The Central Bank of Nigeria (CBN) has reported that the naira experienced a mixed performance against key foreign currencies in the official exchange market. While the naira depreciated against the British pound and the US dollar, it registered slight gains against the euro. The CBN is expected to reassess its strategies to stabilise the naira in the coming week….READ FULL ARTICLE...READ THE FULL ARTICLE HERE ▶▶
Naira Depreciates Against Pound and Dollar
The Central Bank of Nigeria announced that the naira depreciated against the British pound, falling marginally to ₦2,035.19/£1 on Friday, 16 August 2024, from the previous day’s rate of ₦2,033/£1, marking a ₦1.82 loss. Similarly, the naira weakened against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) forex window, closing at ₦1,579.89/$1 compared to the previous rate of ₦1,575.82/$1.
Naira Appreciates Against Euro
In contrast to its performance against the pound and dollar, the naira appreciated slightly against the euro. The CBN reported an improved exchange rate of ₦1,735.85/€1 on Friday, up from ₦1,737.69/€1 the previous day. This gain highlights a positive shift for the naira in the euro market.
Snapshot of Current Exchange Rates
As of the latest data, the naira’s exchange rates against other major currencies were as follows:
- Pound Sterling: ₦2,035.19/£1
- Euro: ₦1,735.85/€1
- US Dollar: ₦1,579.89/$1
- Swiss Franc: ₦1,816.76
- Yen: ₦10.66
- CFA Franc: ₦2.65
- Saudi Riyal: ₦420.69
- Danish Krone: ₦232.65
- Chinese Yuan/Renminbi: ₦220.36
- South African Rand: ₦88.17
Naira in the Black Market
In the parallel or black market, the naira continues to struggle, particularly against the US dollar. As of Monday, 19 August 2024, black market traders confirmed that the naira is being sold at approximately ₦1,595/$1, edging closer to the ₦1,600 mark.
With these developments, the Central Bank of Nigeria is expected to re-strategise in the coming week to address the naira’s fluctuating value. The CBN’s ongoing efforts to stabilise the currency will be closely watched by market analysts and investors….READ FULL ARTICLE
