The value of the Nigerian currency depreciated against the US dollar in the official foreign exchange market.
New data showed that the naira closed against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) at N1,641.27/$1 on Friday, October 11, 2024.
The latest exchange rate is N18.70 or 1.15 % depreciation compared with Thursday, October 9, closing rate of N1,622.57/$1.
It was, however, a different scenario for the naira against the British pound and the euro in the official market.
Data from the CBN showed that the Nigerian currency was unchanged against the pound sterling and the Euro in the spot market on Friday at N2,126.26/£1 and N1,772.69/€1, respectively.
Here is a Snapshot of exchange rates on Friday:
In the black market, also known as the parallel market, BDC traders told TimesNow.com.ng that the naira also depreciated slightly against the dollar.
Abdulhaii gave the latest exchange rate:
TimesNow.com.ng earlier reported that the US Federal Reserve has decided to lower interest rates, and this will weaken the United States dollar.
The decision has strengthened the Nigerian currency in the foreign exchange market.
Economist says that the US Federal Reserve’s decision will also help attract more investment into Nigeria and help naira perform better only if…
Source: TimesNow.com.ng
