Naira hits new low against major currencies

On Monday, July 29, 2024, the Nigerian naira experienced another decline against the American dollar.

According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency fell by N2, closing the week at N1,611/$1. This marks a slight drop from the N1,609/$1 rate observed on Friday, July 26, 2024.

Throughout the trading day, the naira reached an intra-day high of N1,622/$1 and a low of N1,500/$1, showing a narrow spread of N122/$1.

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In the parallel market, the naira also weakened by N5 against the dollar, trading at N1,600/$1 compared to the previous rate of N1,595/$1.

The British pound saw similar trends, with the naira losing N5 to trade at N2,065/£1, down from N2,060/£1 the previous trading day. Meanwhile, the Canadian dollar remained stable, closing flat at N1,200/CA$1, the same rate as the previous trading day.

The euro presented a more significant change, with the naira shedding N80 to trade at ₦1,750/€1, a decline from the previous day’s rate of ₦1,670/€1.

These fluctuations highlight ongoing volatility in the Nigerian currency market, reflecting broader economic challenges.