Naira loses more value against dollar to start new week low despite CBN efforts
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The Nigerian currency, the naira, continued its downward slide against the US dollar despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency; In the official market, the naira closed the week on Friday, July 19, at N1,596/$1, representing a 1.92% or N30.10 loss of naira's value compared to the previous day's rate of N1,596.92/$1; The fall of the naira comes despite efforts by the CBN to help the naira recover in value in the FX markets; The CBN injected $106.5 million into the foreign exchange market in two days to enhance liquidity and ease FX demand pressure; The naira appreciated against the British pound sterling and the euro in the official market, gaining N15.19 against the pound and N7.32 against the euro; In the black market, the naira improved against the dollar, with one dollar selling at N1,580/$1 compared to the previous day's value of N1,635/$1; The CBN has asked Nigerians to expect the value of the Nigerian currency to improve in the coming months due to increasing domestic crude oil production and exports.

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https://www.legit.ng/business-economy/money/1603476-new-exchange-rate-naira-falls-dollar/