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New Exchange Rate As Naira Depreciates Again Against US Dollar
Money

New Exchange Rate As Naira Depreciates Again Against US Dollar

by  Dave Ibemere 2 min read
  • The naira has depreciated again in the foreign exchange markets as demand pressure soars after the CBN stopped intervention
  • The poor performance of the Nigerian currency was recorded in both the official and black markets
  • The market continues to wait for another round of CBN intervention to stop the free fall of the Nigerian currency

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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 value of Nigerian currency, the naira, has depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

New data from the FMDQ securities showed that the naira at the official market closed trading at N1,586.11/$1 on Thursday, August 22, 2024.

naira to dollar exchange rate
Nigerian currency depreciates again Photo credt: Benson Ibeabuchi
Source: Getty Images

Thursday's exchange rate represents a 2.74% or N42.27 depreciation for the naira compared to the previous day's rate of N1,543.84/$1.

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The poor performance of the naira comes as the value of FX transactions recorded in the official market on Thursday went down by 30%, or $51.59 million, to $120.20 million from the preceding session's $171.79 million.

Similarly, CBN data showed that the naira depreciated against the pound sterling during the session by N38.53, closing at N2,087.11/£1 compared with the midweek's N2,048.58/£1.

It was the same story for the naira against the euro, as it suffered a loss of N23.83 to trade at N1,770.74/€1 versus Wednesday's closing price of N1,746.91/€1.

Naira to dollar at black market

It was the same story for the naira at the parallel market, also called the black market.

Traders told Legit.ng that the naira lost N5 against the dollar yesterday to quote N1,615/$1 compared with the preceding day's rate of N1,610/$1.

Read also

N1,592/$1: CBN updates new exchange rate for dollar, pound, euro

UK firms predict exchange rate in 2024

Earlier, Legit.ng reported that two UK-based financial institutions predicted a new exchange rate for the naira against the dollar.

Goldman Sachs and Standard Chartered opined the naira would rebound and close stronger in 2024.

Their predictions were based on the current reforms by the Cardoso-led CBN.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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