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Forex Traders Give New Exchange Rate for Pound, Euro As Naira Depreciates Against US Dollar ========== The Nigerian currency, the naira, depreciated against the British pound sterling and the euro in the unofficial foreign exchange markets. Traders revealed that the exchange rate against the British pound stood at N1890/£1, representing a slight depreciation compared to the N1,880/£1 on the previous day. Similarly, the naira against the euro now exchanges at N1,600 compared to the previous day's rate of N1,580. The Central Bank of Nigeria is expected to intervene in the foreign exchange market for naira stability. There is an expectation that the naira will improve in the coming days due to funds now available for the Central Bank of Nigeria to defend the nation's currency. The Central Bank of Nigeria received an additional $925 million under the syndicated $3.3 billion crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPC). Ben Akabueze, the director-general of the budget office, said the naira's value would strengthen in the foreign exchange market in 2024 as the country expects an increase in dollar supply. #Naira #ExchangeRate #ForeignExchangeMarket #CentralBankOfNigeria #BritishPound #Euro https://www.legit.ng/business-economy/money/1598133-forex-exchange-rate-pound-euro-naira-depreciates-again/