The Nigerian Naira has suffered a slight decline in value against the US Dollar, falling by 0.23% to exchange at N1,571.75 at the black market.
This represents a N3.60 drop from the previous day’s rate of N1,575.35.
As of today, one US Dollar is equivalent to N1,571.75, down from N1,575.35 on August 20, 2024.
The decline in Naira’s value represents a 0.23% drop, with a N3.60 difference from the previous day’s rate. The current exchange rate is equivalent to 1571.7500.
According to currency experts, the Naira’s fall in value is attributed to the increasing demand for the US Dollar, which has led to a surge in the exchange rate.
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“The current exchange rate is a reflection of the market forces, and we expect the Naira to stabilize once the demand for the Dollar subsides,” said a currency analyst.
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