The Naira has depreciated by over 40 percent in the first half of 2024 at the foreign exchange market, according to FMDQ data. As of Friday, the Naira weakened to N1505.30 per dollar, a significant decline from the N896.6 to N907.11 range recorded on December 29, 2023.<\/p>\n
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The currency’s instability has persisted over recent months despite an earlier period of appreciation. The Naira peaked at N1,665.50 in February 2024 and hit its lowest point in April at N1,140 and N1,230.61 at the official and parallel markets, respectively.<\/p>\n
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This depreciation has occurred amidst various Central Bank of Nigeria (CBN) policies aimed at stabilizing the currency. These include the unification of the FX market, new regulations for International Money Transfer Operators, interventions in the Bureau De Change operations, excess FX regulations for banks, and the recent withdrawal of the Price Verification System Portal for importers.<\/p>\n
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Despite these policy reforms, the Naira’s fluctuations have continued. In April 2024, the Naira was considered the best-performing currency but became the worst-performing by May, according to Bloomberg.<\/p>\n
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On Friday, the Naira closed at N1505.30 at the official market and N1515 at the parallel market. This depreciation comes even as Nigeria\u2019s external reserves increased to $34.07 billion as of June 26, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Naira has depreciated by over 40 percent in the first half of 2024 at the foreign exchange market, according to FMDQ data. As of Friday, the Naira weakened to N1505.30 per dollar, a significant decline from the N896.6 to N907.11 range recorded on December 29, 2023. The currency’s instability has persisted over recent […]<\/p>\n","protected":false},"author":14,"featured_media":36806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-36805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/36805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=36805"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/36805\/revisions"}],"predecessor-version":[{"id":36807,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/36805\/revisions\/36807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/36806"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=36805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=36805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=36805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}