See new exchange rates as naira appreciates against US dollar in official market

• The worth of the Nigerian currency has appreciated against the dollar successful each overseas speech markets connected Monday
• The Central Bank of Nigeria's caller information shows that the naira recorded a flimsy depreciation successful the NAFEM window
• There is inactive unit connected the Nigerian currency successful some the authoritative and unofficial overseas speech markets

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

The Nigerian currency, the naira, has improved against the United States dollar successful the authoritative market.

Data from the CBN showed that the Nigerian Foreign Exchange Market (NFEM) ended trading connected Monday, April 4, astatine N1,605.25 a dollar.

Naira improves against US dollar Photo credit: CBN
Source: Getty Images

Tuesday's speech complaint is simply a 0.04% depreciation for the naira compared to past Friday's speech complaint of N1,611.08.

However, the Nigerian currency remained unchangeable against the British lb sterling astatine the spot marketplace during the sessionat N2,090.58/£1 compared.

While against the euro, the naira appreciated to N1770.13/€1 from N1,815.82/€1 it closed connected Friday past week.

Naira falls against astatine achromatic market

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

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

"We sold the dollar astatine N1,615/$1 connected Monday, compared with the N1,610/$1 it was exchanged for past Friday. Meanwhile, the British lb fell to an speech complaint of 2065, and the euro was astatine N1,780."

Nigerian currency improves against US dollar Photo credit: Bloomberg/contributor
Source: Getty Images

Snapshot of naira rates successful authoritative market

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

• CFA– N2.73
• Danish krona – N242.99
• Yen – N11.15
• Yuan/renminbi – N217.61
• Danish krona – N237.16
• Euro – N1770.14
• Yen – N10.97
• Riyal – N424.04
• South African rand – N82.01
• Swiss franc – N1897.77

Forex inflow into Nigeria

The Central Bank of Nigeria (CBN) revealed that remittance flows into the Nigerian system roseate by 9 percent to $20.98 billion, the highest level successful 5 years under the existent enactment of Olayemi Cardoso.

The apex slope said the past clip remittances exceeded that level was successful 2019, erstwhile they deed $23.80 billion, Punch reports.

The summation successful remittances is bully quality for the CBN successful its efforts to guarantee capable overseas speech availability successful the market.

Reno Omokri reacts arsenic naira strengthens against US dollar

Earlier, Legit.ng reported that the Former statesmanlike aide, Reno Omokri, said immoderate Nigerians are unconcerned astir the emergence of the naira against the dollar due to the fact that they stake against the Nigerian currency.

Omokri said they had speculated against the naira but person present mislaid owed to the appreciation of the naira.

He stated this successful a station made via his X grip (formerly known arsenic Twitter) @renoomokri connected Sunday, December 8.

The societal professional said the speculators are praying that the appreciation of the naira volition not last.

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Source: Legit.ng