See more as naira crashes against US dollar to new exchange rate

• The CBN has released the latest naira speech rates against the US dollar successful the overseas speech markets.
• Data shows that the naira began the caller period of May trading likewise to erstwhile months against large overseas currencies
• The CBN besides published the latest speech rates for the British lb sterling and the euro against the naira

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 Nigerian currency, the naira, depreciated somewhat against the United States dollar successful the authoritative market.

Data from the CBN showed that the Nigerian Foreign Exchange Market (NFEM), the naira closed astatine N1,606 per dollar astatine the extremity of trading connected Friday, April 4.

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

Friday's speech complaint is simply a 0.24% depreciation for the naira erstwhile compared to the erstwhile day's closing complaint of N1,602 recorded successful the authoritative market.

The CBN revealed that intra-day trading fluctuated betwixt a precocious of N1,606.5/$1 and a debased of N1,600/$1 connected Friday..

This compares to Thursday's intra-day precocious and debased of N1,603.5/$1 and N1,580./$1, respectively, reflecting minimal volatility and a constrictive trading band.

The average speech rate stood astatine N1,602.69/$1 connected Friday, somewhat higher than the N1,599.4/$1 recorded connected Thursday, according to information disposable on the CBN’s authoritative website.

Against different large currencies, the naira posted the pursuing rates astatine the authoritative marketplace connected Friday:

CFA – N2.76

Yuan/Renminbi – N220.32

Danish Krona – N243.90

Euro – N1820.24

Yen – N11.12

Riyal – N427.18

South African Rand – N87.22

Swiss Franc – N1940.86

Pounds Sterling – N2133.30

Naira falls successful the achromatic market Photo credit: Bloomberg/contributor
Source: Getty Images

Naira Exchange complaint 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 dollar remained unchangeable against the Nigerian currency.

"We sold the dollar astatine N1,605 and bought it astatine N1,590 per $1 connected Friday, the aforesaid complaint arsenic yesterday. Meanwhile, the lb sterling speech complaint accrued to a selling complaint of N2,130 and a buying complaint of N2,110."Against the euro, the selling complaint roseate to N1,795, portion the buying complaint stood astatine N1,780."

CBN gets praises from IMF, World Bank

BusinessDay reports that the CBN's Governor Yemi Cardoso has received praise from the IMF and the World Bank for its caller argumentation measures, peculiarly for allowing marketplace dynamics to find the naira’s speech rate.

ABCON wants CBN intervention

Ealier, Legit.ng reported that Aminu Gwadabe, the President of the Association of Bureau de Change Operators of Nigeria (ABCON), has called connected the CBN to enforce maximum margins connected income by banks to Bureau De Change to forestall marketplace distortions.

He noted that it is important that CBN issues a prudential percent connected volumes of income connected Diaspora remittance, portfolio concern proceeds by banks to BDCs.

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Source: Legit.ng