2,004.29
- US dollar: N1569.04
Naira, dollar rates 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, August 12, and they confirmed that the dollar is now sold below N1,600 to Nigerians.
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One trader, Abdullahi, said:
"Our selling rate for dollars is N1,595, while our buying rates from Nigerians is N1,575."CBN shows $9bn drop in forex demand
Legit.ng earlier reported that the demand for foreign exchange by individuals and companies engaged in importation and other forex-related activities decreased by 42% year-on-year.
The total sectoral utilisation of foreign exchange indicated that 19 sectors and services received $21.12 billion in forex allocations in 2023.
This represented a 41.9% decline, or $8.87 billion, compared to the $29.98 billion allocated in 2022.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
Source: Legit.ng
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