BREAKING: Naira’s Exchange Rate Hits Record Low, Depreciates By N72.58 Against Dollar

BREAKING: Naira’s Exchange Rate Hits Record Low, Depreciates By N72.58 Against Dollar

The Nigerian Naira experienced a significant decline, reaching a historic low by depreciating N72.58 against the US dollar in July 2024.

As per the FMDQ financial market report, the average exchange rate was recorded at 1,560.32 Naira per dollar, indicating a 4.88% rise from the previous month.

The foreign exchange market turnover also increased substantially to $7.39 billion, showing a 10.02% month-on-month growth.

In terms of Naira, the turnover amounted to N11.48 trillion, marking an increase from the N10.01 trillion traded in June.

The fluctuation in the Naira’s value raised concerns, with the currency trading between N1,500.32 and N1,621.12 per dollar in July.

Nevertheless, there was a slight appreciation in the Naira’s value to N1,570.14 per dollar at the official market the prior week.

The Business Expectations Survey report from the Central Bank of Nigeria foresees further depreciation in the following three months but predicts an appreciation within six months.

This situation has led to worries regarding the economic stability of the country and its impact on citizens.