Naira Weakens Against US Dollar, Declining to N1,611 in NAFEM
Naira's Performance in the Market
By Adedapo Adesanya
Current Exchange Rates
The Naira has started the new week on a negative note, with its value declining by 0.13% or N2.11 against the US Dollar. The currency is now trading at:
- N1,611.40/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM)
- N1,600/$1 in the black market
Market Trends
This depreciation reflects ongoing challenges for the Naira amidst a volatile economic environment. Investors are closely monitoring these developments, as they may have implications for the broader economy.
Conclusion
The recent fluctuations in the Naira's value underscore the currency's instability, raising concerns about its potential recovery and the overall economic landscape in Nigeria.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.