N1.631.17: Once again Naira devalues ​​against US dollar, CBN issues new exchange rates for pound and euro

• The Nigerian currency has continued to depreciate against the dollar in both the official and unofficial currency markets
• This depreciation follows a reduction in currency transactions recorded by banks and official traders
• The Central Bank of Nigeria is expected to intervene in the market by selling dollars to Bureau De Change operators to drive down the dollar rate on the black market

Legit.ng journalist Dave Ibemere has more than ten years of experience in business journalism with in-depth knowledge of Nigerian economystocks and general market trends.

The Nigerian Naira extended its depreciation against the US dollar on the official foreign exchange market.

According to data from the FMDQ Securities Exchange, the naira depreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM) to exchange at N1,631.17/$1 on Wednesday, October 30, 2024.

Wednesday’s exchange rate represents a slight depreciation of 0.04% or 72 Kobo compared to N1,630.45/$1 exchanged a day earlier.

The decline in the naira comes amid a decline in foreign exchange transactions from banks and authorized dealers.

The data shows that the value of Wednesday’s foreign exchange transactions fell by 46.9% or $113.61 million to $128.98 million, compared to $242.59 million recorded on Tuesday.

Naira rate to pound, euro

However, it was a different story for the naira compared to the British pound sterling and the euro in the official market.

The CBN reports this that the Nigerian currency gained N18.57 against the British Pound at the official market on Wednesday, trading at N2,143.40/£1, compared to the previous day’s rate of N2,161.97/£1.

While against against the Euro, the currency improved its value to N18.90 to trade at N1,782.07/€1 against N1,800.97/€1 it recorded on Tuesday.

Naira to dollar rate on black market

Meanwhile, traders said Legit.ng in the black market, the naira also depreciated by N5 against the dollar

Abdulahii, a BDC trader, shared Legit.ng.

“We exchanged one dollar at N1,745/$! compared to the previous rate of N1,740/$1.”

CBN is hoping for a new naira to dollar exchange rate

Legit.ng previously reported that the CBN revealed that Nigeria foreign reserves had increased.

This came after the successful issuance of bonds worth $500 million, indicating investor confidence.

The increase would be a welcome development for the Central Bank of India Nigeria in its struggle to help the naira recover in the foreign exchange market.

Shortage of currency supply has always been a major reason why the naira has come under intense pressure in both the black and official markets.

Proofreading by James, Ojo Adakole, Journalist and Editor at Legit.ng.

Source: Legit.ng