Naira Exchange Rate Weaker Against US Dollar In Official, Black Market

The Naira exchange rate weakened against the US Dollar in both the official and black markets at the beginning of the week. Bureau de Change operators confirmed closures due to the weaker value of the Naira.

On Monday, August 19, the Naira declined against the US Dollar in the Nigerian Foreign Exchange Market, reaching a new low. The Pound Sterling also lost value in the official market, while the Euro remained stable.

Analysts noted that the Central Bank of Nigeria (CBN) had not made direct interventions in the market, despite expectations of improved FX liquidity. Bismarck Rewane, CEO of Financial Derivatives Company, projected a positive outlook for the Naira, citing factors such as increased dollar supply from corporate debt inflow and remittances.