Nigerians React to Naira’s Exchange Rate Hitting N1,500/$, with Pound and Euro Following Suit

The Naira, Nigeria’s currency, faced further devaluation against the US dollar and other foreign currencies on Wednesday, January 31, 2024.

According to reports from Legit.ng, street FX traders in Lagos are now offering the dollar at N1,510, marking an increase from the previous day’s black market rate of N1,490/$1 as of Tuesday, January 29, 2023.

Additionally, Naira Rate indicates that 1 British Pound sterling is currently priced at N1,884.665, 1 Euro at N1,607.136, and 1 Canadian dollar at N1,070.197.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official market, the Naira depreciated by 9.9% or N133.95 against the US dollar, settling at N1,482.57/$1 compared to the previous day’s rate of N1,346/$1.