\n
The Naira has recorded a new low in July, with the Naira closing at N1,562.80 against the dollar on Friday, July 12, 2024.<\/strong><\/p>\nAccording to a recent report from the FMDQ, the recorded exchange rate represents a 0.59 per cent depreciation of the Naira from N1,554.65 per dollar as recorded on the NAFEM window on Thursday, July 11, 2024.<\/p>\n
The depreciation occurs after a two-day sale of dollars worth $122.67 million to 46 authorized dealers by the Central Bank of Nigeria (CBN).<\/p>\n
The local currency traded between a low of N1,496.46\/$1 and a high of N1,586\/$1 on Friday, inching towards the N1,600 ceiling.<\/p>\n
For the first time this week, foreign exchange (FX) turnover experienced a significant decline, dropping by 63.73% on Friday.<\/p>\n
At the beginning of the week, FX turnover increased by 14.19% to reach $133.46 million on Monday.<\/p>\n
The upward trend continued on Tuesday with a 41.01% rise, bringing the total to $188.19 million. By Wednesday, the turnover saw an additional increase of 25.78%, reaching $236.7 million.<\/p>\n
The most substantial increase occurred on Thursday, with FX turnover peaking at $348.82 million, a 47.37% rise.<\/p>\n
This peak coincided with the Central Bank\u2019s sales of dollars on both Wednesday and Thursday.<\/p>\n
Dr. Omolara Duke, the Director of Financial Markets at the Central Bank of Nigeria (CBN), disclosed in a statement that the apex bank sold $67.5 million to 27 authorized dealers while purchasing $2.5 million from one authorized dealer on Wednesday.<\/p>\n
ghanaweb.com <\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The Naira has recorded a new low in July, with the Naira closing at N1,562.80 against the dollar on Friday, July 12, 2024. According to a recent report from the FMDQ, the recorded exchange rate represents a 0.59 per cent depreciation of the Naira from N1,554.65 per dollar as recorded on the NAFEM window on […]<\/p>\n","protected":false},"author":1,"featured_media":199742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-199741","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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