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Nigeria Crashes to Lowest Level Since March at the Official Exchange Market
Posted by Thandiubani on Thu 11th Jul, 2024 - tori.ngThis is the third consecutive deprecation amid stronger external reserves and rising foreign exchange (FX) turnover.
The naira has crashed to its lowest at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Wednesday.
According to data released by the FMDQ Securities Exchange, the naira exchanged N1,561.98/$1 on Wednesday, July 10, 2024.
This means a 2% depreciation from N1,532.58/$1 recorded the previous day.
This is the third consecutive deprecation amid stronger external reserves and rising foreign exchange (FX) turnover.
It is also the lowest level since March 18, 2024, when it was N1,597.25/$1, as the naira nears N1,600 less than three weeks after it crossed the N1,500 ceiling.
The trading dynamics on Wednesday further show the volatile nature of the FX market.
During intra-day trading, the exchange rate peaked at an intra-day high of N1,585/$1, reflecting periods of heightened buying pressure on the naira.
Conversely, the intra-day low dropped to N1,475/$1. The sharp movements within a single trading day suggest heightened uncertainty and instability in the market.
While the naira has been falling against the dollar in the past three days, there has been a consecutive increase in FX turnover within the same period.
FX turnover on the official market surged by 25.78% on Wednesday, hitting $236.7 million, from $188.19 million recorded the previous day.
The surge was more pronounced on Tuesday, when it increased by 41.01% while on Monday, it recorded an increase of 14.19%.
This week, FX turnover has increased by 77.36% between Monday and Friday.
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