Data from the Central Bank of Nigeria (CBN), Lemfi, and Remitly indicates slight shifts in exchange rates across different categories.
The NAFEM rate saw a modest appreciation of 0.54% against the USD, moving from ₦1,464/$1 on October 6 to ₦1,472/$1 on October 7.
Similarly, the IMTO rate for USD rose by 0.61%, reaching ₦1,482/$1 on October 8 from ₦1,473/$1 the previous day.
In contrast, the Naira depreciated against other major currencies in the IMTO category. The GBP rate edged down by 0.10%, with the rate shifting from ₦1,992/£1 on October 7 to ₦1,994/£1 on October 8.
The EUR rate also saw a minor decline of 0.23%, dropping from ₦1,735/€1 to ₦1,731/€1, while the CAD rate fell by 0.57%, moving from ₦1,054/$1 to ₦1,060/$1.
A positive note comes from the external reserves, which grew by 0.24% according to CBN data. The reserves increased from $42.442 billion on October 3 to $42.545 billion on October 6, suggesting a slight improvement in liquidity.
This update, captures mid-day on October 8.
