CBN Revises Foreign Exchange Rates.

On August 20, 2024, the Nigerian Naira experienced a slight depreciation against the US Dollar, settling at N1,579.22 per dollar in the official market, marking a minor decrease from its previous rate.

This adjustment was part of a broader update by the Central Bank of Nigeria (CBN) on foreign exchange rates, which also included rates for the Pound and Euro. In the parallel market, the Naira was reported at around N1,600 per dollar, indicating a more significant depreciation.

Amidst these fluctuations, the Nigerian government introduced a five-year dollar-denominated bond offering a 9.75% yield, aimed at attracting foreign investment. Meanwhile, the Ghanaian Cedi and the Philippine Peso maintained relative stability against the dollar at GH¢15.90 and P56.55 respectively.

These economic moves reflect ongoing efforts to manage currency valuation and attract international capital in response to global market dynamics.