Naira Slips Further: CBN, Currency Traders Releases New $, £ And € Exchange Rates

CBN Struggles to Stabilize Naira as Official Rate Falls to N1,562.66/$1, Parallel Market Hits N1,666/$1

The Nigerian naira started the week on a weaker note, falling against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to FMDQ Securities data, the naira closed at N1,562.66/$1 on Monday, September 24, 2024—a 1.37% decline from the previous rate of N1,541.22/$1 recorded last Friday.

At its peak during Monday’s trading session, the naira exchanged at N1,675.00/$1 before hitting a low of N1,540.00/$1 and settling at N1,562.66/$1 by the close of the day.

Forex trading volume also took a significant hit, with total transactions amounting to $100.21 million on September 23, representing a 47% drop from the previous session’s $190.57 million.

Parallel Market Woes

In the parallel market, the naira fared worse, with the dollar trading at N1,666/$1.

Naira vs Pound and Euro

The naira also saw fluctuations against other major currencies. Official rates from the Central Bank of Nigeria (CBN) show the naira trading at N2,067.96/£1 against the British pound, down from N2,125.45/£1. Meanwhile, the euro stands at N1,762.42/€1.

In the black market, the British pound is selling at N2,245/£1, while the euro is sold at N1,845/€1.

With the naira under pressure, both official and parallel market rates reflect growing challenges in the Nigerian forex market.