In 24 Hours, Naira Loses N65 Value Against US Dollar, CBN Sets New Exchange Rate
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The Nigerian currency, the Naira, has depreciated in value against the US dollar in both the official NAFEX market and the unofficial market. The depreciation comes despite the Central Bank of Nigeria (CBN) selling cheap dollars to Bureau De Change (BDC) operators. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened to N1,300.15/$1, a 5.3% or N65.66 depreciation compared to the previous day's rate of N1,234.49/$1. The Naira also lost value against the pound sterling and the Euro in the official market. In the parallel market, the Naira weakened further to N1,275/$1. The CBN conducted another round of dollar sales to licensed BDC operators to ensure liquidity in the market and halt the Naira's fall. The CBN has also set an exchange rate limit for BDCs when selling to Nigerians seeking dollars.

#Naira #UsDollar #ExchangeRate #CentralBankOfNigeria #ForeignExchangeMarket

https://www.legit.ng/business-economy/money/1589325-naira-falls-dollar-official-markets-cbn-exchange-rate/