June 5, 2023

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Naira Strengthens Against the Dollar, Still Trade above N600/USD


CEM REPORT | The Naira has strengthen against the Dollar at the parallel market while the local currency continue to exchange above N600 per dollar

Dollar rate fell against the Naira at N606 according to Tuesday parallel market rate report compared to the N608 the hard currency traded the previous day

The US dollar broke the N600/$ mark at the parallel market last week less than two weeks to the presidential primaries of the political parties ahead of the 2023 elections, and set the tone for a possible uptick in the coming days.

The black market rate had remained between N570/$ and N590/$ since the beginning of the year while the Central bank of Nigeria (CBN)’s intervention at the Nigerian Autonomous Foreign Exchange (NAFEX) has kept its rate under N420/$.

[READ ALSO] CBN’s MPC Raises Interest Rate to 13%, Retains Other Parameters

Within the last 8 years, the Naira has depreciated from $1/N180 in 2014 to today’s $1/606. This is a 70.5% depreciation

At the official market, the Naira has depreciated from N164 to N419to against the US Dollar representing 61% gap

While the Naira has continue to depreciate, the country’s foreign reserve has continued to shrink. For the first time in eight months, the gross reserves dropped below N38.795 billion on Thursday. With this figure, the country’s reserves have depleted by $160 billion year-to-date.


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