CBN Releases New Exchange Rates for Naira Against Dollar, Pound, Euro
- The naira appreciated against the US dollar, pound sterling, and euro in the official foreign exchange market
- Fresh figures from the CBN show the naira closed at N1,368.27/$1 in the official market, extending its recent gains
- The latest appreciation comes as Nigeria's external reserves rose to $51.46 billion, boosting confidence in the country's foreign exchange market
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 Nigerian naira appreciated further against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, July 6.
The local currency gained N1.92 or 0.14%, from N1,370.19/$1 to N1,368.27/$1 on Monday.
Source: Getty Images
New exchange rates against others
The naira also strengthen against the British pounds at the official foreign exchange market from N1,829.89/1 to N1,826.91/1.
Against the euro, the local currency also gained N5.63 to close at N1,562.70/1 from N1,568.32/1, an appreciation of N5.63.
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In the meantime, the naira appreciated by N1 against the U.S. Dollar at the GTBank FX counter from N1,832/$1 on Friday to N1,831/$1. But at the parallel market the exchange rate remained N1,390/$1.
The Nigerian currency further strengthened on the back of improved liquidity and investor sentiment in the market.
This was a continuation of the local currency’s improved relative stability of recent months due to sustained reforms by the CBN.
Ayodeji Ebo, Managing Director of Stanbic IBTC Holdings Plc said:
"Higher foreign exchange liquidity, as well as investor sentiment, are the primary drivers behind the local currency's stability, especially with demand and supply dynamics in the FX market having become more balanced."
He added:
"The CBN's proactive policy actions have continued to foster transparency and price discovery in the market."
Data released earlier also show that Nigeria's gross external reserves are at $51.46 billion, boosted by ongoing forex inflows.
Source: Getty Images
CBN official exchange rates (selling rates) on Monday, July 6:
- CFA: N2.38
- Chinese Yuan (Renminbi): N201.32
- Danish Krone: N209.04
- Euro: N1,562.70
- Japanese Yen: N8.43
- Saudi Riyal: N364.34
- South African Rand: N84.27
- SDR: N1,857.41
- Swiss Franc: N1,697.81
- Pounds Sterling: N1,826.91
- US Dollar: N1,368.27
- WAUA: N1,859.53
- UAE Dirham: N372.54
BDc operators yet to access CBN’s $150,000 weekly window
Earlier, Legit.ng reported that Bureau de Change (BDC) operators said they have yet to access the official foreign exchange window announced by the Central Bank of Nigeria (CBN).
This is in spite of the recent steady gains of the naira, which narrowed the gap between the official and parallel market exchange rates.
Recent market data showed that the naira appreciated by nearly 7% within two weeks across both segments of the market, reaching one of its strongest levels in about two years.
Source: Legit.ng
