Naira Appreciates by N49.39 Against US Dollar as Exchange Rate Improves Across All FX Markets

• Naira increased in value against the US dollar at both the official and unofficial foreign exchange markets
• At the official market, the Naira improved by N49, while in the unofficial market, it is getting closer to below N1,000/$
• The Central Bank of Nigeria has increased dollar supply, and it is expected to continue in the coming weeks

Dave Ibemere has over a decade of experience covering Business and the Economy.

The value of the Nigerian Naira improved against the United States Dollar across the foreign exchange markets.

According to data from the FMDQ Securities Exchange, in the official FX segment called Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira’s value closed at N791.75/$1 on Friday, November 17, 2023.

This represents a 5.9% or N49.39 appreciation compared to the previous day’s (Thursday) rate of N841.14/$1.

Naira’s value improved amid a 23.6% or $30.13 million forex supply increase into the official market as turnover closed at $157.78 million compared with the $127.65 million achieved a day earlier.

Naira’s value at the unofficial market

It was the same positive news for the Naira in the parallel market, also known as the black market section.

Naira rates report that the Nigerian currency exchanged against the dollar on Sunday, November 19, at N1,127 a dollar.

This is an improvement from the N1,135/$1 on Friday and Thursday’s closing price of N1,130/$1.

However, in the Peer-to-Peer (P2P) window, the Naira depreciated against the Dollar on Friday by N1 to quote at N1,115/$1, in contrast to the preceding session’s value of N1,114/$1.

It was not different with the Naira in the official market as CBN data shows against the Pound Sterling as it lost N16.15 to trade at N1,045.89/£1 versus N1,029.74/£1 and against the Euro, it depleted by N16.64 to settle at N915.09/€1 compared with the previous day’s N898.45/€1.

Nigeria Customs sets new exchange rate to clear imported goods

Earlier, Legit.ng reported that Nigeria customs have adjusted the foreign exchange rate for clearing imported goods at Nigerian ports

The new rates are intended to reflect the depreciation of the Naira against the dollar across the foreign exchange markets.

With the new rate, the cost of imported goods will increase nationwide.

Source: Legit.ng