See latest naira to dollar, pound, euro exchange rate in official, black FX markets

• The Naira has again weakened against the United States dollar and other foreign currencies in all forex markets
• Checks show that the naira's value dropped by 5% against the dollar in the official market and by N5 in the unofficial market
• Nigerian banks, as well as traders in the black market, have all adjusted their rates to align with the current exchange 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 naira has recorded another depreciation against the US dollar in the official and unofficial markets.

In the official market, data from FMDQ securities showed that the naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,596/$1 on Monday, August 26, 2024.

Naira falls in official and unofficial FX markets Photo credit: Benson Ibeabuchi
Source: Getty Images

The new rate represents a 1.69% or N26.46 fall of the naira when compared to Friday's exchange rate of N1,570.14/$1.

Nigerian currency depreciated amid fresh concerns about the dollar supply.

Checks by Legit.ng showed that Forex supply in the official market depreciated by 14.8% or $17.88 million to $102.93 million from the preceding session’s $120.81 million.

Naira against the pound, euro

It was a similar story for the naira against the British pound and also the euro.

CBN data showed that the naira weakened against the Pound sterling in the official market by N7.76 to close at N2,094.81/£1 compared to the previous rate of N2,087.11/£1.

While against the euro, the naira fell by N1.09 to settle at N1,771.09/€1 from the previous rate of N1,770.74/€1.

Naira to the dollar at the black market

The naira's story was the same in the black foreign exchange market, also known as the parallel market.

On Monday, the naira lost N5 against the US dollar as traders quoted at N1,610/$1 selling rate in contrast to the previous session’s rate of N1,605/$1.

CBN sells dollars to BDC operators

Earlier, Legit.ng reported that the Central Bank of Nigeria again conducted another round of dollar sales to licensed Bureau De Change Operators.

The sale is part of the apex bank's plan to ensure enough liquidity in the market and stabilise the currency.

The CBN has also fixed an exchange rate limit for the BDCs when selling to Nigerians seeking dollars.

Source: Legit.ng