The Nigerian naira has depreciated slightly against the US dollar in the official foreign exchange market.

New data showed that the naira closed against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) at N1,544.02/$1 on Thursday, September 19.

The latest exchange rate is N4.37 or 0.3% depreciation compared with Wednesday’s closing rate of N1,539.65/$1.

It was, however, a different scenario for the naira against the British pound and the euro in the official market Data from the CBN showed that the Nigerian currency strengthened its value against the pound sterling in the official market by N71.98 on Thursday to sell at N2,108.64/£1 versus the preceding session’s N2,180.62/£1.

It followed the same route against the Euro at the spot market yesterday as it appreciated N4.79 to quote at N1,772.61/€1 versus Wednesday's rate of N1,838.17/€1.

Snapshot of exchange rates on Thursday are:

CFA: N2.80

Yuan/Renminbi: N225.49

Danish Krona: N237.59

Euro: N1,772.61

Yen: N11.13

Riyal: N424.79

South African Rand: N90.99

Swiss Franc: N1,876.92

Pounds Sterling: N2,108.64

Naira to dollar rate at black market

Meanwhile, traders told Legit.ng that the naira also depreciated slightly against the dollar in the black market.

Abdulhaii, a BDC trader said: "We sold the dollar at N1,645/$1, which is better than the N1,665/$1 from the previous day."

There is hope for naira

Legit.ng earlier reported that the US Federal Reserve has decided to lower interest rates, and this will weaken the United States dollar.

The decision has provided an opportunity for the Nigerian currency to strengthen in the foreign exchange market Economist says that the US Federal Reserve's decision will also help attract more investment into Nigeria and help naira perform better only if the Central Bank of Nigeria Monetary Policy Meeting(MPC) will sit on Monday, September 23, and Tuesday, September 24.