N1,631.17: Again, Naira Depreciates Against US Dollar, CBN Gives Pound, Euro New Exchange Rates [Video]

• The Nigerian currency has depreciated further against the dollar in both the official and unofficial forex markets
• This depreciation follows a reduction in foreign exchange transactions recorded by banks and official traders
• The Central Bank of Nigeria is expected to intervene in the market by selling dollars to Bureau De Change operators to lower the dollar rate in the black market

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 extended its depreciation against the United States dollar in the official foreign exchange market.

According to data from the FMDQ Securities Exchange, the naira dropped in value in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to exchange at N1,631.17/$1 on Wednesday, October 30, 2024.

Wednesday’s exchange rate represents a slight depreciation of 0.04% or 72 Kobo compared …