Nigerian Naira Depreciates 0.24% Against Dollar, CBN Releases Latest Exchange Rates

The Nigerian Naira weakened by 0.24% to N1,455/$1 in the foreign exchange market, with the Naira losing value against the Pound and Euro. Traders attribute the depreciation to heightened year-end dollar demand for imports.

Despite the fall, analysts expect pressure to ease with new dollar sales by the CBN. Nigeria's external reserves have shown improvement, reaching $45.04 billion, signaling stronger inflows and supporting the country's foreign asset position.