Nigeria Today's Naira Rate[31-08-2024]: Naira Falls to N1,645 Against Dollar Despite CBN Interventions

The Naira depreciated significantly, losing N30 in the parallel market and N28.48 in the official market last week. It fell to N1,645 against the dollar amid the Central Bank of Nigeria's Retail Dutch Auction System, despite an increase in foreign exchange transaction turnover.

In the past week, the Naira has experienced significant depreciation, losing N30 in the parallel market and N28.48 in the official foreign exchange market, following the Central Bank of Nigeria's (CBN) Retail Dutch Auction System. As of Friday, August 30, 2024, the Naira's value fell to N1,645 against the dollar, down from N1,615 the previous week.

Data from the FMDQ indicated that the official exchange rate also dropped, with the Naira trading at N1,598.56 per dollar this Friday, compared to N1,570.14 from the previous week. This decline highlights a concerning trend for both foreign exchange markets, despite the CBN's intervention efforts.

Interestingly, foreign exchange transaction turnover increased to $172.80 million on Friday, up from $155.52 million recorded the day before. However, the Naira's continued weakening against the dollar over the past week signals ongoing challenges in stabilizing the currency.

The recent depreciation follows the reintroduction of the Retail Dutch Auction System by the CBN, aimed at addressing the heightened demand for dollars in the market. As the Naira struggles to regain its strength, the implications for Nigeria's economy remain uncertain, raising concerns among traders and economists about the future of the foreign exchange landscape in the country.