See more as naira crashes against US dollar, sell at new exchange rate

• The Nigerian currency has erstwhile crashed against the US dollar successful some authoritative and unofficial overseas speech markets
• The latest speech complaint question is simply a reversal from the naira's show successful the past fewer weeks
• The CBN has reiterated that its policies are moving to amended the worth of the naira against different currencies

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.

Nigerian currency, the naira, witnessed different depreciation against the US dollar successful the authoritative and unofficial overseas speech market.

New information showed that the naira successful the Nigerian Autonomous Foreign Exchange Market (NAFEM) connected Tuesday, March 25, closed astatine N1,533.66/$1

Naira speech complaint against US dollar Photo credit: Bloomberg/contributor
Source: Getty Images

The latest complaint represents a 0.09 per cent oregon N1.37 quality erstwhile compared to the erstwhile day’s worth of N1,532.29/$1.

Also, the Nigerian currency weakened against the British lb sterling yesterday successful the authoritative marketplace by N4.62 to punctuation astatine N1,985.37/£1 compared with Monday’s closing terms of N1,980.75/£1.

Similarly, the naira crashed against the euro astatine the aforesaid marketplace conception by N3.29 to decorativeness astatine N1,659.12/€1, successful opposition to the preceding session’s N1,655.83/€1.

At the parallel marketplace window, the naira besides reduced successful value against the dollar.

Abudullahi, a trader, told Legit.ng:

"The naira fell to N1,575, a N5 quality from yesterday's selling of N1,570/$1. For lb sterling it remained astatine N2,205 portion euro sells for N1,675."

Olayemi Cardoso believes his forex argumentation is working Photo credit: cbn
Source: UGC

CBN praises efforts

The home currency has been volatile successful the past trading days contempt moves by the Central Bank of Nigeria (CBN) to prolong FX liquidity to easiness the pressure connected the naira.

However, Olayemi Cardoso, the Governor of the CBN, has lauded the reforms being carried retired by his squad to reconstruct assurance successful the Nigerian economy.

Speaking erstwhile a delegation of scholars from the Harvard Kennedy School visited him astatine the CBN office successful Abuja, helium said the strategies enactment successful spot by the apex slope to stabilize the overseas speech (FX) marketplace and curb ostentation successful the state were already yielding affirmative results.

A connection from CBN said:

“Mr Cardoso acknowledged caller challenges but highlighted advancement successful stabilising the overseas speech marketplace and curbing inflation.“As we reset the bank, we are committed to being a hub for thought leadership. The vulnerability you summation from institutions similar Harvard is invaluable, and we spot this arsenic an accidental to physique semipermanent alliances."

Foreign reserves drop

Earlier, Legit.ng reported that Nigeria’s overseas speech reserves person declined successful the past 33 days straight by astir $2 billion.

The reserves diminution came arsenic the Central Bank of Nigeria (CBN) amid efforts by the CBN to stabilise the naira.

The naira successful caller weeks has improved successful worth against the dollar and different large currencies successful the authoritative and achromatic market.

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Source: Legit.ng