The Central Bank of Nigeria (CBN) has adjusted the exchange rates for the naira against major foreign currencies. In the latest update, the naira showed a mixed performance in the foreign exchange market, strengthening against the US dollar but weakening against the British pound and euro.
Naira’s Performance Against the Pound and Euro
On Friday, September 6, 2024, the CBN reported a slight decline in the naira’s value against the British pound. The exchange rate closed at **N2,144.61/£1**, reflecting a 0.43% drop compared to the previous day’s rate of **N2,135.37/£1**. The naira also depreciated against the euro, with the exchange rate settling at **N1,804.99/€1**, a marginal increase from **N1,799.82/€1** the previous day.
Naira Strengthens Against the Dollar
Despite its weaker performance against the pound and euro, the naira made significant gains against the US dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window. The naira appreciated by **N100.09** or 2.8%, closing at **N1,593.32/$1** on Friday, compared to **N1,693.41/$1** the day before. This improvement in the dollar exchange rate offers some optimism for businesses and consumers heavily reliant on dollar transactions.
Recent Exchange Rates
A snapshot of the most recent exchange rates shows the following:
– **Pound Sterling**: N2,144.61/£1
– **Euro**: N1,804.99/€1
– **Swiss Franc**: N1,923.11
– **Yen**: N11.33
– **CFA**: N2.74
– **Riyal**: N434.12
– **Danish Krone**: N241.87
CBN’s Dollar Sales to BDC Operators
To stabilize the naira and ensure liquidity in the market, the CBN has continued selling dollars to licensed Bureau De Change (BDC) operators. This move is part of the apex bank’s ongoing strategy to curb the naira’s depreciation. The CBN has also set a limit on the exchange rate for BDCs when selling to Nigerians in need of dollars, aiming to balance demand and supply in the foreign exchange market.
The recent intervention by the CBN reflects its efforts to stabilize the naira amid the fluctuating foreign exchange market. However, with the naira still facing challenges against major currencies like the pound and euro, the market remains volatile.