N1,641/$: Naira to Dollar Exchange Rate Records Slight Depreciation

• The Nigerian currency ended last week at a low against the US dollar but unchanged against the pound and the euro
• Naira's poor performance was recorded both in the official and also unofficial foreign exchange markets
• The latest exchange rate once again showed the Central Bank of Nigeria's struggle to stabilised naira

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 the Nigerian currency depreciated against the US dollar in the official foreign exchange market.

New data showed that the naira closed against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) at N1,641.27/$1 on Friday, October 11, 2024.

The latest exchange rate is N18.70 or 1.15 % depreciation compared with Thursday, October 9, closing rate of N1,622.57/$1.

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Naira rate against the pound, euro

It was, however, a different scenario for the naira against the British pound and the euro in the official market.

Data from the CBN showed that the Nigerian currency was unchanged against the pound sterling and the Euro in the spot market on Friday at N2,126.26/£1 and N1,772.69/€1, respectively.

Here is a Snapshot of exchange rates on Friday:

• Pounds Sterling - N2,126.2599
• Euro - N1,772.6964
• Swiss franc - N1,896.8125
• Yen - N10.9443
• CFA - N2.6562
• WAUA - N2,130.5989
• Riyal - N433.1213
• Yuan/Renminbi - N229.889
• South African rand - N92.6862

Naira to dollar rate at the black market

In the black market, also known as the parallel market, BDC traders told Legit.ng that the naira also depreciated slightly against the dollar.

Abdulhaii gave the latest exchange rate:

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"Currently we sell naira at N1,710 while we buy at N1,690 from Nigerians."

There is hope for 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 strengthened the Nigerian currency 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...

Source: Legit.ng