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Naira Watch

CBN sells Naira at N416.41, as Nigerian reserves make 2 weeks good run



Naira continues free fall against U.S dollar

The Central Bank of Nigeria (CBN) sold dollars at N416.41 amid an improvement in Nigeria’s external reserves.

Data posted on its website also showed the rate sold on Thursday is an 18 kobo improvement when compared to N416.59/$1 it was traded on Wednesday.

Also, the CBN is reporting that the Nigerian currency gained N1.07 and sells at N557.16/£1 in contrast to N558.23/£1 of the preceding trading session.

READ ALSO: Cost of clearing cars rises by over 100% as CBN’s valuation policy hits port agents

It also recorded a strong performance against the Euro, improving by N4.45 to settle at N461.92/€1 versus the previous day’s exchange rate of N466.37/€1.

It was a good performance for Nigerian currency at the black market as Nigerian currency exchanged at N576 against United States currency.

These strong performances trailed CBN revelation that Nigeria’s dollar reserves has improved slightly since the start of march.

According to CBN, Nigeria now has $39.87 billion as at Tuesday, 2nd March 2022 from $39.86 billion it closed the month of February.

Since February 15, 2022, Nigerian reserves has increased consistently as oil prices continue to jump.

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