Naira Appreciates Against US Dollar As Nigeria Customs Confirms New Official Exchange Rate

• The value of the Nigerian currency improved against the US dollar at the official foreign exchange market
• Nigerian currency appreciation was witnessed at both the official and unofficial foreign exchange markets
• A new official exchange rate has been confirmed for clearing goods in the nation’s ports by Nigeria Customs

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The Nigerian currency, the Naira, appreciated against the United States dollar in the official and unofficial markets.

According to data from FMDQ securities, the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) market segment on Friday, February 9, appreciated against the United States Dollar to N1,469.97/$.

This represents a 0.64% or N9.50 improvement compared to Thursday’s closing price of N1,469.97/$1.

Naira exchange rate to Pounds

However, it was a slightly different story for the Naira against the British Pound Sterling and the Euro in the official market.

CBN data shows that the Naira depreciated against the Pound Sterling by N47.22 to close at N1,872.04/£1 versus Thursday’s exchange rate of N1,824.82/£1.

While against the Euro, it lost N42.44 to sell for N1,599.06/€1, in contrast to the preceding day’s N1,556.62/€1.

Naira to dollar unofficial market

It was good news for the Naira as it gained against the dollar in the two unofficial markets, the Peer-to-Peer (P2P) window and the Black market.

Checks by Legit.ng show that in the P2P window, the Naira closed Friday’s trade appreciating by N2 to settle at N1,468/$1, compared to the previous day’s N1,470/$1.

Also, in the black market, the Nigerian currency improved its value against the dollar by N10, trading at N1,490/$1, compared to the previous day’s value of N1,500/$1.

On expectation for the new week, Musa Abdullahi, a BDC operator at Airport Road, Lagos, told Legit.ng that he expects the dollar exchange rate to remain steady.

“The CBN released a lot of policies last week. I don’t think they will affect us for now because the market does not have enough supply to meet the huge demands

“I still receive calls from my customers who are ready to travel and willing to pay me over N1,500 for a dollar, but I don’t expect a dramatic fall for the naira this week.”

FG agrees on new official Naira to dollar exchange rate

Meanwhile, in a related development, the federal government has adopted a new official exchange rate, the third in 2024, and Nigeria Customs has implemented import duties.

The latest adjustment captured on the federal government’s single-window trade portal shows that importers will now pay N1,417.635 per dollar.

The new exchange rate represents a slight increase of 0.28% compared to the previous rate of N1413.62/$.

Source: Legit.ng