New Exchange Rate As Naira Appreciates Against Dollar, Pounds, Euro in All Forex Markets

New Exchange Rate As Naira Appreciates Against Dollar, Pounds, Euro in All Forex Markets

  • The Nigerian currency extended its strong performance against the US dollar in the foreign exchange markets
  • This improvement follows an increase in dollar supply in the official market and ease of demand pressure
  • The CBN Monetary Policy Committee (MPC) has taken another decision to support the naira's value in the exchange market

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The value of the naira appreciated against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, May 21, 2024.

Data from FMDQ securities showed that the naira improved against the dollar to close at N1,465.68/$1.

Naira to dollar exchange rate takes new shape
The value of Nigerian currency appreciated against the US dollar Photo credit: Bloomberg/contributor
Source: Getty Images

Tuesday's exchange rate is 0.23% or N3.31 compared to the N1,468.99/$1 closing rate on Monday, May 20.

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Dollar supply rise as CBN issues new rules to black market traders on street FX trading, naira gains

Also, CBN data showed that the naira improved its value against the pound sterling in the official market and the euro.

For the British pound sterling, the naira gained N21.38 to sell at N1,882.47/£1 on Tuesday compared with the N1,903.85/£1 sold on Monday.

While against the euro, it also appreciated by N20.29 to quote at N1,610.16/€1 versus Monday's rate of N1,630.45/€1.

The naira's positive performance is due to the increase in the foreign exchange (FX) supply by $106.76 million, or 66.1%, to $268.17 million from $161.41 million.

Naira to dollar black market

The naira's story was similar in the unofficial parallel market, also known as the black market.

Checks by show that the naira appreciated against the dollar by N10 to trade at N1,470/$1, in contrast to the previous day's rate of N1,480/$1 by some BDC traders.

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Naira reverses gain after 4-day winning streak, crashes in official and parallel markets

A BDC trader, Abudulahhi, explained:

"Naira performed strongly because of low demand compared to previous days. For now, we don't know what to expect."

CBN gives assurance

After the conclusion of a two-day Monetary Policy Committee (MPC) meeting, Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN), assured Nigerians that investors were beginning to return to the country due to a series of measures the apex bank has taken to sanitize the forex market.

The CBN believes the inflow will be sustained, helping the naira find its true value.

CBN stops daily CRR debits of Access, others

Earlier, reported that the Central Bank of Nigeria announced that it would stop daily Cash Reserve Requirement (CRR) debits for banks.

The apex bank said it would adopt an updated CRR mechanism intended to facilitate banks' capacity for planning, monitoring and aligning with records with the CBN.

Read also

CBN explains naira depreciation against US dollar, makes new move to stop the fall

This was disclosed in a letter addressed to all banks and signed by Adetona Adedeji, the acting director of the banking supervision department.

Proofreading by James Ojo Adakole, journalist and copy editor at


Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email:

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