Naira Weakens in Official Market, Loses 41% amid CBN Reforms [Video]

• The official exchange rate between the naira and the US dollar ended 2024 at N1,535/$, according to CBN
• This indicated a 40.9% depreciation during the year compared to the official rate at the end of 2023, which was N907.11/$
• The significant devaluation takes place at the same time that the CBN implements certain foreign exchange regulations

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Data from the Central Bank of Nigeria has shown that the official exchange rate between the naira and the US dollar finished 2024 at N1,535/$.

In comparison to the official rate at the end of 2023, which was N907.11/$, this represented a devaluation of 40.9% over the course of the year.

The notable devaluation coincides with the CBN’s implementation of …