Business
Naira crashes to N1,625/$1 as petrol price hike worsens
The exchange rate between the naira and the dollar dropped to a six-month low of N1,625.88/$1 in the official NAFEM market on Wednesday, August 4, 2024.
This is the lowest rate since March 8, 2024, when the naira was recorded at N1,627.4/$1.
According to FMDQ data for the NAFEM window, the naira’s 0.89% depreciation from the previous day’s rate of N1,611.34/$1 highlights ongoing pressure on the currency. Trading saw a high of N1,640/$1 and a low of N1,400/$1, reflecting significant volatility in the foreign exchange market.
FX turnover for the day dropped by 1.84%, reaching $205.76 million, compared to $209.61 million the previous day.
This decline in the naira’s value comes amid rising petrol prices across Nigeria, exacerbating inflationary pressures and increasing the challenges faced by businesses and citizens.
Ogbadibo LG chairman appoints Eloyi Ogbe, others as supervisory councillors
Thomas Oleghe: Nigeria’s oldest Catholic priest dies at 104
BREAKING: Dangote Refinery reduces fuel price to N970/litre
Bishop Abioye explains why he launched new ministry after retirement from Living Faith
Why I reconciled with my brother, Aremu at our mother’s burial – Kunle Afolayan
Celestial Church of Christ faces setback as thieves steal cows for Adult Harvest
Many pastors endure rather than enjoy their marriages – Mike Bamiloye
FHA officials face backlash over alleged illegal demolitions in Festac Town
Audit exposes N167.59bn paid for unexecuted contracts across Nigerian MDAs
Top Nigerian Newspaper Headlines For Today, Sunday, 24th November, 2024
EPL: Arsenal end winless streak with 3-0 triumph against Forest
