Naira’s Value Depreciates Further Against US Dollar [Video]

• Naira, the Nigerian currency, continues its free fall in the official and unofficial foreign exchange markets against US dollar
• New data shows that the naira fell by N49.86 in the official market and also weakened by N5 in the unofficial market
• The CBN continues to promise that the market will bounce back and has introduced several policies to secure stability

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 again depreciated on the official Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to FMDQ Securities Exchange securities, the naira fell to N1,653.02/$1 exchange rate in the NAFEM window on Tuesday, October 22, 2024.

Tuesday’s exchange rate is 3.1% or N49.86 depreciation compared to Monday’s closing exchange rate of N1,603.16/$1.

This happened as the value of forex transactions significantly …