Dollar Crashes in Official Market as CBN Speaks on Deposit Safety in Banks, Naira Gains

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The Nigerian currency, the naira, gained against the dollar in the official window on Tuesday, October 8, 2024. The naira rose 4.48% in the official market to close at N1,561.76 per dollar from the N1,635.15 it traded the previous day. 

Data from the FMDQ Exchange shows that currency dealers quoted the spot rate of the dollar at a high of N1,650 per dollar and a low of N1,540 in the official window. According to data tracked by Legit. ng, the naira depreciated in the parallel segment of the forex market, trading at N1,680 per dollar against the N1,665 it traded on Monday, October 7, 2024.

 The naira crashed against the euro in the official market, trading at N1,778.62. Analysts believe that the rise of naira is caused by traders’ and importers' reduced demand for the US dollar. 

According to CBN ,the reduced demand lifted the pressure on the local currency, causing the naira to rise slightly in the official window. The development comes amid assurances by the Central Bank of Nigeria (CBN) to the banking public about the safety of their funds in the Nigerian banks. 

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