July 22, 2024

The official market witnessed a slight depreciation in the Naira-dollar exchange rate, closing at N1,615.94 to $1, a 0.78% decrease from the previous rate of N1,603.38 to $1. 

Following the naira’s devaluation against the dollar, the Central Bank of Nigeria (CBN) adjusted the customs clearance exchange rate at seaports from N1,593.9/$1 to N1,624.7/$1 on March 12, 2024. 

The recent dip in the naira-dollar closing rate halted a two-day streak of gains but remained above the N1,600 to $1 threshold since the previous Tuesday. 

Data from NAFEM also revealed a substantial surge in forex transactions by 103.59%, amounting to $248.75 million compared to $122.18 million recorded previously. 

On Wednesday, the naira experienced varied outcomes against key global currencies within the Investors and Exporters (I&E) window. 

Notably, the I&E FX window documented a peak of N1635/$1 and a nadir of N1,500.00, signifying a variance of N135/$1. 

At the parallel market, the naira closed flat in value relative to the US dollar, trading at N1,615 per dollar, the same rate as traded in the previous trading day. 

The naira also saw a modest downturn against the pound sterling by 0.25%, closing at N2,040/£1 versus the prior rate of N2,035/£1. 

Similarly, it weakened against the euro by 0.29%, continuing a downward trend for the fourth consecutive trading day, settling at N1,730/€1 from N1,725/€1 posted on Tuesday. 

The nation’s external reserves experienced an increase of N130.79 million as of March 11, 2024, reaching $34.34 billion. This marks a 0.38% growth from the preceding day’s reserves of $34.21 billion. 

Since February 13, 2024, Nigeria’s external reserves have seen a consistent upward trend. 


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