Access, UBA, GTB, others sell dollar at new exchange rate as naira gains across all forex markets

The naira once again appreciated against the United States dollar in the different segments of the foreign exchange (FX) market Data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the naira closed at N1,560.57/$1 on Tuesday, March 19, 2024.

The strengthening of the naira follows an improvement in the supply of forex into the system, with the turnover rising by 8.9 per cent or $54.68 million to $195.13 million from the $140.45 million transacted on Monday's March 18.

Naira to pounds and euro

Also, a further check on CBN data showed that naira appreciated against the British pound sterling in the spot market by N123.31 yesterday to sell for N1,880.4/£1 compared to N2,003.85/1 sold a day earlier.

Similarly, Naira improved in value against the Euro by N105.15 to trade at N1.607.54/€1 compared with Monday’s closing price of N1,712.69/€1.

Naira to dollar at unofficial market

Similarly, naira gained N20 against the dollar in the parallel market on Tuesday to settle at N1,580/$1, in contrast to the N1,600/$1 it was exchanged.

There are big expectations that the value of the naira will improve further in the coming weeks, with predictions of around N1,200 a dollar.

Two UK firms predict exciting exchange rate in 2024

Earlier, Legit.ng reported that two UK-based financial institutions have predicted a new exchange rate for the naira against the dollar Goldman Sachs and Standard Chartered believe the naira is expected to rebound and close stronger in 2024.

Their predictions are based on the current reforms embarked upon by the Cardoso-led CBN, which has helped the naira achieve a N1572.86/$ rate on Monday from above N1,600.