CBN, Currency Traders Give New Exchange Rates as Naira Depreciates Against US Dollar
- Nigerian currency has reversed the gains recorded against the United States dollar in the foreign exchange markets
- New exchange rates show that the naira fell against the dollar in both the official and unofficial foreign exchange markets
- The Central Bank of Nigeria will make a decision today on monetary policy rates, which is likely to affect the naira positively or negatively
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.
Naira has kicked off the new week on a low against the US dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
New data from FMDQ securities shows that the naira depreciated to N1,562.66/$1 at the close of business on Monday, September 24, 2024.
Source: Getty Images
The new exchange rate represents a 1.37% decline compared to the previous closing rate of N1,541.22/$ on Friday last week.
During Monday’s trading session, the naira exchanged for as high as N1,675.00/$1 before dropping to a low of N1,540.00/$1 and closing at N1,562.66 by the end of the day.
Additionally, the market witnessed a drop in forex transactions, closing at $100.21 million on September 23, a 47% decrease from the $190.57 million traded in the previous session.
In the parallel market, the dollar is sold at N1,666/$1.
Naira against pound euro
In updated data, the CBN showed that the naira against the pound sterling is sold at N2,067.96/£1, compared to N2,125.45/£1.
Meanwhile, against the euro, the naira exchanges at N1,762.42/€1.
However, in the black market, a British pound is sold at N2,245/£1, while the euro is sold at N1,845/€1.
There is hope for the naira
Legit.ng earlier reported that the US Federal Reserve has decided to lower interest rates, and this will weaken the United States dollar.
The decision has provided an opportunity for the Nigerian currency to strengthen in the foreign exchange market.
Economist says that the US Federal Reserve's decision will also help attract more investment into Nigeria and help naira perform better only if...
The Central Bank of Nigeria Monetary Policy Meeting(MPC) will sit on Monday, September 23, and Tuesday, September 24.
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Source: Legit.ng
