Forex Traders Sell Pound, Euro At New Exchange Rate As Naira Depreciates

Forex Traders Sell Pound, Euro At New Exchange Rate As Naira Depreciates

  • The Nigerian currency depreciated against the British pound sterling and the euro in the unofficial foreign exchange markets
  • Traders' new exchange rate shows the naira value fell by N5 against the dollar and N20 when pared with British pound
  • The Central Bank of Nigeria is expected to intervene in the foreign exchange market for naira stability 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 value of the Nigerian currency, the naira, in the parallel market, also known as the black market, fell against other foreign currencies.

Naira value depreciates against dollar
Naira value depreciates in black markets Photo credit: Bloomberg/contributor
Source: Facebook

Street forex traders who spoke to on Thursday, June 20, revealed that the naira exchange rate against the British pound stood at N1890/£1.

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“Stability is expected to be temporary”: Experts speak as naira finally finds balance against dollar

The new exchange rate represents a slight depreciation compared to the N1,880/£1 on Wednesday, June 19.

Similarly, the naira against the euro now exchanges at N1,600 compared to the previous day's rate of N1,580.

Abdulahhi a BDC trader told

"There is a strong possibility that the US dollar will fall in the coming days. However, it will depend on demand pressure. Naira exchange rate will continue to respond to pressure."

In the official market, data from FMDQ securities shows that the naira closed on Wednesday at N1483.02 per dollar.

CBN to defend naira

There is an expectation that the naira will improve in the coming days due to funds now available for the Central Bank of Nigeria to defend the nation's currency. previously reported that the federal government received an additional $925 million under the syndicated $3.3 billion crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPC).

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Naira crashes again against dollar, pound, euro in all FX markets, traders quote new exchange rates

The loan will, among other things, provide needed liquidity to stabilise the naira's value in the forex market.

FG addresses naira to dollar exchange rate earlier reported that Ben Akabueze, the director-general of the budget office, said the naira's value would strengthen in the foreign exchange market in 2024.

Akabueze said this would be possible as the country expects an increase in dollar supply.

He noted that the Bola Tinubu-led government expects the reforms to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.

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: