See latest naira to dollar exchange rate in official, black markets

• The Nigerian currency has depreciated against the United States dollar successful the authoritative overseas speech marketplace
• The caller speech complaint figures released by the CBN shows that the dollar mislaid for the 2nd time consecutively
• In the 5 days of trading determination were wins and losses for the naira against the US dollar different currencies

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

The naira depreciated somewhat against the United States dollar successful the authoritative marketplace to adjacent the week connected the negative.

Data from the CBN showed that the naira astatine the Nigerian Foreign Exchange Market (NFEM) recorded a closing complaint of N1,532 against the US dollar connected Friday, July 11.

Naira worth depreciates against US dollar successful the authoritative market Photo credit: Bloomberg/contributor
Source: Getty Images

Tuesday's speech complaint is simply a 0.06% oregon N1 depreciation for the naira erstwhile compared to the erstwhile day's closing complaint of N1,531 recorded successful the authoritative market.

For the week, the naira started astatine N1,529.5 against the US dollar and ended astatine N1,532, which indicates a marginal depreciation of N2.5 oregon 0.16%.

The naira, however, appreciated against the lb sterling successful the authoritative market, closing astatine N2,066.31/£1 connected Friday, marking a N3.98 summation from N2,070.29/£1 connected Thursday.

While against the euro, it weakened by N5.31 to merchantability astatine N1,788.57/€1, compared to the erstwhile day’s N1,783.26/€1.

Week-on-week, the naira strengthened by N20.78 against the lb sterling, improving from N2,087.09/£1 past Friday to N2,066.31/£1 this Friday.

However, it depreciated by N12.22 against the euro, sliding from N1,776.35/€1 to N1,788.57/€1 implicit the aforesaid period.

Naira improves against dollar astatine achromatic market

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

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

"We are buying astatine N1,530 and selling astatine N1,543 today. Pound is going for betwixt N2,120 and N2,140, portion euro trades betwixt N1,775 and N1,790."

The worth of naira appreciates against US dollar successful achromatic market Photo credit: Bloomberg/Contributor
Source: Getty Images

Snapshot of naira rates successful authoritative market

Based connected CBN published rates, present is simply a breakdown of naira's show against different overseas currencies successful the NAFEM market.

• CFA: N2.72
• Yuan/Renminbi: N213.43
• Danish Krone: N239.73
• Euro: N1,788.57
• Japanese Yen: N10.39
• Saudi Riyal: N408.01
• South African Rand: N85.35
• Swiss Franc: N1,920.51
• Pound Sterling: N2,066.31

BDC operators impeach banks of not selling dollars

Earlier, Legit.ng reported BDC traders person accused commercialized banks of not selling dollars to them contempt directives from the CBN.

The traders judge that the deficiency of forex disposable to them is 1 of the reasons the naira volition conflict to support stability.

In caller days, the naira has reversed its gains against the US dollar successful the overseas speech markets.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng