Nigerian Naira Falls Against Dollar, Traders Quote New Exchange Rates

The Nigerian Naira depreciated by 0.39% against the US Dollar in the foreign exchange market, with traders quoting new exchange rates. Despite a sharp rise in foreign exchange inflow, caution prevails in the market as foreign investors show renewed interest in Nigerian assets.

The Central Bank of Nigeria (CBN) intervened by selling $50 million to support the market. The Naira's recent decline is attributed to various factors affecting the economy.