See latest naira to dollar exchange rate against the dollar, pound, euro

• The Nigerian currency appreciated against the United States dollar successful the overseas speech market
• The latest speech complaint comes connected the backmost of consecutive losses for the naira crossed each markets
• The Central Bank of Nigeria (CBN) is determined to guarantee the naira does not depreciate further successful FX markets

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 recovered against the United States dollar successful the authoritative marketplace and besides successful the unofficial markets.

According to information from the Central Bank of Nigeria, successful the Nigerian Foreign Exchange Market (NFEM) the naira closed astatine N1,612.97/$1 connected Tuesday, April 8.

The worth of the naira appreciates against US dollar Photo credit: bloomberg/contributor
Source: Getty Images

Tuesday's speech complaint represents an appreciation by N55.66 oregon 3.5% from the preceding day’s complaint of N1,628.89/$1.

However, the Nigerian currency depreciated against the Pound Sterling successful the authoritative marketplace connected Tuesday by N3.80 to merchantability for N2,060.21/£1 versus Monday’s terms of N2,056.41/£1.

Naira mislaid N1.03 connected the euro to settee astatine N1,762.56/€1, successful opposition to the erstwhile session’s N1,761.53/€1.

The naira besides improved its worth against the euro by N22.30 to punctuation astatine N1,653.78/€1, successful opposition to the preceding session’s worth of N1,676.08/€1.

Nigerian currency reverses loss Photo credit: Bloomberg/contributor
Source: Getty Images

Naira improves against dollar astatine achromatic market

In the parallel market, besides known arsenic the achromatic market, it was the aforesaid communicative for the naira against the US dollar.

Traders who spoke to Legit.ng confirmed that the Nigerian currency appreciated against the dollar.

Abudulahhi a BDC trader told Legit.ng connected Sunday.

"We sold the dollar astatine N1,605 per $1, compared with the erstwhile complaint of N1,610 per $1. However, the lb selling complaint accrued to N2,035, with a buying complaint of N2,015. The euro selling complaint was N1,725."

Why naira improved

Pressure connected the naira eased aft the Nigerian authorities announced plans to code the interaction of recently implemented US tariffs, which had initially weighed connected the naira upon their announcement.

The determination is expected to complement recent efforts by the CBN to stabilise the overseas speech market, including a $197.71 cardinal involution past week done income to authorised dealers aimed astatine ensuring capable liquidity and supporting orderly marketplace operations.

ABCON wants CBN to merchantability dollars to BDCs

Ealier, Legit.ng reported that the Association of Bureau De Change Operators of Nigeria (ABCON) has called connected the Central Bank of Nigeria (CBN) to resume selling dollars to Bureau De Change (BDCs).

Aminu Gwadabe, ABCON president said that the CBN's involution has had a affirmative interaction connected the stableness and appreciation of the naira successful the foreign speech marketplace in the past weeks

Gwadabe explained that currently, the naira has maintained its stableness and appreciation successful the overseas speech market, arsenic we yet witnessed the eventual objectives of the convergence of the authoritative market.

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Source: Legit.ng