CBN Intervention Helps Naira to Dollar New Exchange Rate Falls below N1,600 [Video]

• Nigeria’s naira has improved in value for two consecutive trading days, thanks to the CBN’s intervention
• The naira achieved another strong performance on Monday, appreciating by 0.81% against the US dollar
• The CBN has been injecting dollars into the forex markets, including the Bureau de Change operators.

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 Nigerian currency, the naira, has appreciated again against the US dollar in the official foreign exchange market.

Data from FMDQ, the trading platform, showed that the naira ended the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, September 9, 2024, at N1,580.46/$1.

The new exchange rate is a 0.81% or N12.86 improvement compared to Friday’s closing rate of N1,593.32/$1.

The positive outcome comes despite the decline in forex turnover for the trading session …