The naira depreciated significantly at the Nigerian Autonomous Foreign Exchange Market window, closing at N1,561.98/$1 on Wednesday, July 10, 2024.
The naira fell 2% from the previous day’s rate of N1,532.58/$1, According to FMDQ data.
This is the lowest since March 18, 2024, when it was N1,597.25/$1, as the naira approaches N1,600 less than three weeks after surpassing the N1,500 mark.
During intra-day trade, the currency rate peaked at N1,585/$1, indicating times of increased purchasing pressure on the naira.
The intraday low fell to N1,475/$1. Sharp decline within a single trading day demonstrate increased market uncertainty and volatility.
However, the naira tumbles in the last three days against the dollar,FX turnover has increased consecutively throughout the same period.
FX turnover on the official market increased by 25.78% on Wednesday, reaching $236.7 million from $188.19 million the previous day.
It was earlier reported that Nigeria’s external reserves had reached $35.05 billion as of July 8, 2024, the highest level since May 30, 2023, when they were $35.09 billion, approximately 14 days before the FX unification policy was implemented in June 2023.
Marking the first time it has exceeded the $35 billion mark under Bola Tinubu’s administration.
