No More N1,505/$1: Naira Crashes Again, Banks Quote New Dollar Exchange Rates

Nigerian currency, the naira depreciation in the official foreign exchange market, continued into July despite promises from the Central Bank of Nigeria.

In the official market, data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market (NAFEM), naira closed at N1,508.99/$1 on Monday, July 1, 2024.

The rate on Monday indicated a 0.25% or N3.69 loss compared to Tuesday’s closing price of N1,505.30/$1.

The pressure on the naira was evident on the first trading day of July, as participants bought one dollar for as high as N1,536.

The total value of forex transactions on Monday stood at $122.31 million, which marked a 34.9% or $65.51 million drop from the $187.82 million recorded last Friday, June 28.

Naira to the dollar against the pound, euro

There was a euro difference in the exchange rate for the naira against the British pound sterling and the euro.”

According to CBN data, the naira remained stable against the pound sterling and the euro, selling at N1,859.10/£1 compared with the previous rate of N1,573.79/€1.

Naira to dollar at black market

In the parallel market, however, the naira appreciated against the dollar Monday by N15 to quote at N1,510/$1 versus the previous trading day’s value of N1,525/$1.


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