CBN Releases Latest Euro, Pound Exchange Rates as Naira Depreciates Against US Dollar [Video]

• The naira has depreciated in value against the US dollar in the official foreign exchange markets.
• The naira recorded poor performance due to low forex supply in the official FX NAFEM window
• The Central Bank of Nigeria has revealed that foreign reserves have increased, offering hope for a stronger naira in the future

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 naira has weakened further against the US dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from FMDQ Securities, the naira closed at N1,650.20/$1 on Thursday, November 14, 2024.

The latest exchange rate represents a N4.80 or 0.29% appreciation compared to the N1,645.40/$1 previous day’s exchange rate.

The naira is under severe pressure amid seasonal demand ahead of the …