Access, Zenith, UBA, GTB, others sell dollar at new rate as naira appreciates

Naira's exchange rate improved against the US dollar in official and unofficial foreign exchange markets.

Data from FMDQ securities shows that in the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed at N1,617.96/$1 on Monday, March 11, 2024.

Monday's rate represents a 0.6% or N9.44 appreciation compared to last Friday's exchange rate of N1,627.40/$1.

This happened despite FX trades dropping to $96.13 million on Monday, compared to $269.35 million achieved on the last trading day.

However, the Nigerian currency depreciated against the pound sterling and the euro. According to CBN data on Monday, March 11, the naira fell against the pound by N54.89 to trade at N2,091.02/£1 versus last Friday's value of N2,036.13/£1.

While against the euro, it lost N39.09 to finish at N1,779.47/€1, in contrast to the preceding session's N1,740.38/€1. In the black market, the local currency also performed better on Monday, improving by N8 to quote at N1,615/$1 compared with the previous trading session's N1,623/$1.

US bank predicts naira will bounce back

Legit.ng earlier reported that US-based investment bank Goldman Sachs has predicted a new exchange rate for the Naira against the dollar.

Goldman Sachs said the naira is expected to rebound and close the year at N1,200 per dollar at the official market.

The Nigerian currency currently exchanges in the official and black markets above N1,600 against the US dollar.