See latest naira to dollar exchange rate after CBN decision

• The value of Nigerian currency will be starting the new week at a low against the dollar in the official market
• Data shows that the naira depreciated against the United States dollar, British Pound and also the euro
• The latest exchange rate data comes despite intervention by the Central Bank of Nigeria to crash the dollar rate

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, continues its downward slide against the US dollar despite efforts by the Central Bank of Nigeria (CBN) to stabilise it.

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

Naira depreciates again against US dollar Photo credit: CBN
Source: Getty Images

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.

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The fall of the naira was mainly driven by the pressure on the foreign exchange market despite the CBN's recent auction to official dealers and Bureau de Change (BDCs).

Data from the FMDQ securities exchange shows that the value of forex transactions in the official market depreciated by 39.1% or $109.89 million to $171.03 million from the $280.92 million recorded on Tuesday.

Naira performance at the other market

According to data from the CBN, the naira closed at the same rate against the pound sterling and the euro at the official market on Wednesday, at N1,991.77/£1 and N1,673.02/€1, respectively.

At the black market, traders are quoting the naira at N1,590/$1, which is a loss of N5 against the United States dollar compared to Tuesday’s closing price of N1,585/$1.

CBN predicts naira to dollar exchange rate

Earlier, Legit.ng reported that the CBN has asked Nigerians to expect the value of the Nigerian currency to improve in the coming months.

The apex bank said increasing domestic crude oil production and exports will enhance the naira's value.

CBN is determined to find a solution to the depreciation of the naira and recently conducted another round of forex sales.

Source: Legit.ng