New Exchange Rates as Naira Records First Gain in November Against US Dollar [Video]

• The Nigerian currency has improved in value against the United States Dollar in the official, black foreign exchange market
• The latest exchange rate data showed that the naira recorded a strong performance despite a drop in the forex supply
• There is optimism among experts that the naira will recover soon to a more stable exchange rate

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, kicked off September positively as it recovered some of its lost value against the United States dollar in both the official and black foreign exchange markets.

According to data from FMDQ securities, the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is the official market, was closed at N1,666.72/$1 exchange rate on Friday, November 1, 2024.

This is an appreciation …