Nigeria News

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.

Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

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