N1k/$: Naira New Exchange Rate to Dollar, Euro, Pound As Senate Confirms New CBN Gov
The Nigerian currency, the Naira, witnessed mixed trading outcomes following the confirmation of Olayemi Cardoso as the new Central Bank of Nigeria (CBN) governor. While the official market experienced a positive shift, the pressure continued in the black foreign exchange market.
Official Market Performance
Data from FMDQ securities revealed that at the Investors and Exporters (I&E) market, the Naira closed on Tuesday at N755.08 against the US Dollar. This represented a notable improvement of N18.17 or 2.3% compared to Monday’s closing rate of N773.25/$1. The improvement coincided with an increase in the value of forex transactions in the market, rising from $89.61 million on Monday to $135.98 million.
Black Market Challenges
However, the situation was quite different in the unofficial Peer-to-Peer (P2P) and black market segments of the foreign exchange (FX) market. Checks indicated that the Naira weakened further at the black market, surpassing the N1,006/$1 mark, compared to the previous trading session’s rate of N995/$1. Similarly, at the P2P forex market, which is predominantly used by crypto traders, the Naira exchanged for the dollar at N1,008.
Naira vs. Pounds and Euro
The Central Bank of Nigeria reported that at the official market, the Naira was trading at N924.85/£1 against the British Pound. However, in the black market, it fetched a higher rate of N1,265/£1. For the Euro, the Naira was valued at N829.54/€1 in the official market and N1,055/€1 in the black market.
A Positive Outlook
In a separate development, Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God, shared an optimistic prediction about the Naira’s future. During his church’s monthly Thanksgiving service themed ‘Uncommon Miracles,’ he reassured his congregation that the Naira would make a comeback against the US Dollar. His words offered hope and encouragement, suggesting that brighter days might be on the horizon for the Naira.
As Olayemi Cardoso takes the reins as CBN governor and Nigeria navigates its economic landscape, the performance of the Naira in both official and black markets will remain a topic of keen interest and scrutiny. The nation hopes for stability and growth in its currency’s value and overall economic well-being.
