The Central Bank of Nigeria (CBN) revealed that the naira appreciated against the British pound in the official foreign exchange market.
In an updated exchange rate on its website, the CBN said the naira exchange rate against the pound closed at N1951.82 /£1 after trading on Wednesday, June 10.
The new exchange rate indicates a 1.66% or 33.11 improvement when compared to Tuesday’s rate of N1,984.94/£1.
Also, against the euro, the Nigerian currency appreciated by N30.42 to finish at N1,646.39/€1. on Wednesday, July 10.
These exchange rate adjustments reflect a positive trend for the naira, which had faced prolonged depreciation against major international currencies.
However, it was a different story for the naira against the United States dollar.
Legt.ng reported that on Wednesday, July 10, the naira fell to its lowest level since March 2024.
According to data from the FMDQ Securities Exchange, the naira crashed in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,561.98/$1.
Data from CBN shows that external reserves have reached a new high, exceeding $35 billion.
This is the first time under President Bola Tinubu that Nigeria’s reserves have risen since March 2023.
There is an expectation that with higher reserves, the CBN will have enough to defend the naira from further depreciation.
Earlier, TimesNow.com.ng reported that Nigerians identified the emergence of two cryptocurrency platforms as the reason for the recent fall of the naira.
The earlier decline of the naira was attributed to alleged market manipulation by Binance.
Nigerians have blamed the latest depreciation on new crypto exchange platforms, namely BYBIT and BITGET.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
