The Nigerian Naira hit a new low, depreciating by N72.58 against the US dollar in July 2024.
The FMDQ financial market report revealed that the average exchange rate was N1,560.32 per dollar, marking a 4.88% increase from the previous month.
The foreign exchange market turnover surged to $7.39 billion, a 10.02% rise from June. In Naira terms, this turnover amounted to N11.48 trillion, up from N10.01 trillion in the previous month.
The Naira experienced significant volatility, trading between N1,500.32 and N1,621.12 per dollar in July. Despite this, the Naira appreciated slightly by 62 basis points, reaching N1,570.14 per dollar at the official market last week.
The Central Bank of Nigeria’s Business Expectations Survey anticipates continued depreciation over the next three months, though it forecasts potential appreciation in the following six months.
This situation has raised concerns about the country’s economic stability and its effects on citizens.
