Naira update
Naira’s value rises by N12 Against US dollar as CBN Sells Over $300 Million into Access Bank, UBA, other banks

The Value of the naira appreciated against the dollar to 1,582/$ at the close of trading activities at the official market on Monday, February 26, 2024.
This is according to data from FMDQ securities, the official foreign exchange market also known as The Nigerian Autonomous Foreign Exchange Market (“NAFEM”).
Monday’s naira to dollar exchange rate is N12 or 0.75% appreciation for the naira when compared to N1,594 recorded at NAFEM on Friday.
At the black market, the naira slipped slightly to between N1,555/dollar and N1,560/dollar, following market sentiment.
The local currency, which peaked at a lowest of 1,900/dollar on Thursday, rebounded to 1,500/dollar on Friday, following EFCC raids on currency speculators.
However, according to data collated from some street traders, the local currency depreciated slightly against the dollar at N1,555/$ on Monday evening.
The rise in naira value was due to market sentiment as the EFCC continued to clamp down on black market operators across Abuja and Lagos.
Meanwhile, Punch Newspaper reports that the Central Bank of Nigeria has over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate.
The Association of Corporate Treasurers of Nigeria made the disclosure in an advisory memo made available to its members.
The memo read in part: “We are sure you must have been following up on activities in the foreign exchange market, with rates at the official market going as high as N1850/$.
“If you are not aware, kindly note that the CBN last week sold over $200m to the banks below N1,500/dollar. Similarly, this week, the CBN has on two consecutive days sold FX to banks at rates we understand to be in the $1,450 range. We hope this information helps guide your decisions regarding the rates and spreads you get from your banks.”