On Wednesday, the naira hit its lowest level in opposition to the dollar on the Nigerian Autonomous International Trade Market (NAFEM) window.
In keeping with information from the FMDQ Securities Trade, the naira traded at N1,561.98/$1 on July 10, 2024, marking a 2% decline from the N1,532.58/$1 price of the day gone by.
That is the third consecutive depreciation, regardless of stronger exterior reserves and rising foreign exchange (FX) turnover, and the bottom stage since March 18, 2024, when it was N1,597.25/$1. The naira is approaching N1,600 lower than three weeks after surpassing the N1,500 mark.
Wednesday’s buying and selling dynamics spotlight the FX market’s volatility. The change price peaked at N1,585/$1 throughout intra-day buying and selling, indicating durations of excessive shopping for stress, whereas the intra-day low dropped to N1,475/$1. These sharp fluctuations inside a single day recommend vital market uncertainty and instability.
Regardless of the naira’s three-day decline in opposition to the greenback, FX turnover on the official market has persistently elevated. On Wednesday, FX turnover surged by 25.78% to $236.7 million from $188.19 million the day gone by.
The rise was much more pronounced on Tuesday, with a 41.01% rise, and on Monday, with a 14.19% rise. Over the week, FX turnover has elevated by 77.36% from Monday to Friday.
