Traders sell dollar at new exchange rate as naira appreciates again at official, black markets

The naira appreciated against the United States dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ securities showed that at the NAFEM window, which is the official market, the naira closed at N1,608.98/$1 on Thursday, March 14, 2024.

This represents a 0.4 % or N6.96 increase in value for the naira compared to N1,615.94/$1 exchanged on Wednesday, March 13, 2024.

Naira's performance comes even though the value of foreign exchange (FX) transactions reduced by $5.1 million to $243.65 million from $248.75 million.

In the parallel market, the naira enjoyed another good performance as its value was strengthened against the US dollar by N2 to quote at N1,605/$1 on Thursday, in contrast to the N1,607/$1 it was transacted on Wednesday, March 13.

Naira vs euro, pound

It was, however, a different story for the naira as it performed badly against the British pound sterling to close at N30.27 to trade at N2,066.33/£1 compared with Wednesday's value of N2,036.06/£1.

CBN data also showed that against the euro, the Nigerian currency depreciated by N26.08 to settle at N1,766.62/€1 versus N1,740.54/€1 on Wednesday, March 13, 2024.