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

• The Nigerian currency has depreciated against the United States dollar in the official, black foreign exchange market.
• New exchange rate data showed that the naira recorded a poor performance as dollar supply drops
• The new exchange rate is a big blow to the Central Bank of Nigeria’s push to improve the naira’s value across all foreign exchange markets

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, lost some of its value against the United States dollar in both the official and black foreign exchange markets on Monday, October 7, 2024.

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.

The exchange rate on …