Naira Gain Slightly Against USD- See New Exchange Rate below.
In this First week of September 2023, Naira did really well against the US dollar in the official market. It gained N35 and was worth N740, much better than the N770 it was worth the day before.
This good news comes at the same time as Nigeria’s savings of foreign money, called external reserves, went up by about $1.87 million in August.
Last week, the naira was doing worse against the US dollar in both the official and unofficial markets. But on September 1, 2023, it got better and gained N35 against the US dollar, making it worth N740, which is a lot better than the N770 it was worth just the day before on August 31, 2023.
In the unofficial market, the naira also got a bit better against the US dollar, going from N920 per dollar on August 31, 2023, to N917 per dollar on September 1, 2023.
This good news is because of a few things, like money coming from Nigerians living abroad and the price of oil going up in the world.
The external reserves are like Nigeria’s backup money to keep the naira from losing its value. In August, it started at $33.95 billion and ended at the same amount, but with an extra $1.87 million, which is a small increase of 0.005%.
So, in simple terms, the naira got stronger against the US dollar, and Nigeria saved some extra money in August because of actions taken by its central bank to make sure the foreign money market stays stable. This happened because more Nigerians abroad sent money back home, and the price of oil went up in the world.
