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Nigeria’s Naira Holds Firm at N1,615/$1 Amid CBN’s Revised Duty Rate

March 13, 2024

 

 

 

 

 

 

In the official market, the Naira recorded a slight decline against the US dollar, closing at N1,615.94 to $1, marking a 0.78% decrease from the previous rate. This dip interrupted a two-day streak of gains but maintained a position above the N1,600 threshold since the prior Tuesday.

Following the Naira’s depreciation, the Central Bank of Nigeria (CBN) made adjustments to the customs clearance exchange rate at seaports, moving it from N1,593.9/$1 to N1,624.7/$1 as of March 12, 2024.

In further developments, forex transactions surged by 103.59% to $248.75 million, compared to the previous record of $122.18 million, according to data from NAFEM.

Within the Investors and Exporters (I&E) window, the Naira displayed varied outcomes against key global currencies on Wednesday. Notably, it reached a peak of N1635/$1 and a low of N1,500.00, reflecting a variance of N135/$1.

Meanwhile, at the parallel market, the Naira maintained its value against the US dollar at N1,615 per dollar. However, it experienced slight downturns against other major currencies, including the pound sterling and the euro.

Furthermore, Nigeria’s external reserves witnessed an increase of N130.79 million as of March 11, 2024, reaching $34.34 billion, marking a 0.38% growth from the preceding day’s reserves. This upward trajectory in external reserves has been consistent since February 13, 2024.

 

 

Credit: Nairametrics

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