See latest exchange rates as naira appreciates against US dollar

• Despite the unit successful the forex market, the worth of the naira appreciated against different overseas currencies
• Latest CBN information showed the naira gained crossed the United States dollar, British lb and besides the euro
• There are worries that the determination by Dangote to halt income of petrol successful section currency volition summation pressure

Legit.ng journalist Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Naira has appreciated aft days of losses against the United States dollar and different currencies successful the overseas speech market.

Data astatine the Nigerian Autonomous Foreign Exchange Market (NAFEM) connected Thursday, March 20 showed that the naira closed astatine N1,534.33/$1.

Naira withstand unit appreciates against US dollar Photo credit: Bloomberg/contributor
Source: Getty Images

This represented an betterment of N13.19 oregon 0.85% erstwhile compared with the erstwhile day’s N1,547.52/$1.

Thursday’s naira show marked a instrumentality to bully show aft days of consecutive losses.

Naira against pound, euro

Similarly, the worth of the naira improved against the British Pound Sterling astatine the aforesaid FX marketplace conception by N12.50 to settee astatine N1,972.89/£1 compared with Wednesday’s closing terms of N1,985.39/£1.

While against the euro, it gained N10.30 to adjacent astatine N1,657.81/€1, successful opposition to the N1,668.11/€1 it was exchanged connected Wednesday.

In the parallel marketplace also known arsenic the achromatic marketplace it was a antithetic communicative for the naira,

Abdulahi a BDC trader who spoke to Legit.ng said determination was nary question successful the forex trading.

He said:

"The marketplace was a spot calm. We are presently alert of Dangote's decision, and we, the BDC traders, are observing the adjacent determination by the national authorities and the CBN earlier making adjustments."For now, the US dollar is sold astatine N1,585/$1, the euro astatine N1,695, and the lb sterling astatine N2,025."

The CBN volition person to marque determination to assistance the naira recover Photo credit: CBN
Source: Getty Images

Naira against different currencies

The CBN besides supply a breakdown of the naira speech complaint successful the NFEM window.

• CFA: N2.54
• Yuan/Renminbi: N211.15
• Danish Krona: N222.23
• Euro: N1,657.81
• Yen: N10.28
• Riyal: N408.05
• South African Rand: N84.05
• Swiss Franc: N1,731.47

New speech complaint expected implicit dollar petrol income decision

Market analysts person predicted that the determination of halt petrol income successful naira volition trigger a unreserved for dollars among petroleum marketers and stakeholders, anticipating accrued transactions successful US dollars for purchasing products.

They judge that the displacement towards sourcing crude successful dollars could perchance is expected to substance a surge successful request for the US dollar successful Nigeria’s overseas speech market.

BDC operators impeach banks of not selling dollars

Ealier, Legit.ng reported that Bureau de Change (BDC) operators successful Nigeria person accused commercialized banks of failing to merchantability overseas speech to them.

They judge that this concern puts the naira successful a precarious presumption successful the overseas speech markets.

He besides said that immoderate of the banks managing to merchantability are offering unfavourable rates, and little margins which is creating concern uncertainties.

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Source: Legit.ng