There Is a Need: Expert Speaks As Banks, Traders Sell Dollar at New Exchange Rate As Naira Weakens [Video]

• The naira has again weakened against the United States dollar and other foreign currencies in all forex markets
• Checks show that the naira’s value dropped by 1.69% against the dollar in the official market and by N5 in the unofficial market
• Aminu Gwadabe, the president of ABCON, told Legit.ng what CBN must do to stop naira’s free fall in FX 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 naira has recorded another depreciation against the US dollar in the official and unofficial markets.

In the official market, data from FMDQ securities showed that the naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,596/$1 on Monday, August 26, 2024.

The new rate represents a 1.69% or N26.46 fall of the naira compared …