BREAKING: CBN Official Naira Rate Maintains N416/$, As FX Reserves Continues To Decline, See New Black Market Rates

✔ Fact Checked by TDPel News Desk

By Lola Smith

Published: March 17, 2022 | 6:27 PM

Nigeria’s official currency Naira exchange at the official market remained unchanged at the Investors and Exporters (I&E) segment of the forex market.

Data obtained from FMDQ securities showed the exchange rate of the Naira to the Dollar after the midweek session stood at N416.50/$1.

Wednesday’s closing rate was the same rate Naira maintained against the US dollar for the past three trading days.

However, the domestic currency continued its depreciation against the British pounds’ sterling and Euro.

CBN Naira Rate Maintains N416/$, As FX Reserves Continues To Decline, See New Black Market Rates

The Central Bank of Nigeria‘s currency watch data showed Naira lost against the Pound Sterling at the spot market on Wednesday by N1.54 to settle at N545.26/£1 compared with the preceding day’s N543/£1.

The report also noted that against the Euro, it lost 71 kobo to close at 458.56/€1 in comparison to the preceding session’s N457.85/€1.

Similarly at the black market Naira continued to feel the pressure closing above N585 to a dollar.

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About Lola Smith

Lola Smith is a highly experienced writer and journalist with over 25 years of experience in the field. Her special interest lies in journalistic writeups, where she can utilize her skills and knowledge to bring important stories to the public eye. Lola’s dedication to her craft is unparalleled, and she writes with passion and precision, ensuring that her articles are informative, engaging, and thought-provoking. She lives in New York, USA.