The Nigerian naira weakened marginally against the US dollar at the official foreign exchange market on Monday, August 24, closing at ₦1,346.98 per dollar.
The latest rate represents a slight decline from the previous session, highlighting the relative stability of the naira despite softer activity in the foreign exchange market. The Central Bank of Nigeria’s NFEM data tracks the official exchange rate alongside daily interbank turnover and transaction volumes.
Independent market data also placed the dollar-naira rate around ₦1,347 on August 24, broadly corroborating the official market level.
The movement comes after a period of comparatively firm naira performance. Market data shows USD/NGN had traded at higher levels earlier in August, including around ₦1,353 on August 17 and ₦1,360 on August 14.
The latest session therefore points more to marginal weakness than a significant reversal in the currency's recent performance.
For businesses with foreign-currency obligations, importers and investors, attention will remain on NFEM liquidity, transaction volumes and upcoming monetary-policy developments as the market determines the naira's next direction.
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