The Nigerian currency has recorded a slight appreciation against the US dollar in the official foreign exchange market.
According to data from FMDQ securities, naira closed against the US dollar at N1,622.57 on Wednesday, October 10, 2024.
The exchange rate on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) showed a 0.16% or N2.56 improvement compared to the previous day’s rate of N1,625.13/$1.
The new rate was achieved despite forex supply dropping by $25.04 million or 14.7% to $145.56 million from the $170.60 million recorded on Tuesday.
It was a different story for the naira against the pound sterling and the euro in the official market.
Data from the CBN showed that the Nigerian currency weakened against the British pound by N41.18 to finish at N2,126.26/£1 from the preceding rate of N2,085.08/£1.
While against the euro, it suffered a loss of N26.11 to settle at N1,772.69/€1 compared with midweek’s N1,746.58/€1.
Similarly, the naira recorded another loss against the dollar in the parallel market, also known as the black market.
Traders told TimesNow.com.ng that one dollar is exchanged at N1,695/$1 compared to the previous rate of N1,690/$1.
Earlier, TimesNow.com.ng reported that the Centre for the Promotion of Private Enterprise (CPPE) called on the CBN to peg the Customs duty rate to N1000/$ to ease the current hardships in the country.
Chief executive officer of CPPE, Dr Muda Yusuf, who made the call, said a significant policy adjustment was necessary to complement current measures to address the country’s ongoing cost-of-living crisis.
The renowned economist emphasised that adopting a lower exchange rate would help stabilise the price of goods in the market.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
