Naira hits record low, depreciates by N72.58 against dollar

The Nigerian Naira has plummeted 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 stood at 1,560.32 Naira per dollar, a 4.88% increase from the previous month.

The foreign exchange market turnover also surged to $7.39 billion, a 10.02% month-on-month increase.

In Naira terms, the turnover stood at N11.48 trillion, higher than the N10.01 trillion traded 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 at the official market last week.

The Central Bank of Nigeria’s Business Expectations Survey report predicts further depreciation in the next three months but expects appreciation in six months.

The development has sparked worries about the country’s economic stability and the impact on citizens.

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