 |
Naira Reaches Record Low, Depreciates by N72.58 Against Dollar |
The Nigerian Naira has fallen to a record low, depreciating by N72.58 against the US dollar in July 2024.
According to the FMDQ financial market report, the average exchange rate was 1,560.32 Naira per dollar, marking a 4.88% increase from the previous month.
Foreign exchange market turnover also surged to $7.39 billion, reflecting a 10.02% month-on-month increase.
In Naira terms, the turnover amounted to N11.48 trillion, up from N10.01 trillion in June.
The Naira’s volatility has raised concerns, with the currency trading between N1,500.32 and N1,621.12 per dollar in July.
However, the value of the Naira appreciated by 62 basis points to N1,570.14 per dollar in the official market last week.
The Central Bank of Nigeria’s Business Expectations Survey report predicts further depreciation over the next three months but anticipates appreciation within six months.
This development has sparked worries about the country’s economic stability and its impact on citizens.
Source News
