Again, Naira Rallies Against US Dollar Value In Latest Exchange Rate Report

The US dollar has again experienced a significant decrease in value against the Nigerian Naira, with a depreciation of N60.

The latest exchange rate figures follow the conclusion of the 2024 Eid-el-Fitr holidays.

A Bureau De Change operator, Mistila Dayyabu, disclosed this to journalists on Friday, stating that the Naira is being sold currently at ₦1,140 per US Dollar in the foreign exchange parallel market, compared to ₦1,200 it traded on Monday.

“As of Friday, we sold at ₦1,140 per Dollar and bought at ₦1,135 compared to ₦1,200 before Eid-el-fitr holiday,” he told Daily Post.

Naija News reports that the Central Bank of Nigeria (CBN) has recently adjusted the rate at which it sells foreign exchange to Bureau De Change operators, reducing it from ₦1,251 to ₦1,101 per dollar.

This development comes just four days after the exchange rate review.

Amid this, the Naira has been steadily gaining against the Dollar for over a month, thanks to the efforts of the CBN to protect the currency in the foreign exchange market.

However, Nigerians are still concerned about the lack of impact this appreciation has had on the rising cost of food and living in the country.