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Naira stabilizes at N1,615/$1 across both official and parallel markets amid CBN’s new duty rate 

The official market witnessed a slight depreciation in the Naira-dollar exchange rate, closing at N1,615.94 to $1, a 0.78% decrease from the previous rate of N1,603.38 to $1. 

Following the naira’s devaluation against the dollar, the Central Bank of Nigeria (CBN) adjusted the customs clearance exchange rate at seaports from N1,593.9/$1 to N1,624.7/$1 on March 12, 2024. 

The recent dip in the naira-dollar closing rate halted a two-day streak of gains but remained above the N1,600 to $1 threshold since the previous Tuesday. 

Data from NAFEM also revealed a substantial surge in forex transactions by 103.59%, amounting to $248.75 million compared to $122.18 million recorded previously. 

More Insights   

On Wednesday, the naira experienced varied outcomes against key global currencies within the Investors and Exporters (I&E) window. 

  • Notably, the I&E FX window documented a peak of N1635/$1 and a nadir of N1,500.00, signifying a variance of N135/$1. 
  • At the parallel market, the naira closed flat in value relative to the US dollar, trading at N1,615 per dollar, the same rate as traded in the previous trading day. 
  • The naira also saw a modest downturn against the pound sterling by 0.25%, closing at N2,040/£1 versus the prior rate of N2,035/£1. 
  • Similarly, it weakened against the euro by 0.29%, continuing a downward trend for the fourth consecutive trading day, settling at N1,730/€1 from N1,725/€1 posted on Tuesday. 
  • The nation’s external reserves experienced an increase of N130.79 million as of March 11, 2024, reaching $34.34 billion. This marks a 0.38% growth from the preceding day’s reserves of $34.21 billion. 
  • Since February 13, 2024, Nigeria’s external reserves have seen a consistent upward trend. 

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