Traders Quote New Exchange Rate As Naira Crashes Again Against US Dollar After CBNs Decision [Video]

• Naira’s value has dropped again against the dollar in the official market despite CBN intervention
• New data shows that the naira also depreciated against the United States dollar in the black market
• The latest exchange rate data comes following the Central Bank of Nigeria’s decision to increase interest rates again

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 currency, the naira, has depreciated again against US dollar in the foreign exchange market despite the Central Bank of Nigeria (CBN) efforts to stabilise it.

In the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed on Wednesday, July 24, at N1,586.71/$1.

Last week’s closing rate represents a 2.45% or N37.95 loss of naira compared to the previous day’s rate of N1,548.76/$1.

The fall of the naira …