UPDATED: Traders Quote New Exchange Rate As Naira Appreciates Against Pound, Euro

UPDATED: Traders Quote New Exchange Rate As Naira Appreciates Against Pound, Euro

The naira, the currency of Nigeria, demonstrated a slight upsurge against the British pound, reaching its highest point in over two years following the Federal Reserve’s hint at lowering interest rates in September.

Data from FMDQ unveiled that the naira strengthened against the dollar to N1,570 per dollar, an improvement from N1,586.1 per dollar noted on Thursday, August 22, 2024.

Furthermore, the Nigerian currency exhibited a recovery in the parallel market, with its worth escalating from N1,620 per dollar to N1,615.

During August, the Central Bank of Nigeria (CBN) intensified its measures to stabilize the naira’s fluctuations in the foreign exchange market.

The CBN’s strategies played a role in the naira’s minor bounce back against the dollar, which had hit a new low in 2024 following an announcement by tReserve.^al Reserve.