CBN official naira rate stays at N416/$, but declining FX reserves is bad news

Naira exchange at the official market remained unchanged at the Investors and Exporters (I&E) segment of the forex market.

Data obtained from FMDQ securities showed the exchange rate of the Naira to the Dollar after the midweek session stood at N416.50/$1.

Wednesday’s closing rate was the same rate Naira maintained against the US dollar for the past three trading days.

However, the domestic currency continued its depreciation against the British pounds’ sterling and Euro.

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The Central Bank of Nigeria‘s currency watch data showed Naira lost against the Pound Sterling at the spot market on Wednesday by N1.54 to settle at N545.26/£1 compared with the preceding day’s N543/£1.

The report also noted that against the Euro, it lost 71 kobo to close at 458.56/€1 in comparison to the preceding session’s N457.85/€1.

Similarly at the black market Naira continued to feel the pressure closing above N585 to a dollar.

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