The value of the Nigerian currency, the naira, in the parallel market, also known as the black market, fell against other foreign currencies.
Street forex traders who spoke to TimesNow.com.ng on Thursday, June 20, revealed that the naira exchange rate against the British pound stood at N1890/£1.
The new exchange rate represents a slight depreciation compared to the N1,880/£1 on Wednesday, June 19.
Similarly, the naira against the euro now exchanges at N1,600 compared to the previous day’s rate of N1,580.
In the official market, data from FMDQ securities shows that the naira closed on Wednesday at N1483.02 per dollar.
There is an expectation that the naira will improve in the coming days due to funds now available for the Central Bank of Nigeria to defend the nation’s currency.
TimesNow.com.ng previously reported that the federal government received an additional $925 million under the syndicated $3.3 billion crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPC).
The loan will, among other things, provide needed liquidity to stabilise the naira’s value in the forex market.
TimesNow.com.ng earlier reported that Ben Akabueze, the director-general of the budget office, said the naira’s value would strengthen in the foreign exchange market in 2024.
Akabueze said this would be possible as the country expects an increase in dollar supply.
He noted that the Bola Tinubu-led government expects the reforms to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
