See more as naira falls against dollar, pound, euro to new exchange rates

• The worth of the naira has dropped erstwhile again against the US dollar successful the unofficial overseas speech markets
• There were besides changes successful the speech rates for the British lb and the euro arsenic crude lipid prices crashed.
• The Central Bank of Nigeria relies connected lipid income to unafraid capable overseas currency to support the naira from further pressure

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, has depreciated against the United States dollar and different overseas currencies.

Legit.ng spoke to assorted Bureau de Change operators who confirmed that the worth of the naira dropped by N10, and the bargain and selling complaint is present supra N1,600.

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

Abudullahi, 1 of the BDC trader,s told Legit.ng:

"The dollar buying complaint is N1,600, portion the selling complaint is N1,610. Previously, the buying complaint for a dollar was N1,590.The euro sells astatine N1,800, and we bargain astatine N1,780. The British lb sterling is selling astatine N2,140, with a buying complaint of N2,120."

Naira falls successful the authoritative market

The naira continued its diminution against the US dollar successful the Nigerian Autonomous Foreign Exchange Market (NAFEM) connected Monday, May 5, slipping by 0.2 per cent oregon N4.22 to adjacent astatine N1,606.91/$1, compared to N1,602.69/$1 successful the erstwhile trading session.

The section currency besides depreciated against the British pound, losing N4.43 to commercialized astatine N2,137.73/£1, down from Friday’s complaint of N2,133.30/£1. Similarly, it fell against the euro by N1.51, settling astatine N1,821.75/€1 from the erstwhile complaint of N1,820.24/€1.

The unit connected the naira successful the spot marketplace was driven by accrued request for overseas exchange amid a slowdown successful forex proviso from the Central Bank of Nigeria (CBN).

The driblet successful lipid prices has enactment CBN successful a much challenging presumption arsenic the merchantability of crude lipid provides the needed firepower to support the naira against request pressures.

Here are different currencies' speech rates

The CBN besides provided the updated currencies speech complaint changes.

• CFA: N2.76
• Yuan/Renminbi: N220.79
• Danish Krona: N244.11
• Euro: N1821.75
• Yen: N11.17
• Riyal: N428.10
• South African Rand: N87.79
• Swiss Franc: N1951.66
• Pounds Sterling: N2137.73

Tanzania prohibition usage of dollar

Earlier, Legit.ng reported that the Bank of Tanzania has officially banned the usage of overseas currencies, including the US dollar, for section transactions and payments wrong the country.

With the ban, each goods and services successful Tanzania indispensable present beryllium priced and paid for strictly successful Tanzanian Shillings.

In a nationalist announcement issued connected Thursday, the cardinal slope announced that each goods and services successful Tanzania indispensable present beryllium priced and paid for strictly successful Tanzanian Shillings.

The notice, signed by Bank of Tanzania Governor Emmanuel M. Tutuba, clarified that portion definite transactions involving overseas currency are inactive allowed nether the caller rules.

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