Again, Naira Depreciates, Traders, CBN Give New Exchange Rates in Official, Black Markets

Oct. 8, 2024 - Legit.ng

The Nigerian currency has depreciated against the United States dollar in the official, black foreign exchange market. According to data from FMDQ securities, the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is the official market closed at N1,635.

15/$1 exchange rate on Monday. Against the British pound sterling, the naira exchange rate stood firm, closing at N2,175.

44/£1, the same rate as the previous session. The move was part of the apex bank's efforts to halt the depreciation of the naira in the foreign exchange markets.

The CBN earlier fixed exchange rate limit for the BDCs when reselling cheap dollars to Nigerians...