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.
Gunmen have abducted three family members of former Daily Trust Editor, Ahmed Ajobe, in Kogi…
A chieftain of the All Progressives Congress, APC, Mr Cletus Obun, has said that it…
LESS than seven days to the ninth “Adult Harvest Thanksgiving Service” of the Celestial Church…
All Progressives Congress (APC) chieftain, Jesutega Onokpasa, has called on President Bola Tinubu, to cancel…
The management of the Federal University, Gusau (FUGUS), Zamfara State, has disowned the professorship letter…
Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has stated that he is …