New exchange rate as naira records first loss in a while against dollar in official market

The naira has depreciated in the official market the masses worry about the depletion of the country’s foreign exchange (FX) reserves amid weak crude oil revenue.

Data from FMDQ securities shows that naira weakened in value in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,148.14/$1 on Tuesday, April 16, 2024.

This makes a 1.07% or N12.10 depreciation as compared to Monday’s closing rate of N1,136.04/$1.

Same situation is playing out on the naira against the pound sterling in the official market.

Data reveals that the naira lost N28.80 to close at N1,446.45/£1, compared with Monday’s value of N1,417.65/£1.

Also against the euro, it lost N22.87 to settle at N1,234.79/€1 compared to the previous day's exchange rate of N1,211.92/€1.

Recall that Nigeria's FX reserves have seen a heavy downturn in the last 29 days after a series of interventions by the Central Bank of Nigeria.

The apex bank has removed about $2.16 billion to stabilize the naira.

As of April 15, 2024, CBN disclosed that the external reserves were now positioned at $32.29 billion.

BEB