- The Nigerian currency has reversed its gains and will start the week weaker against the US dollar in the official market
- The latest data indicates that the naira has depreciated against the dollar in both official and unofficial foreign exchange markets
- The Central Bank of Nigeria (CBN) intervention could not stop the fall of the naira and will now have to seek another solution
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 reversed its gain recorded on the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
New data from FMDQ securities showed that the naira crashed to N1,563.80/$1 on Friday, July 12, 2024.
Friday’s exchange rate represented a depreciation of 0.59% or N71.91 compared to the previous exchange rate of N1,491.89/$1.
It was …