The Nigerian currency, the naira, depreciated slightly against the United States dollar in the official market.
Data from the CBN showed that the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,502 per dollar at the end of trading on Tuesday, March 4.
Tuesday’s exchange rate is a 0.20% or N3 depreciation for the naira when compared to the previous day’s closing rate of N1,499 recorded in the official market.
The naira, however, appreciated against the pound sterling in the official market, closing at N1,898.15/£1 on Tuesday, which is a N3.46 rise from N1,901.61/£1 versus Monday.
While against the euro, it lost 25 Kobo to sell for N1,571.18/€1, in contrast to the preceding session’s N1,570.93/€1.
In the parallel market, also known as the black market, it was the same story for the naira against the US dollar.
Traders who spoke to TimesNow.com.ng confirmed that the dollar appreciated against the Nigerian currency.
Based on CBN published rates, here is a breakdown of naira’s performance against other foreign currencies in the NAFEM market.
Meanwhile, in a chat with TimesNow.com.ng, Aminu Gwadabe, the President of the Association of Bureau de Change Operators of Nigeria (ABCON), has called on the CBN to enforce maximum margins on sales by banks to Bureau De Change to prevent market distortions.
His words:
TimesNow.com.ng previously reported that the Central Bank of Nigeria has revised the Customs exchange rate for clearing goods at the country’s ports and airports.
The latest data indicates a slight increase from the previous rate, aligning with the naira’s performance in the official foreign exchange market.
Source: TimesNow.com.ng
