Nigeria’s exchange rate weakens to N1,625.88/$1, worst in six months

The exchange rate between the naira and the dollar fell to a six-month low of N1,625.88/$1 on the official NAFEM market on Wednesday, August 4, 2024.

This marks the lowest exchange rate since March 8, 2024, when it was recorded at N1627.4/$1.

According to the FMDQ data for the NAFEM window, the naira’s depreciation on August 4 represents a 0.89% decline from the previous day’s rate of N1,611.34/$1.

The naira traded at a high of N1,640/$1 and a low of N1,400/$1, indicating significant volatility in the foreign exchange market.

The FX turnover for the day stood at $205.76 million, a marginal drop of 1.84% compared to the previous day’s $209.61 million.

The drop in exchange rates indicates a troubling trend for the Nigerian currency, which has been under continuous pressure.

This crash occurred amid a reported hike in petrol prices across the country, which may add to the plights of businesses and ordinary Nigerians, further worsening inflation.