New Exchange Rates for Naira Against US Dollar, Pound, Euro in All FX Markets

• The naira has closed the week on a negative note after recording a consecutive strong performance
• The latest exchange rate released by the CBN showed that the naira's value in the official market dropped by 0.58%
• The Israel/Iran war has created optimism in Nigeria’s currency as the crude oil rally means more dollar inflow

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

The naira depreciated slightly against the United States dollar in the official market on Friday, June 13, closing the week on a negative note.

Data from the Central Bank of Nigeria showed that the naira closed at N1,554 a dollar in the Nigerian Foreign Exchange Market (NFEM).

Friday's exchange rate is 0.58% or N9 depreciation for the naira when compared to the previous day's closing rate of N1,545 recorded in the official market.

After trading on Friday, the dollar was sold at the highest average rate of N1,570, while the lowest rate the dollar was N1,537.

Naira to pounds exchange rate

The naira recorded a steeper fall against the pound sterling. It lost N16.28 kobo to trade at N2,100.30/£1 on Friday, down from N2,084.02/£1 on Thursday.

Similarly, the naira depreciated further against the euro. It declined by N21.58 to settle at N1,788.26/€1 on Friday, compared with N1,766.68/€1 recorded on Thursday.

Naira improves against dollar at black market

In the parallel market, also known as the black market, it was a different story for the naira against the US dollar.

Traders who spoke to Legit.ng revealed that the naira appreciated slightly against the dollar.

Abdullahi, a trader, said:

"We bought the dollar at N1,595/$1 and sold it at N1,608. This is different from the previous buying rate of N1,597 and selling rate of N1,610.

"For the euro, the buying rate is N1,780 while the selling rate is N1,800. The pound is bought at N2,130 and sold at N2,150."

Snapshot of naira rates in official market

Here is a breakdown of the naira's performance against other foreign currencies in the official market.

• CFA Franc: N2.68
• Chinese Yuan/Renminbi: N215.75
• Danish Krone: N233.23
• Euro: N1,788.26
• Japanese Yen: N10.75
• Saudi Riyal: N412.89
• South African Rand: N86.30
• Swiss Franc: N1,908.30
• British Pound Sterling: N2,100.30

Rewane predicts new naira against US dollar exchange rate

Earlier, Legit.ng reported that Economist Bismark Rewane has projected a favourable exchange rate performance for the naira against the US dollar.

The financial expert also forecasted a slight drop in inflation to 23.15% and a 50 basis point cut in the Monetary Policy Rate.

The Nigerian currency has enjoyed a strong performance in recent days, both at the official and unofficial forex markets.

Source: Legit.ng