Naira Free Fall Against US Dollar Continues in the Official and Unofficial Forex Markets

• The Nigerian currency recorded another poor performance in the foreign exchange markets
• Checks show that the naira fell against the dollar in both the official and unofficial markets, despite CBN efforts to find a solution
• CBN Governor Cardoso has described the current naira exchange rate as not a true reflection of the Nigerian currency.

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Naira recorded a poor performance against the US dollar in the official foreign exchange market on Tuesday, February 27, 2024.

Data from FMDQ securities shows that the Nigerian currency in the Nigerian Autonomous Foreign Exchange Market (NAFEM) weakened to N1,615.94/$1.

Tuesday's rate is a N33.00 or 2.09% depreciation against the United States Dollar compared with the previous day’s N1,582.94/$1.

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This came on a day the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso again reiterated to journalists that naira was grossly undervalued.

Speaking after the Monetary Policy Committee (MPC) meeting, Cardoso stressed that the current rate was not the true value of the local currency at the FX market.

Naira to dollar at unofficial market

Also, in the parallel market, the Nigerian Naira depreciated against the Dollar yesterday by N80 to quote at N1,600/$1, in contrast to the preceding day’s value of N1,520/$1.

However at the Peer to Peer market(P2P) the naira fell significantly against the US dollar amid CBN clampdown on online crytocurrency firms

Data shows that the naira lost N16 against the greenback to trade at N1,659/$1 versus the 1,643/$1 it was transacted a day earlier.

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Pastor Adeboye predicts naira will bounce back

Legit.ng earlier reported that Adeboye prophesized the possibility of the Nigerian naira bouncing back against the dollar with greater influence.

Adeboye revealed the prophecy at the RCCG's monthly Thanksgiving service on Sunday, with the theme ‘Uncommon Miracles’.

According to the religious leader, there was a period when Nigeria's currency completely favoured the US dollar.

Source: Legit.ng