New Dollar Exchange Rate As Naira Gains Across All Forex Markets

• The Nigerian currency, the naira, continues its recovery against the US dollar in the foreign exchange market
• Checks showed that the naira once again appreciated in the official and unofficial forex markets
• The strong performance of the naira reflects the recent expert predictions that naira value will continue to rise

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience and in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The naira once again appreciated against the United States dollar in the different segments of the foreign exchange (FX) market.

Data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the official market, the naira closed at N1,560.57/$1 on Tuesday, March 19, 2024.

Tuesday's exchange rate is 0.8% or N36.77, an improvement compared to Monday's March 18 rate of N1,597.34/$1.

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“Expect it”: UK firms predict new naira to dollar exchange rate in 2024

The strengthening of the naira follows an improvement in the supply of forex into the system, with the turnover rising by 8.9 per cent or $54.68 million to $195.13 million from the $140.45 million transacted on Monday's March 18.

Naira to pounds and euro

Also, a further check on CBN data showed that the naira appreciated against the British pound sterling in the spot market by N123.31 yesterday to sell for N1,880.4/£1 compared to N2,003.85/1 sold a day earlier.

Similarly, the naira improved in value against the Euro by N105.15 to trade at N1.607.54/€1 compared with Monday's closing price of N1,712.69/€1.

Naira to dollar at unofficial market

Similarly, on Tuesday, the naira gained N20 against the dollar in the parallel market to settle at N1,580/$1, in contrast to the N1,600/$1 it was exchanged.

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Naira gains against all currencies, nears N1,500/$ in official, black markets after EIU prediction

There are big expectations that the value of the naira will improve further in the coming weeks, with predictions of around N1,200 a dollar.

Two UK firms predict exciting exchange rate in 2024

Earlier, Legit.ng reported that two UK-based financial institutions have predicted a new exchange rate for the naira against the dollar

Goldman Sachs and Standard Chartered believe the naira will rebound and close stronger in 2024.

Their predictions are based on the current reforms by the Cardoso-led CBN, which has helped the naira achieve a N1572.86/$ rate on Monday from above N1,600.

Source: Legit.ng