Access, UBA, Zenith Others Sell Dollar at New Rate As Naira Falls Again In Official Market

• Nigerian currency continues its poor performance against the US dollar in the official exchange markets
• The naira fell by N3.31 in the official market, while in the unofficial market naira improved against the dollar
• The two forex markets include the Nigerian Autonomous Foreign Exchange Market (NAFEM) and also the black markets

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.

Once again, the value of the Nigerian currency fell against the US dollar in the official market despite recent efforts by the Central Bank of Nigeria to enforce stability.

According to data from FMDQ securities Naira close at N1,605.74/$1 at the end of trading on Wednesday, March 6, 2024.

This represents a 0.2% or N3.31 depreciation when compared with the previous day’s N1,602,43/$1 exchange rate.

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Also, CBN data shows the naira depreciated against the British Pound Sterling by N40.80 on Wednesday to trade at N2,020.94/£1 compared with the previous day’s N1,980.14/£1.

It was the same story against the Euro, as naira value dropped by N32.26 to sell at N1.726.74/€1, in contrast to the preceding session’s N1,694.48/€1.

On Wednesday, the value of FX transactions carried out by Nigerian banks and other approved traders stood at $168.98 million

Naira to dollar in unofficial market

It was however a good news for the Naira at the black market on Wednesday, March 6, 2024.

Checks shows that the naira appreciated by N10 to quote at N1,615/$1 compared to Tuesday’s closing rate of N1,625/$1.

Nigeria Customs sets new exchange rate to clear imported goods

Earlier, Legit.ng reported that Nigeria customs have adjusted the foreign exchange rate for clearing imported goods at Nigerian ports

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The new rates are intended to reflect the depreciation of the Naira against the dollar across the foreign exchange markets.

With the new rate, the cost of imported goods will increase nationwide.

Source: Legit.ng