Exchange Rate Falls to Lowest Ever, Hits N2060/£1, N1700/$1 as CBN Orders Bank, others to release FX

Report reaching OgalaBlog that The Nigerian exchange rate has worsened again on Monday, February 19, compared to the previous day


The unofficial market saw the Nigerian naira reach its lowest in history against the major currencies of the world


The decline is despite the recent move by the CBN, forcing banks and other institutions to release excess dollar journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.


The Nigerian naira’s exchange rate has worsened against the dollar and Great Britain’s pound.


Findings by showed that the naira to pound was trading at N2,060/£1 on Monday, February 19, 2024.


This is against the N1995/£1 it closed the previous trading day, representing a 3.26% decline.


Similarly, the naira to dollar fell as some traders in the street sold for N1,700/$. Earlier, Bloomberg reported that the naira slumped 1.8% to N1,645 to the dollar on Friday in street trading. This depicts a 3.34% decline in value.


CBN in a drive to ensure dollar availability


Punch reported that despite increased dollar availability, trading operations over the course of eleven days through the Nigerian Autonomous Foreign Exchange by Deposit Money Banks resulted in a total transaction volume of $3.83 billion.


Data between February 2 and February 15 from FMDQ Securities currency, a platform that reports on official foreign currency trading in the nation, indicated an increase in FX transactions.


The principal forex sellers at NAFEM include commercial banks, the Central Bank of Nigeria, and foreign oil companies.


The Central Bank of Nigeria ordered banks to sell their surplus dollar stock and provide liquidity in the foreign exchange market, which is how NAFEM’s liquidity was boosted.



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