The Nigerian currency, the naira, appreciated again against the US Dollar in the official foreign exchange market following the Central Bank of Nigeria’s (CBN)recent injection of forex.
According to data from FMDQ securities, where naira is officially traded, naira closed against the US dollar at N1,540.78/$1 on Friday, September 27, 2024.
The exchange rate on Friday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) showed a 2.24% or N35.32 improvement compared to the previous day’s rate of N1,576.10/$.
The naira’s strong performance is attributed to the FX liquidity provided by the Central Bank, with a total of $212.31 million transacted on Friday.
Legit.ng had earlier reported that the CBN sold dollars at a cheaper rate to authorised Bureau de Change (BDC) operators in its bid to stabilise the Naira....Read Full Article [Click Here>]
Meanwhile, there was little to report for the naira against the Pound Sterling and the Euro in the official market.
CBN currency data showed the naira exchange at N2,187.81/£1 and N1,822.82/€1, respectively, the same rates as the previous day.
However, there was positive news in the parallel market, also known as the black market, as the naira gained N5 against the dollar on Friday, trading at N1,690/$1 compared to the preceding session’s N1,695/$1.
