Nigerian Naira Weakens as Dollar Exchange Rate Rises in Forex Markets
The Nigerian Naira depreciated against the US dollar in the Foreign Exchange Market, dropping to N per dollar on Thursday, representing a decline compared to the previous day. This depreciation was attributed to market pressures and reduced foreign portfolio inflow, leading to a drop in FX inflow.
Analysts noted that stronger inflows from oil earnings and offshore investors are expected to provide support in the near term. The movement in exchange rates, both in the official and parallel markets, reflects the ongoing challenges faced by the Nigerian currency amidst fluctuating market conditions.
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
US Dollar Depreciates in Nigerian Market, Naira Faces Fluctuations
Nigerian Naira Strengthens Against US Dollar in Official and Black Markets
Naira Records Slight Depreciation Against US Dollar in Official Market
Naira Depreciates Against Dollar, CBN Releases New Rates, Foreign Reserves Rise
Dollar Exchange Rate Rises Again in Official, Black Markets
Nigerian Naira Hits 6-Month High Against Dollar, CBN Injects $200M for Stability
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
