CBN FX Rates for US Dollar, Sterling, Euro, Rand – Others
The Central Bank of Nigeria (CBN) forex market data showed that the US dollar, sterling, and euro strengthened against the local currency, the naira, in the official window.
Data from the Nigerian Foreign Exchange Market (CBN) showed that the naira closed at N1599.7991, losing 5 basis points from the previous close on Wednesday despite rounds of foreign currency supplied to authorised dealer banks.
Exchange rates for the British pound, euro, and CFA also worsened on the day due to mild demand pressure that has kept the naira under intense pressure for weeks.
The rand closed at N84.81 in the official FX window of the CBN as the naira depreciated slightly against the South African currency from N84.65 at the previous close. The British pound, or the sterling, was quoted at N2121.97 in the official window, from N2215.25 at the previous day’s close.
The spot rate for the euro depreciated to N1818.1717 in the forex market, with global data showing a sustained rally against the greenback. The euro hovered around $1.14, near its highest level since January 2022, supported by broad-based dollar weakness as traders pulled back from US assets amid uncertainty over trade policy.
The euro has gained roughly 5% against the greenback so far in April, as investors reassess the dollar’s role in the global financial system and increasingly view the common currency as a viable alternative.
In addition, expectations of higher defense spending, particularly in Germany, have added upward momentum to the euro. On the monetary policy front, the European Central Bank is expected to deliver its seventh rate cut since June, lowering the key deposit rate to 2.25% from 2.5%.
Markets anticipate at least two more cuts by year-end, as the stronger euro helps curb inflationary pressures. The naira appreciated against the CFA to close at N2.7595 in the official window, from N2.7842 in the previous trading session. #CBN FX Rates for US Dollar, Sterling, Euro, Rand – Others Nigeria’s Eurobonds Rally after Foreign Investors Cold Reaction
