"N1,571/$": Naira Reverses Gains, Falls at Black and Official Markets Against US Dollar

• Nigerian currency has reversed its gains recorded in the last two days against the US dollar in the official market
• Latest data shows that the Naira fell to the dollar in the official and unofficial foreign exchange market
• Federal government will be hoping that its new joint task force to combat forex speculation will work

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 Naira has reversed its two-day gain recorded on the official Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data obtained from FMDQ securities showed that the Naira at NAFEM closed at N1,571.31/$1 against the US dollar on Thursday, February 22, 2024.

This represented a 1.9% or N28.73 depreciation compared to N1,542.58/$1 it was transacted on Wednesday, February 23, 2024.

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The weakening of the Nigerian currency comes despite the supply of foreign exchange (FX) improving by 11.7% or $20.11 million to $192.25 million from Wednesday's $172.14 million.

However, the Naira appreciated against the Pound Sterling in the official market on Thursday by N142.83 to settle at N1,880.81/£1 compared with the previous day's N2,023.64/£1.

The CBN data revealed that Naira also improved in value by N77.24 to sell at N1,609.89/€1 versus the previous closing rate of N1,729.36/€1.

Naira to dollar at the black market

It was another day of mixed performance for the Naira against the US dollar in the two unofficial markets.

In the Peer-to-Peer (P2P) section, used mainly by cryptocurrency firms and fintechs in the forex market, the Nigerian currency gained N23 against the US dollar on Thursday, trading at N1,737/$1. This was in contrast to the N1,760/$1 quoted a day earlier.

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Naira recovers N47 of its lost value against US dollar in official market, falls in black market

However, in the parallel market, the Naira depreciated against the dollar yesterday by N10, quoting N1,895/$1, in contrast to the previous day's value of N1,885/$1.

Peter Obi on new Customs exchange rate

Earlier, Legit.ng reported that the Central Bank of Nigeria adjusted the Nigeria Customs Service foreign exchange rate for clearing imported goods at Nigerian ports.

Peter Obi reacted to the latest changes and expressed concerns that they could lead to the death of many businesses.

He further advised the government on actions to help the Naira recover against the US dollar.

Source: Legit.ng