The value of the Nigerian currency reversed against the United States dollar in the official foreign exchange markets.

Data from the CBN showed that at the end of trading on Thursday, May 15, the naira closed at N1,599 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Thursday's exchange rate in the official market represented a slight 0.31% change from the previous day's closing rate of N1,596.

The latest exchange rate marks a return to Tuesday's closing rate

Naira exchange rate vs euro, pound sterling
Naira also depreciated against the pound sterling and the euro in the official market.

The naira weakened further against the Pound Sterling in the official market on Thursday, depreciating by N1.09 to close at N2,126.46/£1, compared with Wednesday’s rate of N2,125.37/£1.

It also declined against the euro by N0.86 to sell for N1,791.24/€1, compared to the previous day’s N1,790.38/€1.

Pounds Sterling: N2,115.26
Euro: N1,808.90
Chinese Yuan: N218.57
CFA Franc: N2.78
Danish Krona: N242.30
Japanese Yen: N11.18
Saudi Riyal: N426.10
South African Rand: N84.65
Swiss Franc: N1,954.23

Naira improves against the dollar at the black market

In the parallel market, also known as the black market, the naira yesterday depreciated to N1,635 per dollar in the parallel market.

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

"We sold the dollar at N1,635/$1 on Thursday, while we bought it at N1,620/$1; the euro traded between N1,790 and N1,805, and the pound sterling ranged from N2,140 to N2,155."

Consequently, the margin between the parallel market and NFEM rate widened to N36 per dollar on Thursday from N25.2 per dollar.

There is hope for the dollar as the FX market is expected to receive boost after the temporary US-China tariff reduction agreement and recent rally in oil prices, spurring the country’s external reserves to climb, standing above $38 billion.

What this means is that CBN will be ready to defend the naira from further depreciation

BDC operators accuse banks of not selling dollars

Earlier, Legit.ng reported that Bureau de Change (BDC) operators in Nigeria have accused commercial banks of failing to sell foreign exchange to them.

They believe that this situation puts the naira in a precarious position in the foreign exchange markets.

Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), who raised the concern, said BDCs are grappling with limited availability of forex in an exclusive chat.