Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market

Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market

The official market observed a modest increase in the value of the Naira against the dollar, concluding at N1,597.24 to $1, marking a 0.34% enhancement from the prior closing figure of N1,602.75 to $1 from the preceding week’s end.

This recent closing figure of N1,597.24 to the dollar signifies the first instance of a rate ending beneath the N1,600/$1 mark since March 5th, 2024.

Additionally, data from NAFEM disclosed a slight rise of 2.20% in forex dealings, reaching $140.45 million as opposed to the $137.43 million noted earlier.

On Monday, within the Investors and Exporters (I&E) window, the naira saw mixed results against major global currencies.

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The I&E FX window recorded a high of N1640/$1 and a low of N1,400.00, indicating a fluctuation of N240/$1.

In the parallel market, the naira appreciated by 0.78% against the US dollar, trading at N1,608 compared to the previous figure of N1,614 per dollar.

Against the pound sterling, the naira modestly gained by 0.74%, ending at N2,030/£1 from the earlier rate of N2,045/£1.

It also made gains against the euro by 0.58%, closing at N1,725/€1 up from last week’s Friday rate of N1,735/€1.

The country’s foreign reserves saw a slight increase of $2.71 million as of March 14, 2024, amounting to $34.416 billion—a 0.008% rise from the previous day’s reserves of $34.413 billion.

Nigeria’s foreign reserves have been on an upward trajectory for 20 days (approximately 3 weeks), starting from February 13, 2024.

Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market