Naira records mix trading day as CBN bows to reps’ pressure

The Naira recorded mixed trading against the US dollar at the official and unofficial foreign exchange markets on Tuesday.

This happened as Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) bowed to pressure from the House of Representatives to make adjustments on the deadline for the return of old currency notes to banks for the new ones.

The apex bank had said old N200, N500, and N1,000 currency notes not returned to the bank on or before February 10, 2023, would lose their values.

But after a discussion with lawmakers, CBN revealed that the old naira notes will still be acceptable for a swap in banks.

The ease in tension helped the naira close N461.50 to a dollar, the same rate from the previous day at the investors’ and exporters’ window of the official market,

READ ALSO:Naira value appreciates at official market

$85.04 million total forex transactions were recorded on Tuesday, 36.4 percent or $65.45 million lower than the $150.49 million recorded on Monday.

It was a similar situation at the Peer-2-Peer (P2P) forex window as the Naira showed no movement against the United States Dollar, trading at N759/$1.

But in the parallel market, the Nigerian currency appreciated against the American Dollar by N2 to settle at N750/$1 compared with Monday’s value of N752/$1.

However, in the interbank window, the domestic currency fell against the Pound Sterling by 88 Kobo to trade at N570.93/£1 versus the preceding day’s N570.05/£1 and against the Euro, it lost N1.09 to settle at N502.51/€1, in contrast to the previous day’s N501.42/€1.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *