CBN and Traders Announce New Naira to Dollar Exchange Rate Amid Weakening Naira
The Central Bank of Nigeria (CBN) and traders have revealed a new Naira to Dollar exchange rate as the Naira depreciated against the Dollar, closing the week at N1,454 to $1. Traders in Lagos reported a decline in the Naira throughout the week, with the parallel market exchange rate ranging from N1,469.5 to N1,472 to $1.
Analysts attribute the Naira's weakness to heightened demand for foreign exchange, especially with the festive season approaching. Bismark Rewan, CEO of a project, predicts the Naira could close at N1,492 to $1 by 2025, citing increased domestic corporate debt and higher remittances as potential factors.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
Read full article
Continue on Legit NG
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigerian Naira Weakens as Traders and Banks Adjust Exchange Rates
CBN Releases New Naira Exchange Rates; Naira Strengthens Against Dollar
CBN Releases Official Exchange Rates as Naira Appreciates Against Major Currencies
Nigerian Naira Stable Against Dollar Amid Festive Demand
Nigerian Naira Appreciates to N1,421 Against US Dollar as Economists Project Future Performance
Nigerian Naira Gains N6.61 Against Dollar at Official Window on Christmas Eve
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
