See more as CBN releases new exchange rates as naira depreciates

• The CBN has released the latest speech rates for Nigerian currency against the US dollar, pound, and others
• The caller information shows that successful the authoritative marketplace naira reversed its astir caller summation to grounds a flimsy depreciation
• The naira besides fell successful the achromatic forex marketplace arsenic traders quoted caller speech complaint for Nigerians buying and selling

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

The worth of the Nigerian currency reversed against the United States dollar successful the authoritative overseas speech markets.

Data from the CBN showed that astatine the extremity of trading connected Thursday, May 15, the naira closed astatine N1,599 per dollar successful the Nigerian Foreign Exchange Market (NFEM).

Naira falls against US dollar successful the authoritative market Photo credit: cbn
Source: UGC

Thursday's speech complaint successful the authoritative marketplace represented a flimsy 0.31% alteration from the erstwhile day's closing complaint of N1,596.

The latest speech complaint marks a instrumentality to Tuesday's closing rate

Naira speech complaint vs euro, lb sterling

Naira besides depreciated against the lb sterling and the euro successful the authoritative market.

The naira weakened further against the Pound Sterling successful the authoritative marketplace connected Thursday, depreciating by N1.09 to adjacent astatine N2,126.46/£1, compared with Wednesday’s complaint of N2,125.37/£1.

It besides declined against the eeuro by N0.86 to merchantability for N1,791.24/€1, compared to the erstwhile day’s N1,790.38/€1.

• Pounds Sterling: N2,115.26
• Euro: N1,808.90
• Chinese Yuan: N218.57
• CFA Franc: N2.78
• Danish Krona: N242.30
• Japanese Yen: N11.18
• Saudi Riyal: N426.10
• South African Rand: N84.65
• Swiss Franc: N1,954.23

The dollar sells astatine caller speech rates Photo credit: Bloomberg/contributor
Source: Getty Images

Naira improves against dollar astatine achromatic market

In the parallel market, besides known as the achromatic market, the naira yesterday depreciated to N1, 635 per dollar successful the parallel market.

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

"We sold the dollar astatine N1,635/$1 connected Thursday, portion we bought it astatine N1,620/$1; the euro traded betwixt N1,790 and N1,805, and the lb sterling ranged from N2,140 to N2,155."

Consequently, the borderline betwixt the parallel marketplace and NFEM rate widened to N36 per dollar connected Thursday from N25.2 per dollar.

There is anticipation for the dollar arsenic the FX marketplace is expected to person boost aft the impermanent US-China tariff simplification statement and caller rally successful lipid prices, spurring the country’s outer reserves to climb, lasting supra $38 billion.

What this means is that CBN volition person acceptable to support the naira from further depreciation

BDC operators impeach banks of not selling dollars

Earlier, 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.

Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), who raised the concern, said BDCs are grappling with constricted availability of forex successful an exclusive chat.

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Source: Legit.ng