The Naira continues to depreciate against the US dollar, trading as high as ₦1,600 per dollar in the black market despite the Central Bank of Nigeria’s efforts to unify the foreign exchange market. According to the FMDQ Security Exchange, the Naira opened at ₦1585.89 per dollar on August 14 and closed at ₦1564.48 per dollar on August 15, 2024.
The Central Bank of Nigeria had earlier announced the unification of all foreign exchange segments into the Investors and Exporters (I&E) window to simplify the market. However, the Naira’s value remains under pressure, highlighting the challenges facing Nigeria’s foreign exchange system despite these reforms.
