Economy Money MONEY Naira Crashes Again Against Dollar, Pound, Euro in All FX Markets, Traders Quote New Exchange

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June 22, 2024 at 6:26 AM by  Dave Ibemere 2 min read The Nigerian currency continued its depreciation against the US dollar in the foreign exchange market The latest exchange rate data showed that the Nigerian currency fell in official and unofficial markets The Central Bank of Nigeria is expected to provide more liquidity in the market as foreign reserves rise PAY ATTENTION: Legit.ng

Entertainment Awards 2024 Voting Is Alive. Choose the best entertainer in 15 categories for FREE. Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends. The Nigerian currency has recorded another loss against the US dollar in all foreign exchange markets. Data from FMDQ

 securities shows that the naira crashed to N1485.36 on Thursday, June 20, 2024, on the official Nigerian Autonomous Foreign Exchange Market (NAFEM). Naira value depreciates in all FX markets against dollar, pound, euro. Photo credit: Bloomberg/contributor Source: Getty Images The closing rate on Thursday represents a 0.22% or N3.34 depreciation of the naira compared to the previous day's closing rate of N1,482.02. READ ALSO New petrol price as reports show states motorists pay less, NNPC push for N200 alternative PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng! The pressure on the naira was evident, as during intraday trading at the NAFEM window, some participants paid as high as N1,495 to purchase a dollar and the lowest rate during trading was N1,434.08. On Thursday, June 20, the total forex transactions stood at $176.20 million. Naira exchange rate against euro, pound The CBN data also showed that the naira lost N13.57 against the British pound sterling to sell for N1,884.09/£1 compared with midweek's closing price of N1,870.52/£1. The naira also depreciated by N15.05 against the euro, selling at N1,591.24/€1 versus the previous day's N1,576.19/€1. In the black market, the Nigerian currency suffered a N5 loss against the US Dollar on Thursday, settling at N1,490/$1 compared with Wednesday's exchange rate of N1,485/$1. Nigeria's foreign reserves rise Legit.ng earlier reported that Nigeria's foreign exchange (forex) reserves increased by $195.01 million to $32.64 billion, indicating that the market is expected to have more liquidity. READ ALSO CBN updates British pound, dollar rate as naira crashes after banks, others shut down for 48 hours The recent accretion marked the fourth consecutive increase in foreign exchange reserves after a month of declines. The reserves increased by $89.76 million the week before. Before this, it had increased by $10.76 million and $132.68 million. Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng. PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters! Source: Legit.ng AUTHORS: Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng. 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