US Dollar Depreciates in Nigerian Market, Naira Faces Fluctuations
The US Dollar experienced its first depreciation of the week in the Nigerian Foreign Exchange Market, dropping by 85 kobo against the Naira. However, the Pound Sterling and Euro appreciated in the official market.
Despite this, the parallel market segment saw a N5 depreciation of the Dollar. Analysts anticipate the Naira to trade with stronger liquidity in the coming week, supported by foreign portfolio investments and CBN policies to curb speculation.
Nigeria's external reserves rose, indicating improved economic stability. The market continues to face fluctuations due to increased demand for foreign exchange, impacting exchange rates in both official and black FX markets.
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
Dollar Exchange Rate Rises Again in Official, Black Markets
Nigerian Naira Strengthens Against US Dollar in Official and Black Markets
Naira Exchange Rate Weaker Against US Dollar In Official, Black Market
Naira Appreciates Against Dollar in NFEM: Positive Trend Expected
Naira Records Slight Depreciation Against US Dollar in Official Market
Nigerian Naira Weakens as Dollar Exchange Rate Rises in Forex Markets
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
