Naira Falls To ₦1,561/$ In Official Market

The Nigerian naira continued its downward trajectory against the dollar, hitting a new low of ₦1,561 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, as reported by the FMDQ Securities Exchange.

This rate marks a 1.88 percent depreciation from the previous rate of ₦1,532 recorded on July 9.

The local currency experienced volatility, trading between a high of ₦1,585 and a low of ₦1,475 within the day, indicating significant fluctuations in the foreign exchange market.

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This marks the weakest position of the naira since March 18, when it was quoted at ₦1,572 to the dollar.

Parallel market rates also saw the naira weaken, with it trading at ₦1,550, down from ₦1,540 on July 9. Bureau de Change (BDC) operators are currently buying at ₦1,530 and selling at ₦1,550, thereby maintaining a profit margin of ₦20.

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The naira’s depreciation comes despite a slight uptick in Nigeria’s external reserves, which reached $35.05 billion on July 8, the highest since the end of May 2023.

This increase in reserves has yet to translate into stability for the local currency, which has seen marginal fluctuations in both the official and parallel markets over the past few days.

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As the government and financial regulators grapple with these economic challenges, the impact on everyday Nigerians continues to grow, with increased costs for imported goods and services.

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