The Nigerian currency, the naira, continues to improve against the US dollar in the foreign exchange marketChecks show that the naira rose by 0.4% against the dollar in the official market and by N2 in the black marketThe strong performance of the naira has helped close the exchange rate gap between the official and black market
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience and in-depth knowledge of the Nigerian economy, stocks, and general market trends.
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, naira closed at N1,608.98/$1 on Thursday, March 14, 2024.
Nigerian currency value rises again
Photo credit: CBN
Source: Getty Images
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.
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Naira's performance comes despite the fact that 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.
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US bank predicts naira will bounce back
Henzodaily.ng earlier reported that US-based investment bank, Goldman Sachs, 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.
Source: Henzodaily.ng
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