Naira to Dollar Exchange Rate Today

At the close of trading on Tuesday, the naira experienced a slight appreciation against the United States dollar.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>

Data from the Central Bank of Nigeria’s (CBN) official website indicates that the naira strengthened to N1,611.5535 per dollar on the Nigeria Foreign Exchange Market (NFEM).

This marks a marginal increase of N0.6833 compared to Monday’s value, when the local currency traded at N1,612.2368 per dollar.

In contrast, the parallel market saw the naira trading at N1,610.00/$1 on Tuesday.

This modest gain in the official exchange rate follows renewed interventions by the apex bank aimed at alleviating pressure on the local currency and reducing volatility in the foreign exchange (FX) market.

To stabilize the naira, Nairametrics reports that the CBN sold approximately $200 million across various official exchange windows on Monday.

This intervention comes after a $197 million injection on Friday and an earlier disbursement of $124 million last week.

Several Bureau De Change (BDC) operators and forex traders have noted a slight decrease in street demand for the dollar following the CBN’s interventions.

A forex dealer in the Sheraton area of Abuja stated, “It seems the pressure has eased a bit over the past two days. We hear the CBN is selling more dollars to banks, prompting some people to postpone their purchases. Let’s see if this trend continues in the coming days.”

Forex traders attribute the volatility in the market to the Central Bank’s inconsistent dollar allocations to Bureau De Change (BDC) operators.

They urge the apex bank to maintain consistency in its interventions.