The Nigerian currency, the naira, has shown mixed performance in the foreign exchange markets. In the official market, the naira has appreciated against the US dollar, while in the unofficial market, it has experienced depreciation.
In the official market, the naira has increased in value by 0.7% against the US dollar. This improvement comes as the foreign reserves have improved to over $37 billion. The new exchange rate in the official market is N1,509.67/$1, which is an improvement of 0.7% or N10.57 on the dollar compared to the previous rate of N1,520.24/$1. However, the naira has depreciated against the pound sterling and the euro in the official market. Against the pound, the naira now sells for N1,935.24/£1, a loss of N17.90 compared to the previous rate. Against the euro, it now quotes at N1,638.75/€1, a decrease of N14.41 [591b7aa8].
In the unofficial market, the naira has weakened against the US dollar. It now sells at N1,525/$1, marking a N5 depreciation compared to the previous day's exchange rate of N1,520/$1 [591b7aa8].
The Central Bank of Nigeria (CBN) has reportedly stopped funding for Bureau de Change Operators as part of its reform efforts in the FX market [b342f6e9].
