New Exchange Rate As Naira Depreciates Again Against US Dollar [Video]

• The naira has depreciated again in the foreign exchange markets as demand pressure soars after the CBN stopped intervention
• The poor performance of the Nigerian currency was recorded in both the official and black markets
• The market continues to wait for another round of CBN intervention to stop the free fall of the Nigerian currency

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 value of Nigerian currency, the naira, has depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

New data from the FMDQ securities showed that the naira at the official market closed trading at N1,586.11/$1 on Thursday, August 22, 2024.

Thursday’s exchange rate represents a 2.74% or N42.27 depreciation for the naira compared to the previous day’s rate of N1,543.84/$1.

The poor performance …