Dollar to Naira News

Naira reverses three-day loss at parallel market, appreciates to N1,525/$ – The Cable

The naira ended a three-day depreciation trend at the parallel section of the foreign exchange (FX) market on Friday.

The local currency appreciated by 0.98 percent to N1,525 on July 5 — from the N1,535 per dollar traded on July 4.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate of the naira as N1,500 and the selling rate at N1,525 — leaving a N25 profit margin.

At the official window, the naira also reversed a three-day depreciation streak.

According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the local currency exchanged for N1,509 per dollar on July 5 — a 0.7 percent rise from N1,520 traded the previous day.

The local currency traded at a high of N1,535 and a low of N1,450.

Consequently, the exchange rate at both sections of the market consecutively depreciated from July 1 to July 4 — before an appreciation occurred on July 5.

THREE-DAY DECLINE

On July 2, the local currency declined at the street market to N1,515/$ — from the N1,510 tradedthe previous day.

Between July 3 and 4, the naira further dropped to N1,520 and N1,535, respectively.

Data from the FMDQ Exchange showed that the naira depreciated to N1,509, N1,512, and N1,520 from July 2 to 4, respectively.

On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the FX market.

The move significantly devalued the naira, provoking fluctuations in the FX market that continue to affect key sectors of the economy.

The FX situation, according to Timi Bomodi, comptroller of Seme command, Nigeria Customs Service (NCS), on June 9, has made Nigerian goods affordable for other African countries.

However, on May 29, Mojisola Adeyeye, director-general of the National Agency for Food and Drug Administration and Control (NAFDAC), said the devaluation of the naira accounted largely for the high cost of local medicine production.

But Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on June 25, said he believes the excessive volatility may be a thing of the past.

See Dollar to Naira black market today, Pound to Naira, Euro to Naira, Dollar to Naira CBN rate and Dollar to Naira Bank rate today.

Related Posts

Standard Bank Securities: Banks under our coverage could pay N217bn as proposed windfall tax – The Cable News

By Bunmi Aduloju The Standard Bank Group (SBG) Securities says banks under its coverage could pay N217 billion in the proposed windfall tax. In a report on Thursday,…

Central Bank’s Misguided Policies Under Cardoso Have Worsened Naira, Strangled Nigerian Economy – Civic Organisation – Sahara Reporters

By Sahara Reporters The Nigeria Must Win Network (NMWN), a civil society, has stated that interventions under the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso’s leadership…

Alleged N17.8bn Debt: Court Orders CBN, EFCC to Investigate Afex Accounts in 28 Banks – This Day News

By Wale Igbintade A Federal High Court in Lagos has ordered the Central Bank of Nigeria (CBN) and the Economic and Financial Crime Commission (EFCC) to carry out…

CBN resumes dollar sales to BDCs, halts Naira depreciation – Vanguard News

By Babajide Komolafe Directs BDCs to sell at N1,471/$ The Central Bank of Nigeria, CBN yesterday, announced the resumption of dollar sales to bureaux de change, BDCs, a development that…

CBN projects external reserves to dip in 2024 – Punch News

By Oluwakemi Abimbola The Central Bank of Nigeria has projected that the external reserves could reduce slightly in 2024 on the back of debt service and other obligations. This…

BoI to invest in green financing, modular refineries – Daily Trust

By Philip Shimnom Clement As part of initiatives designed to maximise growth and boost local investments, the Bank of Industry (BoI) has announced that it will explore new…