CEM REPORT, FINANCE | The United States dollars have continued to strengthen its value against the Nigerian naira. The dollar has maintained a marginal increase against the naira since the start of this week.
The naira today Wednesday is trading at ₦869.50/$1 from ₦868/$1 it traded on Tuesday. This is indicative of a 0.17 per cent increase.
CEM sources confirm that the foreign exchange dealers are exchanging the pounds at ₦1,195/£1 from ₦1,190/£1 it exchanged the previous day. A clear difference of ₦5.
The exchange windows unification, a policy by the President Bola Ahmed Tinubu administration has continued to take different twist and turn in the foreign exchange market. The naira has continued to show more weakness than strength against other currencies.
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A run-through of the rates from the start of the week 24 July till time of press, shows a steady weakness of the naira against major currencies.
MONDAY
Naira/Dollar (NGN/USD)
Buy rate – ₦865/$1
Sell rate – ₦867/$1
Naira/Pound (NGN/GBP)
Buy rate – ₦1,165/£1
Sell rate – ₦1,188/£1
Naira/Euro (NGN/EUR)
Buy rate – ₦935/€1
Sell rate – ₦965/€1
TUESDAY
Naira/Dollar (NGN/USD)
Buy rate – ₦866/$1
Sell rate – ₦868/$1
Naira/Pound (NGN/GBP)
Buy rate – ₦1,170/£1
Sell rate – ₦1,190/£1
Naira/Euro (NGN/EUR)
Buy rate – ₦955/€1
Sell rate – ₦975/€1
WEDNESDAY (today)
Naira/Dollar (NGN/USD)
Buy rate – ₦867.50/$1
Sell rate – ₦869.50/$1
Naira/Pound (NGN/GBP)
Buy rate – ₦1,170/£1
Sell rate – ₦1,195/£1
CEM will continue to monitor the market and feed you with updated rates.
