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.
The National Industrial Court of Nigeria (NICN) has ordered the reinstatement of Olalekan Onafeko as…
An official of the Nigeria Labour Congress (NLC) has challenged the Senate President, Godswill Akpabio, over…
The National Security Adviser (NSA), Nuhu Ribadu, has denied allegations made by former Kaduna State…
Njiko Igbo Forum, an affiliate of Ohanaeze Ndigbo has demanded the sum of N100 trillion…
As the political tension over local government control in Osun State intensifies, the Inspector General…
I WON'T JOIN ISSUES WITH NASIR EL-RUFAI My attention has been drawn to the interview…