The Nigerian naira has maintained stability, settling at N1,615 against the US dollar across official and parallel markets. This stability comes amidst the Central Bank of Nigeria’s (CBN) recent adjustment of the customs clearance exchange rate at seaports to N1,624.7/$1 on March 12, 2024, following the naira’s devaluation against the dollar.
In the official market, the Naira-dollar exchange rate slightly depreciated, closing at N1,615.94 to $1, marking a 0.78% decrease from the previous rate of N1,603.38 to $1.
Data from the Nigeria Autonomous Foreign Exchange Market (NAFEM) revealed a significant surge in forex transactions, witnessing a 103.59% increase to $248.75 million compared to the previous $122.18 million.
Insights from I&E Window
Within the Investors and Exporters (I&E) window, the naira experienced varied outcomes against key global currencies. Notably, the I&E FX window saw fluctuations, reaching a peak of N1,635/$1 and a low of N1,500.00, showcasing a variance of N135/$1.
At the parallel market, the naira maintained its value against the US dollar, trading at N1,615 per dollar, consistent with the previous trading day. However, it saw slight declines against the pound sterling by 0.25% and the euro by 0.29%, closing at N2,040/£1 and N1,730/€1, respectively.
Nigeria’s external reserves experienced an increase of N130.79 million as of March 11, 2024, reaching $34.34 billion, marking a 0.38% growth from the preceding day’s reserves of $34.21 billion. This upward trend has been consistent since February 13, 2024, showcasing resilience and potential in Nigeria’s economic landscape.
