New Exchange Rate as the Official Market Sees the Naira Depreciate Against the Dollar

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By John Obe

In both of the official foreign exchange markets, the value of the naira has declined in relation to the US dollar.  

The Nigerian currency dropped against the US dollar and is still above N1,600 on the illicit market.  In the coming days, the Nigerian currency will rely on the Central Bank of Nigeria's assistance to improve.

Following yet another decline in value versus the US dollar in both the official and illegal foreign currency markets, the Naira reversed its gain to end the week on a negative note.

On Friday, April 18, the naira ended at N1,600.5/$, according to data from the Nigerian Foreign Exchange Market (NFEM) released by the Central Bank of Nigeria.  

Compared to the official market's closing rate of N1,599/$ the day before, Friday's exchange rate represents a minor loss.  

Naira gained N1 against the Euro, trading at N1,817/€1 against Thursday's rate of N1,818.17/€1, while the Nigerian currency gained N1 against the British Pound Sterling in the official market on Friday, trading at N2,120.23/£1 versus the previous day's rate of N2,121.97/£1.  An overview of the current value of the naira

Based on data from the CBN, the performance of the naira against various foreign currencies on Friday, April 17, in the official market is broken out here.  CFA: N2.77; Rand: N85.19; Swiss franc: N1,956.15; Danish krona: N243.39; Euro: N1,817.69; Yen: N11.25; Riyal: N426.38; South African rand: N85.19; sterling: N2,120.24.

John Obe 

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